Form 10-Q MOVADO GROUP INC For: Apr 30

May 27, 2026 9:43 AM

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended April 30, 2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-16497

MOVADO GROUP, INC.

(Exact Name of Registrant as Specified in its Charter)


New York		13-2595932
(State or Other Jurisdiction of Incorporation or Organization)		(IRS Employer Identification No.)

650 From Road, Ste. 375 Paramus, New Jersey		07652-3556
(Address of Principal Executive Offices)		(Zip Code)

(201) 267-8000

(Registrant’s telephone number, including area code)

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for that past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,’’ “accelerated filer,’’ “smaller reporting company,’’ and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒	Non-accelerated filer	☐
Smaller reporting company	☐	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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of the registrant’s Common Stock and Class A Common Stock as of May 21, 2026 were 15,771,631 and 6,455,602 respectively.

MOVADO GROUP, INC.

Index to Quarterly Report on Form 10-Q

April 30, 2026


			Page
Part I	Financial Information (Unaudited)
	Item 1.	Consolidated Balance Sheets at April 30, 2026, January 31, 2026 and April 30, 2025	3
		Consolidated Statements of Operations for the three months ended April 30, 2026 and April 30, 2025	4
		Consolidated Statements of Comprehensive Income (Loss) for the three months ended April 30, 2026 and April 30, 2025	5
		Consolidated Statements of Cash Flows for the three months ended April 30, 2026 and April 30, 2025	6
		Notes to Consolidated Financial Statements	7
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28
	Item 4.	Controls and Procedures	29
Part II	Other Information
	Item 1.	Legal Proceedings	30
	Item 1A.	Risk Factors	30
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30
	Item 5.	Other Information	31
	Item 6.	Exhibits	32
Signature			33

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

MOVADO GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

(Unaudited)


	April 30,			January 31,			April 30,
	2026			2026			2025
ASSETS
Current assets:
Cash and cash equivalents	$	225,263		$	230,541		$	203,086
Trade receivables, net		80,030			102,037			87,257
Inventories		181,959			158,331			189,298
Other current assets		21,290			22,208			23,971
Income taxes receivable		5,687			4,118			7,395
Total current assets		514,229			517,235			511,007
Property, plant and equipment, net		16,405			17,105			19,949
Operating lease right-of-use assets		63,305			67,873			82,018
Deferred and non-current income taxes		46,265			45,917			44,288
Other intangibles, net		3,664			4,162			5,408
Other non-current assets		90,142			90,329			84,508
Total assets	$	734,010		$	742,621		$	747,178
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	30,428		$	21,138		$	33,091
Accrued liabilities		47,537			49,748			55,828
Accrued payroll and benefits		9,352			17,896			9,177
Current operating lease liabilities		20,055			20,603			19,323
Income taxes payable		5,325			3,663			8,136
Total current liabilities		112,697			113,048			125,555
Deferred and non-current income taxes payable		1,069			1,030			921
Non-current operating lease liabilities		53,461			58,063			72,956
Other non-current liabilities		59,866			60,220			52,346
Total liabilities		227,093			232,361			251,778
Commitments and contingencies (Note 9)
Equity:
Preferred Stock, $0.01 par value, 5,000,000 shares authorized; no shares issued		—			—			—
Common Stock, $0.01 par value, 100,000,000 shares authorized; 29,612,940, 29,347,358 and 29,296,119 shares issued, respectively		296			293			293
Class A Common Stock, $0.01 par value, 30,000,000 shares authorized; 6,455,602, 6,455,602 and 6,458,376 shares issued, respectively		64			64			64
Capital in excess of par value		251,322			249,108			244,571
Retained earnings		441,391			442,204			440,341
Accumulated other comprehensive income		108,736			110,614			97,493
Treasury Stock, 13,841,309, 13,725,962 and 13,517,567 shares, respectively, at cost		(296,346	)		(293,441	)		(289,534	)
Total Movado Group, Inc. shareholders' equity		505,463			508,842			493,228
Noncontrolling interest		1,454			1,418			2,172
Total equity		506,917			510,260			495,400
Total liabilities and equity	$	734,010		$	742,621		$	747,178

See Notes to Consolidated Financial Statements

MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)


	Three Months Ended April 30,
	2026			2025
Net sales	$	142,402		$	131,769
Cost of sales		60,809			60,419
Gross profit		81,593			71,350
Selling, general and administrative		74,578			71,059
Operating income		7,015			291
Non-operating income/(expense):
Other income, net		1,961			1,760
Interest expense		(102	)		(111	)
Income before income taxes		8,874			1,940
Provision for income taxes (Note 10)		1,948			660
Net income		6,926			1,280
Less: Net loss attributable to noncontrolling interests		(4	)		(140	)
Net income attributable to Movado Group, Inc.	$	6,930		$	1,420

Basic income per share:
Weighted basic average shares outstanding		22,191			22,267
Net income per share attributable to Movado Group, Inc.	$	0.31		$	0.06

Diluted income per share:
Weighted diluted average shares outstanding		22,826			22,499
Net income per share attributable to Movado Group, Inc.	$	0.30		$	0.06

See Notes to Consolidated Financial Statements

MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

(Unaudited)


	Three Months Ended April 30,
	2026			2025
Net income	$	6,926		$	1,280
Other comprehensive (loss)/income:
Net unrealized gain/(loss) on investments, net of tax provision/(benefit) of $1 and ($10), respectively		3			(30	)
Amortization of prior service cost, net of tax provision of $6 and $3, respectively		24			13
Foreign currency translation adjustments		(1,936	)		18,596
Cash flow hedges:
Accumulated other comprehensive income/(loss) before reclassification, net of tax provision/(benefit) of $6 and ($224), respectively		31			(1,134	)
Amounts reclassified from accumulated other comprehensive income, net of tax provision of $0 and $13, respectively		—			67
Total other comprehensive (loss)/income, net of taxes		(1,878	)		17,512
Less:
Comprehensive income/(loss) attributable to noncontrolling interests:
Net loss		(4	)		(140	)
Foreign currency translation adjustments		40			62
Total comprehensive income/(loss) attributable to noncontrolling interests	$	36		$	(78	)
Total comprehensive income attributable to Movado Group, Inc.	$	5,012		$	18,870

