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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
September 5, 2024
MOVADO GROUP, INC. |
(Exact name of registrant as specified in its charter) |
New York |
1-16497 |
13-2595932 |
(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(I.R.S. Employer
Identification No.) |
650 FROM ROAD, SUITE 375
PARAMUS, NJ 07652-3556 |
(Address of principal executive offices) (Zip Code) |
|
(201) 267-8000 |
(Registrant’s Telephone Number, Including Area Code) |
|
NOT APPLICABLE |
(Former Name or Former Address, if Changed Since Last Report) |
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
|
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
|
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
|
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange
on which registered |
Common stock, par value $0.01 per share |
|
MOV |
|
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On September 5, 2024, Movado Group, Inc. (the “Company”) issued
a press release announcing second quarter results for the period ended July 31, 2024. The press release is attached hereto as Exhibit
99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned
hereunto duly authorized.
Dated: September 5, 2024
|
MOVADO GROUP, INC. |
|
|
|
|
|
|
By: |
/s/ Mitchell
Sussis |
|
|
Name: |
Mitchell Sussis |
|
|
Title: |
Senior Vice President, General Counsel and Secretary |
|
EXHIBIT 99.1
CONTACT: |
|
ICR, Inc. |
|
|
Allison Malkin |
|
|
203-682-8225 |
MOVADO GROUP, INC. ANNOUNCES SECOND QUARTER RESULTS
~ Net Sales of $159.3 million ~
~ Operating Income of $3.0 million ~
~ EPS of $0.16 ~
~ Updates Fiscal Year 2025 Outlook ~
~ Board Declares Quarterly Dividend of $0.35
Per Share ~
Paramus, NJ – September 5,
2024 -- Movado Group, Inc. (NYSE: MOV) today announced second quarter and six-month results for the periods ended July 31, 2024.
Efraim Grinberg, Chairman and Chief Executive Officer,
stated, “While increased marketing investment coupled with our initiatives to enhance retail performance drove improvement in our
sales trend from the first quarter, second quarter sales and earnings were below our expectations due to the challenging consumer spending
environment compounded by increased expenses to support future growth. Despite this, the quarter exhibited some bright spots that we expect
to capitalize on during the second half of the year. The quarter saw our Movado brand sales increase by 1.4% with significant growth in
the direct-to-consumer channel with Movado.com sales increasing by 21%, partially offset by a 5.5% decline in our wholesale channel. This
reflected a strong response to the innovation across our product offerings, particularly the success of our Movado Bold Quest collection,
which features a new shaped design inspired by a vintage Movado from the 1970’s. Opening at $595, Bold Quest fills more accessible
price points that we had previously vacated.
We expect to build upon this positive momentum with
the launch of a major marketing campaign in support of our Movado Icons initiative, as announced yesterday. This new advertising campaign
features icons Julianne Moore, Jessica Alba, Ludacris, Tyrese Haliburton, and Christian McCaffrey, and showcases Ludacris’ iconic
song, Stand Up. The campaign, which marks our largest campaign in Movado brand history, will reach millions of consumers this
fall in multiple touchpoints such as print, social, outdoor, digital and television.
While we are excited by the initiatives that we have
put in place, the consumer spending environment in the watch category continues to be difficult in many markets around the world and we
believe this will have an impact on our second half results. As such, we have updated our outlook for the balance of the year.
As we begin to plan for next fiscal year, we are committed
to reducing our operating expenses to improve profitability. At the same time, we expect the combination of our upcoming marketing initiatives,
along with compelling innovation, to drive excitement for our brands and business.
We continue to be in a strong financial position,
concluding the quarter with $198 million in cash and no debt, positioning us well to execute our strategic plans moving forward.”
