XML 15 R4.htm IDEA: XBRL DOCUMENT v3.21.2
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jul. 31, 2021
Jul. 31, 2020
Jul. 31, 2021
Jul. 31, 2020
Income Statement [Abstract]        
Net sales $ 173,874 $ 88,538 $ 308,672 $ 158,204
Cost of sales 75,421 43,182 136,017 80,955
Gross profit 98,453 45,356 172,655 77,249
Selling, general and administrative 73,820 54,272 134,766 112,409
Impairment of goodwill and intangible assets (Note 6) 0 0 0 155,919
Total operating expenses 73,820 54,272 134,766 268,328
Operating income/(loss) [1],[2] 24,633 (8,916) 37,889 [3] (191,079) [3]
Non-operating income/(expense):        
Other income 257 8 357 23
Gain on sale of a non-operating asset 0 1,317 0 1,317
Interest expense (174) (590) (449) (861)
Income/(loss) before income taxes 24,716 (8,181) 37,797 (190,600)
Provision/(benefit) for income taxes (Note 12) 5,315 (1,559) 8,645 (33,889)
Net income/(loss) 19,401 (6,622) 29,152 (156,711)
Less: Net income/(loss) attributable to noncontrolling interests (9) (7) 333 (103)
Net income/(loss) attributable to Movado Group, Inc. $ 19,410 $ (6,615) $ 28,819 $ (156,608)
Basic income/(loss) per share:        
Weighted basic average shares outstanding 23,332 23,240 23,326 23,191
Net income/(loss) per share attributable to Movado Group, Inc. $ 0.83 $ (0.28) $ 1.24 $ (6.75)
Diluted income/(loss) per share:        
Weighted diluted average shares outstanding 23,739 23,240 23,736 23,191
Net income/(loss) per share attributable to Movado Group, Inc. $ 0.82 $ (0.28) $ 1.21 $ (6.75)
[1] For the three months ended July 2020, in the United States locations and the International locations of the Watch and Accessory Brands segment, operating (loss)/income included a charge of $6.6 million and $0.8 million, respectively, related to the corporate initiatives that the Company took in response to the impact on its business due to the COVID-19 pandemic. For the six months ended July 2020, in the United States locations and the International locations of the Watch and Accessory Brands segment, operating loss included a charge of $11.3 million and $3.3 million, respectively, related to the corporate initiatives that the Company took in response to the impact on its business due to the COVID-19 pandemic. 
[2] For the three months ended July 31, 2021 and 2020, and for the six months ended July 31, 2021 and 2020, in the United States locations of the Watch and Accessory Brands segment, operating income/(loss) included a charge of $0.1 million, $0.3 million, $0.2 million and $1.0 million, respectively, related to the amortization of intangible assets, deferred compensation and certain acquisition accounting adjustments associated with the MVMT brand. In addition, in the International locations of the Watch and Accessory Brands segment for the three months ended July 31, 2021 and 2020, and for the six months ended July 31, 2021 and 2020, operating income/(loss) included a charge of $0.7 million, $0.7 million, $1.4 and $1.4 million, respectively, related to the amortization of acquired intangible assets as a result of the Company’s acquisition of the Olivia Burton brand.
[3] For the six months ended July 31, 2020, in the United States locations of the Watch and Accessory Brands segment, operating loss included a charge of $99.7 million, related to the impairment of goodwill and intangible assets associated with the MVMT brand. In addition, in the International locations of the Watch and Accessory Brands segment, for the six months ended July 31, 2020, operating loss included a charge of $56.2 million related to the impairment of goodwill associated with the Olivia Burton brand and City Time Joint Venture.