See Notes to Consolidated Financial Statements

MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	Three Months Ended April 30,
	2026			2025
Cash flows from operating activities:
Net income	$	6,926		$	1,280
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		2,312			2,280
Transactional losses		263			893
Provision for inventories and accounts receivable		1,190			1,307
Deferred income taxes		(389	)		(2,847	)
Stock-based compensation		1,078			1,192
Other		87			25
Changes in assets and liabilities:
Trade receivables		21,404			9,555
Inventories		(25,094	)		(26,662	)
Other current assets		538			1,014
Accounts payable		9,507			(2,869	)
Accrued liabilities		(2,627	)		4,150
Accrued payroll and benefits		(8,427	)		992
Income taxes receivable		(35	)		2,720
Income taxes payable		131			(550	)
Other non-current assets		201			290
Other non-current liabilities		(109	)		16
Net cash provided by/(used in) operating activities		6,956			(7,214	)
Cash flows from investing activities:
Capital expenditures		(1,154	)		(1,533	)
Long-term investments		(507	)		(1,290	)
Trademarks and other intangibles		(35	)		(14	)
Net cash used in investing activities		(1,696	)		(2,837	)
Cash flows from financing activities:
Dividends paid		(7,743	)		-
Stock repurchases		(1,541	)		-
Stock awards and options exercised and other changes		(248	)		(467	)
Net cash used in financing activities		(9,532	)		(467	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(1,015	)		5,177
Net decrease in cash, cash equivalents and restricted cash		(5,287	)		(5,341	)
Cash, cash equivalents, and restricted cash at beginning of year		231,382			209,214
Cash, cash equivalents, and restricted cash at end of period	$	226,095		$	203,873
Non-cash financing activities:
Dividends declared but not paid	$	-		$	7,783
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$	225,263		$	203,086
Restricted cash included in other non-current assets		832			787
Cash, cash equivalents, and restricted cash	$	226,095		$	203,873

See Notes to Consolidated Financial Statements

MOVADO GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 – BASIS OF PRESENTATION

The accompanying interim unaudited Consolidated Financial Statements have been prepared by Movado Group, Inc. (the “Company”), in a manner consistent with that used in the preparation of the annual audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2026 (the “2026 Annual Report on Form 10-K”). The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which require the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the unaudited Consolidated Financial Statements and the reported amounts of revenues and expenses during the periods reported. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited Consolidated Financial Statements reflect all adjustments, consisting of only normal and recurring adjustments, necessary for a fair statement of the financial position and results of operations for the periods presented. The Consolidated Balance Sheet data at January 31, 2026 is derived from the audited annual financial statements, which are included in the Company’s 2026 Annual Report on Form 10-K and should be read in connection with these interim unaudited financial statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full year.

NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS

In November 2024, the FASB issued ASU 2024-03, as clarified by ASU 2025-01 "Disaggregation of Income Statement Expenses" which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company's annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the timing and impact of adoption in its Consolidated Financial Statements and related disclosures.

In July 2025, the FASB issued ASU 2025-05 “Measurement of Credit Losses for Accounts Receivable and Contract Assets (Topic 326)”, which allows entities to elect a practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset in the development of a reasonable and supportable forecast as part of estimating expected credit losses. Entities electing the practical expedient are still required to adjust historical loss information to reflect current conditions to the extent that historical information does not reflect current conditions. An entity that elects to use the practical expedient is required to disclose that fact. The Company elected the practical expedient permitted under ASU 2025-05 in estimating credit losses for trade receivables. Adoption did not have a material impact on the Company's Consolidated Financial Statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06 “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40)”, which amends the guidance for capitalizing internal-use software developments costs. The ASU is effective for annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adoption on its Consolidated Financial Statements and related disclosures.

In November 2025, the FASB issued ASU 2025-09, “Derivatives and Hedging (Topic 815)” which provides targeted improvements to hedge accounting guidance. The ASU is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. The Company is currently evaluating the impact of adoption on its Consolidated Financial Statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11 “Interim Reporting (Topic 270): Narrow-Scope Improvements”, which clarifies the application of interim reporting disclosure requirements and introduces a principle requiring disclosure of material events and changes since the most recent annual reporting period. The ASU is effective for interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of adoption on its Consolidated Financial Statements and related disclosures.

The Company has reviewed other recently issued accounting standards and determined that they are either not applicable or are not expected to have a material impact on its Consolidated Financial Statements.

NOTE 3 - COST-SAVINGS INITIATIVE

During fiscal year 2025, in light of the ongoing challenging consumer-spending environment, the Company committed to a cost-savings initiative to reduce operating expenses through headcount reductions, bringing them more in line with sales.

During the three months ended April 30, 2026 and 2025, the Company recorded zero and $0.6 million, respectively, in accruals for severance and employee-related charges which are included in Selling, general and administrative in the Consolidated Statements of Operations, and are included in the International locations in the Watch and Accessory segment.

During fiscal year 2026, the Company recorded $1.5 million in accruals for severance and employee-related charges which were included in Selling, general and administrative in the Consolidated Statements of Operations. During fiscal year 2025, the Company recorded $4.6 million in accruals for severance and employee-related charges and early lease termination charges which were included in Selling, general and administrative in the Consolidated Statements of Operations. The amounts recorded in fiscal year 2026 and 2025 are included in both the United States and International locations in the Watch and Accessory segment. Of the total amounts recorded in fiscal year 2026 and 2025, $4.8 million of severance and employee-related charges was paid through fiscal year 2026, and $0.5 million of early lease termination-related fees and costs was paid/utilized through fiscal year 2026. During the first quarter of fiscal year 2027, $0.3 million of severance and employee-related charges was paid. The remaining amount of $0.5 million is included in Accrued payroll and benefits in the Consolidated Balance Sheet at April 30, 2026 and is expected to be paid during the remainder of fiscal year 2027.