Second Quarter Fiscal 2025 Highlights
| · | Delivered net sales of $159.3 million versus $160.4 million in the second quarter of fiscal 2024; |
| · | Generated gross margin of 54.2% as compared to 55.7% in the prior year period; |
| · | Generated operating income of $3.0 million as compared to $9.6 million in the prior year period; |
| · | Achieved diluted earnings per share of $0.16 as compared to $0.36 in the prior year period; and |
| · | Ended the quarter with cash of $198.3 million and no debt. |
Second Quarter Fiscal 2025
Results
| · | Net sales decreased 0.7% (a 0.3% decline on a constant dollar basis) to $159.3 million compared to $160.4
million in the second quarter of fiscal 2024. The decrease in net sales reflected sales mix in Movado Company Stores and wholesale customers’
brick and mortar stores, partially offset by an increase in U.S. online retail. U.S. net sales decreased 0.3% as compared to the second
quarter of last year. International net sales decreased 0.9% (a 0.3% decline on a constant dollar basis) as compared to the second quarter
of last year. |
| · | Gross profit was $86.4 million, or 54.2% of net sales, compared to $89.3 million, or 55.7% of net sales,
in the second quarter of fiscal 2024. The decrease in gross margin percentage was primarily the result of the unfavorable changes in channel
and product mix. |
| · | Operating expenses were $83.3 million compared to $79.6 million in the second quarter of fiscal 2024.
This increase was primarily due to higher marketing expenses, partially offset by lower performance-based compensation. As a percentage
of sales, operating expenses increased to 52.3% of net sales from 49.7% in the prior year period, reflecting increased marketing spend
to support strategic growth opportunities. |
| · | Operating income was $3.0 million compared to $9.6 million in the second quarter of fiscal 2024. |
| · | The Company recorded a tax provision of $0.9 million, or an effective tax rate of 19.5%, as compared to
a tax provision of $2.9 million, or an effective tax rate of 26.1%, in the second quarter of fiscal 2024. |
| · | Net income was $3.7 million, or $0.16 per diluted share, compared to net income of $8.0 million, or $0.36
per diluted share, in the second quarter of fiscal 2024. |
First Half Fiscal 2025 Results
| · | Net sales for the first six months of fiscal 2025 decreased 3.1% to $296.0 million (a 3.1% decrease on
a constant dollar basis) compared to $305.3 million in the first six months of fiscal 2024. The decrease in net sales reflected sales
mix in wholesale customers’ brick and mortar stores and in Movado Company Stores, partially offset by an increase in U.S. online
retail. U.S. net sales decreased 3.0% as compared to the first six months of last year. International net sales decreased 3.1% (a 3.1%
decrease on a constant dollar basis) as compared to the first six months of last year. |
| · | Gross profit was $161.9 million, or 54.7% of net sales, compared to $171.3 million, or 56.1% of net sales
in the first six months of fiscal 2024. The decrease in gross margin percentage was primarily the result of the unfavorable changes in
channel and product mix and decreased leverage of higher fixed costs on lower sales, partially offset by reduced shipping costs. |
| · | Operating expenses were $155.5 million, as compared to $150.7 million in the first six months of fiscal
2024. This increase was primarily due to higher marketing and payroll-related costs, partially offset by lower performance-based compensation.
As a percentage of sales, operating expenses increased to 52.5% of net sales from 49.4% in the prior year period. |
| · | Operating income was $6.3 million compared to operating income of $20.5 million in the first six months
of fiscal 2024. |
| · | The Company recorded a tax provision of $3.2 million, or an effective tax rate of 31.9%, as compared to
a provision of $5.4 million, or an effective tax rate of 23.7%, in the first six months of fiscal 2024. |
| · | Net income was $6.6 million, or $0.29 per diluted share, compared to net income of $17.2 million, or $0.76
per diluted share, in the first six months of last year. |
Fiscal 2025 Outlook
The Company is revising its previously
provided outlook to reflect second-quarter results and the expected continuing impact of a challenging environment.