NOTE 4 – EARNINGS PER SHARE AND CASH DIVIDENDS

The Company presents net income attributable to Movado Group, Inc. after adjusting for noncontrolling interests, as applicable, per share on a basic and diluted basis. Basic earnings per share is computed using weighted-average shares outstanding during the period. Diluted earnings per share is computed using the weighted-average number of shares outstanding adjusted for dilutive common stock equivalents.

The number of shares used in calculating basic and diluted earnings per share is as follows (in thousands):


	Three Months Ended April 30,
	2026		2025
Weighted average common shares outstanding:
Basic		22,191		22,267
Effect of dilutive securities:
Stock awards and options to purchase shares of common stock		635		232
Diluted		22,826		22,499

For the three months ended April 30, 2026 and 2025, approximately 0.5 million and 0.8 million, respectively, of potentially dilutive common stock equivalents were excluded from the computation of diluted earnings per share because their effect would have been antidilutive.

NOTE 5 – INVENTORIES

Inventories consisted of the following (in thousands):


	April 30, 2026		January 31, 2026		April 30, 2025
Finished goods	$	151,906	$	128,192	$	155,260
Component parts		26,833		27,127		29,030
Work-in-process		3,220		3,012		5,008
	$	181,959	$	158,331	$	189,298

NOTE 6 – DEBT AND LINES OF CREDIT

letter of credit subfacility, a $25.0 million swingline subfacility and a $75.0 million sublimit for borrowings by the Swiss Borrower, with provisions for uncommitted increases to the Facility of up to $50.0 million in the aggregate subject to customary terms and conditions. The Credit Agreement contains affirmative and negative covenants binding on the Company and its subsidiaries that are customary for credit facilities of this type, including, but not limited to, restrictions and limitations on the incurrence of debt and liens, dispositions of assets, capital expenditures, dividends and other payments in respect of equity interests, the making of loans and equity investments, mergers, consolidations, liquidations and dissolutions, and transactions with affiliates (in each case, subject to various exceptions).

The borrowings under the Facility are joint and several obligations of the Borrowers and are also cross-guaranteed by each Borrower, except that the Swiss Borrower is not liable for, nor does it guarantee, the obligations of the U.S. Borrowers. In addition, the Borrowers' obligations under the Facility are secured by first priority liens, subject to permitted liens, on substantially all of the U.S. Borrowers' assets other than certain excluded assets. The Swiss Borrower does not provide collateral to secure the obligations under the Facility.

As of both April 30, 2026, and April 30, 2025, there were no amounts of loans outstanding under the Facility. Availability under the Facility was reduced by the aggregate number of letters of credit outstanding, issued in connection with retail and operating facility leases to various landlords and for Canadian payroll to the Royal Bank of Canada, totaling approximately $0.3 million at both April 30, 2026 and April 30, 2025. At April 30, 2026, the letters of credit have expiration dates through April 27, 2027. As of both April 30, 2026, and April 30, 2025, availability under the Facility was $99.7 million.

The Company had weighted average borrowings under the Facility of zero during both the three months ended April 30, 2026 and 2025, respectively.

The Company's Swiss subsidiary maintains unsecured lines of credit with a Swiss bank that are subject to repayment upon demand. As of April 30, 2026, and 2025, these lines of credit totaled 6.5 million Swiss Francs for both periods, with a dollar equivalent of $8.3 million and $7.9 million, respectively. As of April 30, 2026, and 2025, there were no borrowings against these lines. As of April 30, 2026 and 2025, two European banks had guaranteed obligations to third parties on behalf of two of the Company’s foreign subsidiaries in the dollar equivalent of $1.6 million and $1.5 million, respectively, in various foreign currencies, of which $0.8 million in both periods represented restricted deposits related to lease agreements.

Cash paid for interest, including unused commitments fees, was $0.1 million for both the three month periods ended April 30, 2026 and April 30, 2025.

NOTE 7 – DERIVATIVE FINANCIAL INSTRUMENTS

The Company addresses certain financial exposures that include the use of derivative financial instruments. The Company enters into foreign currency forward contracts to reduce the effects of fluctuating foreign currency exchange rates. As of April 30, 2026, the Company's net forward contracts hedging portfolio designated as qualified cash flow hedging instruments consisted of $6.0 million Euros equivalent with various expiry dates ranging through July 15, 2026. The net gain or loss on the derivatives is reported as a component of accumulated other comprehensive income/(loss) and reclassified into earnings in the same period during which the hedged transaction affects earnings using the same revenue or expense category that the hedged item impacted. The Company also enters into foreign currency forward contracts not designated as qualified hedges in accordance with ASC 815, Derivatives and Hedging. As of April 30, 2026, the Company’s net forward contracts hedging portfolio not designated as qualified hedges consisted of 12.0 million Swiss Francs equivalent, 27.6 million U.S. dollars equivalent, 13.9 million Euros equivalent and 1.9 million British Pounds equivalent with various expiry dates ranging through July 9, 2026. Changes in the fair value of these derivatives are recognized in earnings in the period they arise. Net gains or losses related to these forward contracts are included in Cost of sales, Selling, general and administrative expenses in the Consolidated Statements of Operations.

The cash flows related to these foreign currency contracts are classified in operating activities.