For Fiscal Year 2025, the Company
currently expects:
| · | Net sales in a range of approximately $665.0 million to $675.0 million, as compared to its previous expectation
of $700.0 million to $710.0 million; second half sales are expected to be flat to slightly positive as compared to last year; |
| · | Gross profit of approximately 54% of net sales, as compared to its previous expectation of 55%; |
| · | Operating income in a range of $23.0 million to $26.0 million, as compared to its previous expectation
of $32.0 million to $35.0 million; this revised outlook contemplates approximately $20 million of incremental investments in brand-building
initiatives as compared to last year; |
| · | An effective tax rate of approximately 25%, as compared to its previous expectation of 22%; and |
| · | Earnings of $0.90 to $1.00 per diluted share, as compared to its previous expectation of $1.20 to $1.30
per diluted share. |
This outlook does not contemplate
further deterioration due to the impact of economic uncertainty and assumes no further significant fluctuations from prevailing foreign
currency exchange rates.
Quarterly Dividend and Share
Repurchase Program
The Company also announced today
that on September 5, 2024, the Board of Directors approved the payment on September 30, 2024, of a cash dividend in the amount of $0.35
for each share of the Company’s outstanding common stock and class A common stock held by shareholders of record as of the close
of business on September 16, 2024.
During the first six months of fiscal
2025, the Company repurchased approximately 39,000 shares under its November 23, 2021, share repurchase program. As of July 31, 2024,
the Company had $16.8 million remaining available under the share repurchase program.
Conference Call
The Company’s management will host a conference
call and audio webcast to discuss its results today, September 5, 2024, at 9:00 a.m. Eastern Time. The conference call may be accessed
by dialing (877) 407-0784. Additionally, a live webcast of the call can be accessed at www.movadogroup.com. The webcast will be
archived on the Company’s website approximately one hour after the conclusion of the call. Additionally, a telephonic replay of
the call will be available from 1:00 p.m. ET on September 5, 2024, until 11:59 p.m. ET on September 19, 2024, and can be accessed by dialing
(844) 512-2921 and entering replay pin number 13748504.
Movado Group, Inc. designs, sources,
and distributes MOVADO®, MVMT®, OLIVIA BURTON®, EBEL®, CONCORD®, CALVIN KLEIN®, COACH®, HUGO BOSS®, LACOSTE®,
and TOMMY HILFIGER® watches, and, to a lesser extent, jewelry and other accessories, and operates Movado Company Stores in the United
States and Canada.
This press release
contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has
tried, whenever possible, to identify these forward-looking statements using words such as “expects,” “anticipates,”
“believes,” “targets,” “goals,” “projects,” “intends,” “plans,”
“seeks,” “estimates,” “may,” “will,” “should” and variations of such words
and similar expressions. Similarly, statements in this press release that describe the Company's business strategy, outlook, objectives,
plans, intentions or goals are also forward-looking statements. Accordingly, such forward-looking statements involve known and unknown
risks, uncertainties and other factors that could cause the Company's actual results, performance or achievements and levels of future
dividends to differ materially from those expressed in, or implied by, these statements. These risks and uncertainties may include, but
are not limited to general economic and business conditions which may impact disposable income of consumers in the United States and
the other significant markets (including Europe) where the Company’s products are sold, uncertainty regarding such economic and
business conditions, including inflation, elevated interest rates, increased commodity prices and tightness in the labor market, trends
in consumer debt levels and bad debt write-offs, general uncertainty related to geopolitical concerns, the impact of international hostilities,
including the Russian invasion of Ukraine and war in the Middle East, on global markets, economies and consumer spending, on energy and
shipping costs, and on the Company’s supply chain and suppliers, supply disruptions, delivery delays and increased shipping costs,
defaults on or downgrades of sovereign debt and the impact of any of those events on consumer spending, evolving stakeholder expectations
and emerging complex laws on environmental, social, and governance matters, changes in consumer preferences and popularity of particular