The following table presents the fair values of the Company's derivative financial instruments included in the Consolidated Balance Sheets as of April 30, 2026, January 31, 2026 and April 30, 2025 (in thousands):


	Asset Derivatives							Liability Derivatives
	Balance Sheet Location	April 30, 2026 Fair Value		January 31, 2026 Fair Value		April 30, 2025 Fair Value		Balance Sheet Location	April 30, 2026 Fair Value		January 31, 2026 Fair Value		April 30, 2025 Fair Value
Derivatives designated as hedging instruments:
Foreign Exchange Contracts	Other Current Assets	$	21	$	—	$	—	Accrued Liabilities	$	—	$	—	$	1,263
Total Derivative Instruments		$	21	$	—	$	—		$	—	$	—	$	1,263


	Asset Derivatives							Liability Derivatives
	Balance Sheet Location	April 30, 2026 Fair Value		January 31, 2026 Fair Value		April 30, 2025 Fair Value		Balance Sheet Location	April 30, 2026 Fair Value		January 31, 2026 Fair Value		April 30, 2025 Fair Value
Derivatives not designated as hedging instruments:
Foreign Exchange Contracts	Other Current Assets	$	44	$	484	$	1,255	Accrued Liabilities	$	103	$	10	$	—
Total Derivative Instruments		$	44	$	484	$	1,255		$	103	$	10	$	—

As of April 30, 2026, January 31, 2026 and April 30, 2025, the balance of net deferred gains on derivative financial instruments designated as cash flow hedges included in accumulated other comprehensive income/(loss) were an immaterial amount, $0 and ($1.1) million, respectively. For the three months ended April 30, 2026, and April 30, 2025, the Company reclassified $0 and ($0.1) million, respectively, from accumulated other comprehensive loss to Net sales in the Consolidated Statements of Operations. No amounts associated with ineffectiveness has been recorded for the three months ended April 30, 2026.

See Note 8 - Fair Value Measurements for fair value and presentation in the Consolidated Balance Sheets for derivatives.

NOTE 8 – FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance establishes a fair value hierarchy which prioritizes the inputs used in measuring fair value into three broad levels as follows:

•

Level 1 – Quoted prices in active markets for identical assets or liabilities.

•

Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.

•

Level 3 – Unobservable inputs based on the Company’s assumptions.

The guidance requires the use of observable market data if such data is available without undue cost and effort.

The following tables present the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of April 30, 2026 and 2025 and January 31, 2026 (in thousands):


		Fair Value at April 30, 2026
	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Assets:
Available-for-sale securities	Other current assets	$	286	$	—	$	—	$	286
Short-term investment	Other current assets		153		—		—		153
SERP assets - employer	Other non-current assets		679		—		—		679
SERP assets - employee	Other non-current assets		55,539		—		—		55,539
Defined benefit plan assets	Other non-current liabilities		—		—		38,268		38,268
Hedge derivatives	Other current assets		—		65		—		65
Total		$	56,657	$	65	$	38,268	$	94,990
Liabilities:
SERP liabilities - employee	Other non-current liabilities	$	55,539	$	—	$	—	$	55,539
Hedge derivatives	Accrued liabilities		—		103		—		103
Total		$	55,539	$	103	$	—	$	55,642


		Fair Value at January 31, 2026
	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Assets:
Available-for-sale securities	Other current assets	$	281	$	—	$	—	$	281
Short-term investment	Other current assets		153		—		—		153
SERP assets - employer	Other non-current assets		607		—		—		607
SERP assets - employee	Other non-current assets		55,739		—		—		55,739
Defined benefit plan assets	Other non-current liabilities		—		—		40,045		40,045
Hedge derivatives	Other current assets		—		484		—		484
Total		$	56,780	$	484	$	40,045	$	97,309
Liabilities:
SERP liabilities - employee	Other non-current liabilities	$	55,739	$	—	$	—	$	55,739
Hedge derivatives	Accrued liabilities		—		10		—		10
Total		$	55,739	$	10	$	—	$	55,749


		Fair Value at April 30, 2025
	Balance Sheet Location	Level 1		Level 2		Level 3		Total
Assets:
Available-for-sale securities	Other current assets	$	265	$	—	$	—	$	265
Short-term investment	Other current assets		151		—		—		151
SERP assets - employer	Other non-current assets		618		—		—		618
SERP assets - employee	Other non-current assets		49,633		—		—		49,633
Defined benefit plan assets	Other non-current liabilities		—		—		36,423		36,423
Hedge derivatives	Other current assets		—		1,255		—		1,255
Total		$	50,667	$	1,255	$	36,423	$	88,345
Liabilities:
SERP liabilities - employee	Other non-current liabilities	$	49,633	$	—	$	—	$	49,633
Hedge derivatives	Accrued liabilities		—		1,263		—		1,263
Total		$	49,633	$	1,263	$	—	$	50,896

The fair values of the Company’s available-for-sale securities are based on quoted market prices. The fair value of the short-term investment, which is a guaranteed investment certificate, is based on its purchase price plus one half of one percent calculated annually. The assets related to the Company’s defined contribution supplemental executive retirement plan (“SERP”) consist of both employer (employee unvested) and employee assets which are invested in investment funds with fair values calculated based on quoted market prices. The SERP liability represents the Company’s liability to the employees in the plan for their vested balances. The hedge derivatives consist of cash flow hedging instruments and forward contracts (see Note 7 for further discussion) and are entered into by the Company principally to reduce its exposure to Swiss Franc and Euro exchange rate risks. Fair values of the Company’s hedge derivatives are calculated based on quoted foreign exchange rates and quoted interest rates.

The Company sponsors a defined benefit pension plan in Switzerland. The plan covers certain eligible employees and provides benefits based on years of service and compensation on a career-average pay basis. The assets within the plan are classified as Level 3 within the fair value hierarchy and consist primarily of investments in pooled funds, including separate employee accounts invested in equity securities, debt securities and real estate. The fair values of these investments are based on valuations provided by the fund administrators, which are not readily observable and cannot be corroborated by observable market data; accordingly, these investments are classified within Level 3 of the fair value hierarchy. The net funded status of the plan, which reflects the fair value of plan assets less the projected benefit obligation, is included in Other non-current liabilities in the Consolidated Balance Sheets at April 30, 2026, January 31, 2026, and April 30, 2025.