designs, new product development and introduction, decrease in mall traffic and increase in e-commerce, the ability of the Company to
successfully implement its business strategies, competitive products and pricing, including price increases to offset increased costs,
the impact of “smart” watches and other wearable tech products on the traditional watch market, seasonality, availability
of alternative sources of supply in the case of the loss of any significant supplier or any supplier’s inability to fulfill the
Company’s orders, the loss of or curtailed sales to significant customers, the Company’s dependence on key employees and
officers, the ability to successfully integrate the operations of acquired businesses without disruption to other business activities,
the possible impairment of acquired intangible assets, risks associated with the Company’s minority investments in early-stage
growth companies and venture capital funds that invest in such companies, the continuation of the Company’s major warehouse and
distribution centers, the continuation of licensing arrangements with third parties, losses possible from pending or future litigation
and administrative proceedings, the ability to secure and protect trademarks, patents and other intellectual property rights, the ability
to lease new stores on suitable terms in desired markets and to complete construction on a timely basis, the ability of the Company to
successfully manage its expenses on a continuing basis, information systems failure or breaches of network security, complex and quickly-evolving
regulations regarding privacy and data protection, the continued availability to the Company of financing and credit on favorable terms,
business disruptions, and general risks associated with doing business internationally, including, without limitation, import duties,
tariffs (including retaliatory tariffs), quotas, political and economic stability, changes to existing laws or regulations, and impacts
of currency exchange rate fluctuations and the success of hedging strategies related thereto, and the other factors discussed in the
Company’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. These statements reflect the
Company's current beliefs and are based upon information currently available to it. Be advised that developments subsequent to this press
release are likely to cause these statements to become outdated with the passage of time. The Company assumes no duty to update its forward-looking
statements and this release shall not be construed to indicate the assumption by the Company of any duty to update its outlook in the
future.
(Tables to follow)
MOVADO GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
| |
Three Months Ended | |
Six Months Ended |
| |
July 31, | |
July 31, |
| |
| |
| |
| |
|
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | | |
| | | |
| | | |
| | |
Net sales | |
$ | 159,313 | | |
$ | 160,390 | | |
$ | 295,982 | | |
$ | 305,295 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of sales | |
| 72,948 | | |
| 71,104 | | |
| 134,104 | | |
| 134,006 | |
| |
| | | |
| | | |
| | | |
| | |
Gross profit | |
| 86,365 | | |
| 89,286 | | |
| 161,878 | | |
| 171,289 | |
| |
| | | |
| | | |
| | | |
| | |
Total operating expenses | |
| 83,335 | | |
| 79,638 | | |
| 155,537 | | |
| 150,742 | |
| |
| | | |
| | | |
| | | |
| | |
Operating income | |
| 3,030 | | |
| 9,648 | | |
| 6,341 | | |
| 20,547 | |
| |
| | | |
| | | |
| | | |
| | |
Non-operating income/(expense): | |
| | | |
| | | |
| | | |
| | |
Other income, net | |
| 1,877 | | |
| 1,537 | | |
| 4,049 | | |
| 2,562 | |
Interest expense | |
| (110 | ) | |
| (113 | ) | |
| (228 | ) | |
| (226 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income before income taxes | |
| 4,797 | | |
| 11,072 | | |
| 10,162 | | |
| 22,883 | |
| |
| | | |
| | | |
| | | |
| | |
Provision for income taxes | |
| 936 | | |
| 2,885 | | |
| 3,238 | | |
| 5,419 | |
| |
| | | |
| | | |
| | | |
| | |
Net income | |
| 3,861 | | |
| 8,187 | | |
| 6,924 | | |
| 17,464 | |
| |
| | | |
| | | |
| | | |
| | |
Less: Net income attributable to noncontrolling interests | |
| 140 | | |
| 138 | | |
| 312 | | |
| 287 | |
| |
| | | |
| | | |
| | | |
| | |
Net income attributable to Movado Group, Inc. | |
$ | 3,721 | | |
$ | 8,049 | | |
$ | 6,612 | | |
$ | 17,177 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted Income Per Share Information | |
| | | |
| | | |
| | | |
| | |
Net income per share attributable to Movado Group, Inc. | |
$ | 0.16 | | |
$ | 0.36 | | |
$ | 0.29 | | |
$ | 0.76 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted diluted average shares outstanding | |
| 22,658 | | |
| 22,616 | | |
| 22,665 | | |
| 22,642 | |
MOVADO GROUP, INC.
GAAP AND NON-GAAP MEASURES
(In thousands, except for percentage data)
(Unaudited)
| |
Three Months Ended | |
|
| |
July 31, | |
% Change |
| |
| |
| |
|
| |
2024 | | |
2023 | | |
| | |
| |
| | | |
| | | |
| | |
Total net sales, as reported | |
$ | 159,313 | | |
$ | 160,390 | | |
| -0.7 | % |
| |
| | | |
| | | |
| | |
Total net sales, constant dollar basis | |
$ | 159,915 | | |
$ | 160,390 | | |
| -0.3 | % |
| |
Six Months Ended | |
|
| |
July 31, | |
% Change |
| |
| |
| |
|
| |
2024 | | |
2023 | | |
| | |
| |
| | | |
| | | |
| | |
Total net sales, as reported | |
$ | 295,982 | | |
$ | 305,295 | | |
| -3.1 | % |
| |
| | | |
| | | |
| | |
Total net sales, constant dollar basis | |
$ | 295,962 | | |
$ | 305,295 | | |
| -3.1 | % |
MOVADO GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
| |
July 31, | |
January 31, | |
July 31, |
| |
2024 | |
2024 | |
2023 |
ASSETS | |
| |
| |
|
| |
| |
| |
|
Cash and cash equivalents | |
$ | 198,251 | | |
$ | 262,059 | | |
$ | 218,909 | |
Trade receivables, net | |
| 109,784 | | |
| 104,472 | | |
| 95,821 | |
Inventories | |
| 176,396 | | |
| 148,031 | | |
| 181,448 | |
Other current assets | |
| 26,421 | | |
| 17,962 | | |
| 25,206 | |
Income taxes receivable | |
| 13,088 | | |
| 11,354 | | |
| 12,988 | |
Total current assets | |
| 523,940 | | |
| 543,878 | | |
| 534,372 | |
| |
| | | |
| | | |
| | |
Property, plant and equipment, net | |
| 20,315 | | |
| 19,436 | | |
| 19,740 | |
Operating lease right-of-use assets | |
| 85,350 | | |
| 82,661 | | |
| 71,358 | |
Deferred and non-current income taxes | |
| 42,685 | | |
| 43,016 | | |
| 45,004 | |
Other intangibles, net | |
| 6,645 | | |
| 7,493 | | |
| 8,432 | |
Other non-current assets | |
| 80,253 | | |
| 72,598 | | |
| 70,791 | |
Total assets | |
$ | 759,188 | | |
$ | 769,082 | | |
$ | 749,697 | |
| |
| | | |
| | | |
| | |
LIABILITIES AND EQUITY | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Accounts payable | |
$ | 36,769 | | |
$ | 32,775 | | |
$ | 28,435 | |
Accrued liabilities | |
| 45,074 | | |
| 38,695 | | |
| 47,135 | |
Accrued payroll and benefits | |
| 9,778 | | |
| 7,591 | | |
| 10,976 | |
Current operating lease liabilities | |
| 18,352 | | |
| 15,696 | | |
| 17,069 | |
Income taxes payable | |
| 8,962 | | |
| 18,318 | | |
| 18,078 | |
Total current liabilities | |
| 118,935 | | |
| 113,075 | | |
| 121,693 | |
| |
| | | |
| | | |
| | |
Deferred and non-current income taxes payable | |
| 1,028 | | |
| 8,234 | | |
| 8,321 | |
Non-current operating lease liabilities | |
| 76,314 | | |
| 76,396 | | |
| 63,565 | |
Other non-current liabilities | |
| 56,336 | | |
| 52,420 | | |
| 52,220 | |
| |
| | | |
| | | |
| | |
Shareholders' equity | |
| 504,116 | | |
| 516,798 | | |
| 500,784 | |
| |
| | | |
| | | |
| | |
Noncontrolling interest | |
| 2,459 | | |
| 2,159 | | |
| 3,114 | |
Total equity | |
| 506,575 | | |
| 518,957 | | |
| 503,898 | |
| |
| | | |
| | | |
| | |
Total liabilities and equity | |
$ | 759,188 | | |
$ | 769,082 | | |
$ | 749,697 | |
MOVADO GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