There were no transfers between any levels of the fair value hierarchy for any of the Company’s fair value measurements.

Investments Without Readily Determinable Fair Values

From time to time the Company may make minority investments in growth companies in the consumer products sector and other sectors relevant to its business, including certain of the Company's suppliers and customers, as well as in venture capital funds that invest in companies in media, entertainment, information technology and technology-related fields and in digital assets. Through fiscal 2026, the Company invested approximately $17.5 million and during the first three months of fiscal 2027, the Company invested an additional $0.5 million in venture capital funds. The Company will continue to regularly evaluate the carrying value of its investments. The carrying value of the investments is recorded in Other non-current assets in the Consolidated Balance Sheets at April 30, 2026, January 31, 2026 and April 30, 2025. These investments are carried at cost, less impairment, adjusted for observable price changes, if any, as fair values are not readily determinable. Other than additional investments made during the three months ended April 30, 2026, there were no impairment charges or observable price changes related to these investments.

NOTE 9 – COMMITMENTS AND CONTINGENCIES

The Company has minimum commitments related to the Company’s license agreements and endorsement agreements with brand ambassadors, and also includes service agreements. The Company sources, distributes, advertises and sells watches and jewelry pursuant to its exclusive license agreements with unaffiliated licensors. Royalty amounts under the license agreements are generally based on a stipulated percentage of revenues, although most of these agreements contain provisions for the payment of minimum annual royalty amounts. The license agreements have various terms, and some have renewal options, provided that minimum sales levels are achieved. Additionally, the license agreements require the Company to pay minimum annual advertising amounts.

The Company believes that income tax reserves are adequate; however, amounts asserted by taxing authorities could be greater or less than amounts accrued and reflected in the Consolidated Balance Sheet. Accordingly, the Company could record adjustments to the amounts for federal, state, and foreign liabilities in the future as the Company revises estimates or settles or otherwise resolves the underlying matters. In the ordinary course of business, the Company may take new positions that could increase or decrease unrecognized tax benefits in future periods.

On April 28, 2025, the Company received a voluntary request from the Division of Enforcement of the Securities and Exchange Commission (the “SEC”) for documents and information relating to the restatement previously reported in fiscal year 2025. The Company is cooperating with the SEC in responding to those requests.

In fiscal year 2026, the United States imposed additional “reciprocal” and other tariffs under the International Emergency Economic Powers Act (“IEEPA”). The Company paid approximately $10.0 million in IEEPA tariffs between February 2025 and February 2026. The Company is evaluating potential recoveries following recent court rulings and U.S. Customs and Border Protection guidance. The Company has elected to apply a gain contingency model in accordance with ASC 450-30, Gain Contingencies, to account for potential recoveries of previously paid IEEPA tariffs. Under this model, a gain contingency is not recognized in the Consolidated Financial Statements until the gain is realized or realizable, which is at the earlier of when U.S. Customs and Border Protection (CBP) affirms the Company's refund claim or the refund is received in cash.

In December 2016, U.S. Customs and Border Protection (“CBP”) issued an audit report regarding the Company's methodology for allocating the cost of certain watch styles imported into the United States among their component parts for tariff purposes. The report challenged the reasonableness of the Company’s historical allocation formulas and proposed an alternative methodology that would have implied approximately $5.1 million of underpaid duties for entries during the audit period (August 1, 2011 through July 15, 2016), plus potential penalties and interest. The statute of limitations has lapsed for all entries within the audit period. While the Company believes its cost allocation methodology is reasonable, its application involves significant judgment, including estimates and assumptions related to (i) allocations for imported watches purchased by the Company's foreign subsidiaries as complete watches, for which

component cost detail is not fully available, and (ii) the allocation among component parts of intercompany overhead and profit and of assembly costs. If CBP were to disagree with the Company's judgments in these areas, the Company could be exposed to assessments for underpayment of tariffs.

The Company is involved in legal proceedings and claims from time to time, in the ordinary course of its business. Legal reserves are recorded in accordance with the accounting guidance for contingencies. Contingencies are inherently unpredictable and it is possible that results of operations, balance sheets or cash flows could be materially and adversely affected in any particular period by unfavorable developments in, or resolution or disposition of, such matters. For those legal proceedings and claims for which the Company believes that it is probable that a reasonably estimable loss may result, the Company records a reserve for the potential loss. For proceedings and claims where the Company believes it is reasonably possible that a loss may result that is materially in excess of amounts accrued for the matter, the Company either discloses an estimate of such possible loss or range of loss or includes a statement that such an estimate cannot be made. As of April 30, 2026, the Company is party to legal proceedings and contingencies, the resolution of which is not expected to materially affect its financial condition, future results of operations beyond the amounts accrued, or cash flows.

NOTE 10 – INCOME TAXES

The Company recorded an income tax provision of $1.9 million and $0.7 million for the three months ended April 30, 2026 and 2025, respectively. The effective tax rate was 22.0% and 34.0% for the three months ended April 30, 2026 and 2025, respectively.

The significant components of the effective tax rate for the three month period changed primarily due to excess tax benefits related to stock-based compensation in the current year as compared to deficiencies in the prior year, and changes in jurisdictional earnings, partially offset by changes in certain foreign valuation allowances.

At April 30, 2026, the Company had no deferred tax liability for substantially all of the undistributed foreign earnings of approximately $255.0 million because the Company intends to permanently reinvest such earnings in its foreign operations. It is not practicable to estimate the tax liability related to a future distribution of these permanently reinvested foreign earnings.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law by President Trump. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The OBBBA did not have a material impact on the Company's Consolidated Financial Statements for the first quarter of fiscal 2027 or fiscal 2026.