| |
Six Months Ended |
| |
July 31, |
| |
| |
|
| |
2024 | | |
2023 | |
Cash flows from operating activities: | |
| | | |
| | |
Net income | |
$ | 6,924 | | |
$ | 17,464 | |
Depreciation and amortization | |
| 4,582 | | |
| 5,039 | |
Other non-cash adjustments | |
| 4,690 | | |
| 5,427 | |
Changes in working capital | |
| (52,388 | ) | |
| (19,999 | ) |
Changes in non-current assets and liabilities | |
| 282 | | |
| 1,295 | |
Net cash (used in)/provided by operating activities | |
| (35,910 | ) | |
| 9,226 | |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Capital expenditures | |
| (3,913 | ) | |
| (4,620 | ) |
Long-term investments | |
| (4,310 | ) | |
| (1,407 | ) |
Trademarks and other intangibles | |
| (82 | ) | |
| (54 | ) |
Net cash used in investing activities | |
| (8,305 | ) | |
| (6,081 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Dividends paid | |
| (15,547 | ) | |
| (37,650 | ) |
Stock repurchase | |
| (1,086 | ) | |
| (433 | ) |
Stock awards and options exercised and other changes | |
| (1,075 | ) | |
| (92 | ) |
Net cash used in financing activities | |
| (17,708 | ) | |
| (38,175 | ) |
| |
| | | |
| | |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | |
| (1,900 | ) | |
| 3,131 | |
Net change in cash, cash equivalents, and restricted cash | |
| (63,823 | ) | |
| (31,899 | ) |
Cash, cash equivalents, and restricted cash at beginning of period | |
| 262,814 | | |
| 252,179 | |
| |
| | | |
| | |
Cash, cash equivalents, and restricted cash at end of period | |
$ | 198,991 | | |
$ | 220,280 | |
| |
| | | |
| | |
Reconciliation of cash, cash equivalents, and restricted cash: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 198,251 | | |
$ | 218,909 | |
Restricted cash included in other non-current assets | |
| 740 | | |
| 1,371 | |
Cash, cash equivalents, and restricted cash | |
$ | 198,991 | | |
$ | 220,280 | |
v3.24.2.u1
Cover
|
Sep. 05, 2024 |
Cover [Abstract] |
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Document Type |
8-K
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Amendment Flag |
false
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Document Period End Date |
Sep. 05, 2024
|
Entity File Number |
1-16497
|
Entity Registrant Name |
MOVADO GROUP, INC.
|
Entity Central Index Key |
0000072573
|
Entity Tax Identification Number |
13-2595932
|
Entity Incorporation, State or Country Code |
NY
|
Entity Address, Address Line One |
650 FROM ROAD
|
Entity Address, Address Line Two |
SUITE 375
|
Entity Address, City or Town |
PARAMUS
|
Entity Address, State or Province |
NJ
|
Entity Address, Postal Zip Code |
07652-3556
|
City Area Code |
201
|
Local Phone Number |
267-8000
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Common stock, par value $0.01 per share
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Trading Symbol |
MOV
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Security Exchange Name |
NYSE
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Entity Emerging Growth Company |
false
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