NOTE 11 – EQUITY

The components of equity for the three months ended April 30, 2026 and 2025 are as follows (in thousands):


					Movado Group, Inc. Shareholders' Equity
	Preferred Stock		Common Stock Shares (1)		Common Stock Amount		Class A Common Stock Shares (2)		Class A Common Stock Amount		Capital in Excess of Par Value			Retained Earnings			Accumulated Other Comprehensive Income			Treasury Stock			Noncontrolling Interest			Total Movado Group, Inc. Shareholders' Equity
Balance, January 31, 2026	$	—		29,347	$	293		6,455	$	64	$	249,108		$	442,204		$	110,614		$	(293,441	)	$	1,418		$	510,260
Net income attributable to Movado Group, Inc.															6,930									(4	)		6,926
Dividends ($0.35 per share)															(7,743	)											(7,743	)
Stock awards and options exercised				263		3						1,113									(1,364	)					(248	)
Stock repurchases																					(1,541	)					(1,541	)
Supplemental executive retirement plan				3								23															23
Stock-based compensation expense												1,078															1,078
Net unrealized gain on investments, net of tax provision of $1																		3									3
Net change in effective portion of hedging contracts, net of tax provision of $6																		31									31
Amortization of prior service cost, net of tax provision of $6																		24									24
Foreign currency translation adjustment (3)																		(1,936	)					40			(1,896	)
Balance, April 30, 2026	$	—		29,613	$	296		6,455	$	64	$	251,322		$	441,391		$	108,736		$	(296,346	)	$	1,454		$	506,917

	Preferred Stock		Common Stock Shares (1)		Common Stock Amount		Class A Common Stock Shares (2)		Class A Common Stock Amount		Capital in Excess of Par Value			Retained Earnings			Accumulated Other Comprehensive Income			Treasury Stock			Noncontrolling Interest			Total Movado Group, Inc. Shareholders' Equity
Balance, January 31, 2025	$	—		29,178	$	292		6,458	$	64	$	243,355		$	446,704		$	79,981		$	(289,067	)	$	2,250		$	483,579
Net income attributable to Movado Group, Inc.															1,420									(140	)		1,280
Dividends ($0.35 per share) (4)															(7,783	)											(7,783	)
Stock awards and options exercised				115		1						(1	)								(467	)					(467	)
Stock repurchases																											—
Supplemental executive retirement plan				3								25															25
Stock-based compensation expense												1,192															1,192
Net unrealized loss on investments, net of tax benefit of ($10)																		(30	)								(30	)
Net change in effective portion of hedging contracts, net of tax benefit of ($211)																		(1,067	)								(1,067	)
Amortization of prior service cost, net of tax provision of $3																		13									13
Foreign currency translation adjustment (3)																		18,596						62			18,658
Balance, April 30, 2025	$	—		29,296	$	293		6,458	$	64	$	244,571		$	440,341		$	97,493		$	(289,534	)	$	2,172		$	495,400

(1)

Each share of common stock is entitled to one vote per share on all matters submitted to a vote of the shareholders.

(2)

Each share of class A common stock is entitled to 10 votes per share on all matters submitted to a vote of the shareholders. Each holder of class A common stock is entitled to convert, at any time, any and all of such shares into the same number of shares of common stock. Each share of class A common stock is converted automatically into common stock in the event that the beneficial or record ownership of such shares of class A common stock is transferred to any person, except to certain family members or affiliated persons deemed “permitted transferees” pursuant to the Company’s Restated Certificate of Incorporation, as amended. The class A common stock is not publicly traded, and consequently, there is currently no established public trading market for these shares.

(3)

The currency translation adjustment is not adjusted for income taxes to the extent that it relates to permanent investments of earnings in international subsidiaries.

(4)

Dividends declared on April 16, 2025, payable on May 6, 2025.

NOTE 12 – TREASURY STOCK

During the three months ended April 30, 2026, the Company repurchased 61,000 shares of its common stock under the December 5, 2024 share repurchase program at a total cost of $1.5 million, or an average of $25.26 per share. During the three months ended April 30, 2025, the Company did not repurchase any shares of its common stock under the December 5, 2024 share repurchase program.

At April 30, 2026, $44.6 million remains available for purchase under the Company's December 5, 2024 repurchase program.

There were 54,347 and 27,084 shares of common stock repurchased during the three months ended April 30, 2026 and 2025, respectively, as a result of the surrender of shares in connection with the vesting of restricted stock awards or stock options. At the election of an employee, shares having an aggregate value on the vesting date equal to the employee’s withholding tax obligation may be surrendered to the Company.

NOTE 13 – ACCUMULATED OTHER COMPREHENSIVE INCOME

The accumulated balances at April 30, 2026 and 2025, and January 31, 2026, related to each component of accumulated other comprehensive income are as follows (in thousands):


	April 30, 2026			January 31, 2026			April 30, 2025
Foreign currency translation adjustments	$	112,036		$	113,972		$	100,115
Available-for-sale securities		199			196			185
Cash flow hedges		31			—			(1,067	)
Unrecognized prior service cost related to defined benefit pension plan		(44	)		(68	)		(109	)
Net actuarial loss related to defined benefit pension plan		(3,486	)		(3,486	)		(1,631	)
Total accumulated other comprehensive income	$	108,736		$	110,614		$	97,493

Amounts reclassified from accumulated other comprehensive loss to operating income in the Consolidated Statements of Operations during the three months ended April 30, 2026 and April 30, 2025 were $0 and ($0.1) million, respectively.

NOTE 14 – REVENUE

Disaggregation of Revenue

The following table presents the Company’s net sales disaggregated by customer type. Sales and usage-based taxes are excluded from net sales (in thousands):


	For the Three Months Ended April 30,
Customer Type	2026		2025
Wholesale	$	112,655	$	104,147
Direct to consumer		28,952		26,807
After-sales service		795		815
Net Sales	$	142,402	$	131,769

The Company’s revenue from contracts with customers is recognized at a point in time. The Company’s net sales disaggregated by geography are based on the location of the Company’s customer (see Note 16 – Segment and Geographic Information).

Wholesale Revenue

The Company’s wholesale revenue consists primarily of revenues from independent distributors, department stores, chain stores, independent jewelry stores and third-party e-commerce retailers. The Company recognizes and records its revenue when obligations under the terms of a contract with the customer are satisfied, and control is transferred to the customer. Transfer of control passes to wholesale customers upon shipment or upon receipt depending on the agreement with the customer and shipping terms. Wholesale revenue is measured as the amount of consideration the Company ultimately expects to receive in exchange for transferring goods. Wholesale revenue is included entirely within the Watch and Accessory Brands segment (see Note 16 – Segment and Geographic Information), consistent with how management makes decisions regarding the allocation of resources and performance measurement.

Direct to Consumer Revenue

The Company’s direct to consumer revenue primarily consists of revenues from the Company’s outlet stores, the Company’s owned e-commerce websites and concession stores, and consumer repairs. The Company recognizes and records its revenue when obligations under the terms of a contract with the customer are satisfied, and control is transferred to the customer. Control passes to outlet store customers at the time of sale and to substantially all e-commerce customers upon shipment. Direct to Consumer revenue is included in either the Watch and Accessory Brands segment or Company Stores Segment based on how the Company makes decisions about the allocation of resources and performance measurement. Revenue derived from outlet stores and related e-commerce is included within the Company Stores Segment. Other Direct to Consumer revenue (i.e., revenue derived from other Company-owned e-commerce websites, concession stores and consumer repairs) is included within the Watch and Accessory Brands segment. (See Note 16 – Segment and Geographic Information).

After-Sales Service

All watches sold by the Company come with limited warranties covering the movement against defects in materials and workmanship.

The Company’s after-sales service revenues consists of out of warranty service provided to customers and authorized third party repair centers, and sale of watch parts. The Company recognizes and records its revenue when obligations under the terms of a contract with the customer are satisfied and control is transferred to the customer. After-sales service revenue is measured as the amount of consideration the Company ultimately expects to receive in exchange for transferring goods. Revenue from after sales service, including consumer repairs, is included entirely within the Watch and Accessory Brands segment, consistent with how management makes decisions about the allocation of resources and performance measurement.

NOTE 15 – STOCK-BASED COMPENSATION

Under the Company’s Stock Incentive Plan, as amended and restated as of June 22, 2023 (the “Plan”), the Compensation and Human Capital Committee of the Board of Directors, which consists of three of the Company’s non-employee directors, has the authority to grant participants incentive stock options, nonqualified stock options, restricted stock, stock appreciation rights and stock awards, for up to 12,000,000 shares of common stock.

Stock Options:

Stock options granted to participants under the Plan generally become exercisable after three years and remain exercisable until the tenth anniversary of the date of grant. All stock options granted under the Plan have an exercise price equal to or greater than the fair market value of the Company’s common stock on the grant date. There were no stock options granted during the three months ended April 30, 2026 and April 30, 2025.

The fair value of the stock options, less expected forfeitures, is amortized on a straight-line basis over the vesting term. Total compensation expense for stock option grants recognized during the three months ended April 30, 2026 and 2025 was $0 and $0.1 million, respectively. As of April 30, 2026, there was no unrecognized compensation cost related to unvested stock options. The fair value of stock options exercised during the first three months of fiscal 2027 was $0.9 million. Total cash consideration received for stock option exercises during the three months ended April 30, 2026, was $1.1 million. There were 18,520 shares of common stock of the Company tendered by the employee for the payment of the employee's withholding tax obligation totaling $0.5 million for the three months ended April 30, 2026. In addition, during the three months ended April 30, 2026, $1.7 million of shares were tendered to the Company by the holder of the stock options for the payment of the exercise price of these options. There were no stock option exercises during the three months ended April 30, 2025.

The following table summarizes the Company’s stock options activity during the first quarter of fiscal 2027:


	Outstanding Options			Weighted Average Exercise Price per Option		Option Price Per Share		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value $(000)
Options outstanding at January 31, 2026 (899,349 options exercisable)		899,349		$	23.16	$12.42-$38.04			4.6	$	3,372
Granted		—			—		—
Exercised (a)		(154,310	)	$	18.16	$16.87-$27.62
Forfeited		(56,993	)	$	29.48	$27.74-$38.04
Options outstanding at April 30, 2026		688,046		$	23.76	$12.42-$38.04			4.7	$	4,114
Exercisable at April 30, 2026		688,046		$	23.76				4.7	$	4,114

(a) Includes 100,000 options exercised at an exercise price of $16.87 per option for which 62,297 shares of common stock of the Company were tendered to the Company by the holder of the stock options for the payment of the exercise price of these options.

Stock Awards:

Under the Plan, the Company can also grant stock awards to employees and directors. For the three months ended April 30, 2026 and 2025, compensation expense for stock awards was $1.1 million for both periods. As of April 30, 2026, there was approximately $9.9 million of unrecognized compensation cost related to unvested stock awards. These costs are expected to be recognized over a weighted-average period of 2.3 years.

The following table summarizes the Company’s stock awards activity during the first quarter of fiscal 2027:


	Number of Stock Award Units			Weighted- Average Grant Date Fair Value		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value $(000's)
Units outstanding at January 31, 2026		993,985		$	20.87
Units granted		278,932		$	23.89
Units vested		(171,635	)	$	23.05
Units forfeited		—			—
Units granted adjustment for fiscal year 2025 and 2024 grants (a)		(275,493	)	$	28.20
Units outstanding at April 30, 2026		825,789		$	19.00	2.1	$	22,494

(a) Grant adjustment made due to not reaching the financial goals.

Stock awards granted by the Company can be classified as either time-based stock awards or performance-based stock awards. Time-based stock awards vest over time in the number of shares established at grant date, subject to continued employment. Performance-based stock awards vest over time subject both to continued employment and to the achievement of corporate financial performance goals. Upon the vesting of a stock award, shares are issued from the pool of authorized shares. The number of shares to be issued related to the outstanding performance-based stock awards can vary from 0% to 200% of the target number of underlying stock award units, established at grant date, depending on the particular stock awards and the extent of the achievement of the predetermined financial goals. There were 35,827 and 27,084 shares of common stock of the Company tendered by the employee for the payment of the employee's withholding tax obligation totaling $0.9 million and $0.5 million for the three months ended April 30, 2026 and 2025, respectively. The total fair value of stock award units that vested during the first three months of fiscal 2027 was $4.0 million.

NOTE 16 – SEGMENT AND GEOGRAPHIC INFORMATION

The Company follows accounting guidance related to disclosures about segments of an enterprise and related information. This guidance requires disclosure of segment data based on how management makes decisions about allocating resources to segments and measuring their performance.

The Company conducts its business in two operating segments: Watch and Accessory Brands and Company Stores. The Company’s Watch and Accessory Brands segment includes the designing, manufacturing and distribution of watches and, to a lesser extent, jewelry and other accessories, of owned and licensed brands, in addition to revenue generated from after-sales service activities and shipping. The Company Stores segment includes the Company’s retail outlet business. The Chief Executive Officer of the Company is the Company's chief operating decision maker ("CODM") and regularly reviews operating results for each of the two operating segments to assess performance and makes operating decisions about the allocation of the Company’s resources. The Company’s CODM evaluates operating results based on gross profit, defined as net sales less cost of sales, and operating income, defined as gross profit less selling, general and administrative expenses. The CODM uses gross profit and operating income in the budgeting and forecasting process. The CODM considers budget-to-current forecast and prior forecast-to-current forecast variances for gross profit and operating income for evaluating performance of the segments and making decisions about allocating capital and other resources to each segment.

The Company divides its business into two major geographic locations: United States operations and International, which includes the results of all non-U.S. Company operations. The allocation of geographic revenue is based upon the location of the customer. The following table summarizes the Company's net sales in the International locations by region as a percentage of the Company's total net sales for the three months ended April 30, 2026 and 2025.


	Three Months Ended April 30,
	2026			2025
Europe		34.7	%		33.6	%
Americas (excluding the United States)		11.9	%		10.9	%
Asia		7.5	%		6.3	%
Middle East		4.1	%		7.7	%
Total International Operations		58.2	%		58.5	%

Operating Segment Data as of and for the Three Months Ended April 30, 2026 and 2025 (in thousands):


	Net Sales
	2026		2025
Watch and Accessory Brands:
Owned brands category	$	35,610	$	33,132
Licensed brands category		85,497		80,243
After-sales service and all other		2,592		1,427
Total Watch and Accessory Brands		123,699		114,802
Company Stores		18,703		16,967
Consolidated total	$	142,402	$	131,769


	Watch and Accessory Brands		Company Stores		Consolidated Total			Watch and Accessory Brands			Company Stores		Consolidated Total
	2026		2026		2026			2025			2025		2025

Net sales	$	123,699	$	18,703	$	142,402		$	114,802		$	16,967	$	131,769
Cost of sales		53,426		7,383		60,809			53,958			6,461		60,419
Gross profit		70,273		11,320		81,593			60,844			10,506		71,350
Selling, general and administrative		63,666		10,912		74,578			60,853			10,206		71,059
Operating income/(loss) (1) (2)	$	6,607	$	408	$	7,015		$	(9	)	$	300	$	291
Other income, net						1,961								1,760
Interest expense						(102	)							(111	)
Income before income taxes					$	8,874							$	1,940

Depreciation and amortization	$	1,784	$	528	$	2,312		$	1,735		$	545	$	2,280

(1)

The operating income/(loss) in the Watch and Accessory Brands Segment included $11.5 million and $8.0 million of unallocated corporate expenses for the three months ended April 30, 2026 and 2025, respectively, and $12.9 million and $14.0 million of certain intercompany profits related to the Company's supply chain operations for the three months ended April 30, 2026 and 2025, respectively.

(2)

The operating income in the Watch and Accessory Brands segment for the three months ended April 30, 2026, included a pre-tax charge of $0.5 million related to the investigation of misconduct within the Dubai branch of the Company's Swiss subsidiary. The operating (loss) in the Watch and Accessory Brands segment included a pre-tax charge of $0.6 million related to the Company's cost-savings initiative for the three months ended April 30, 2025.


	Total Assets						Capital Expenditures
	April 30, 2026		January 31, 2026		April 30, 2025		April 30, 2026		April 30, 2025
Watch and Accessory Brands	$	679,008	$	690,068	$	685,095	$	1,081	$	1,103
Company Stores		55,002		52,553		62,083		73		430
Consolidated total	$	734,010	$	742,621	$	747,178	$	1,154	$	1,533

Geographic Location Data as of and for the Three Months Ended April 30, 2026 and 2025 (in thousands):


	Net Sales
	2026		2025
United States	$	59,456	$	54,700
International		82,946		77,069
Consolidated total	$	142,402	$	131,769

United States and International net sales are net of intercompany sales of $78.5 million and $74.0 million for the three months ended April 30, 2026 and 2025, respectively.

Long-Lived Assets consist of Operating Right-of-Use Assets and Property, Plant and Equipment, Net.


	Long-Lived Assets
	April 30, 2026		January 31, 2026		April 30, 2025
United States	$	58,827	$	62,267	$	72,803
International		20,883		22,711		29,164
Consolidated total	$	79,710	$	84,978	$	101,967


	Operating Right-of-Use Assets
	April 30, 2026		January 31, 2026		April 30, 2025
United States	$	47,661	$	50,705	$	59,645
International		15,644		17,168		22,373
Consolidated total	$	63,305	$	67,873	$	82,018


	Property, Plant and Equipment, Net
	April 30, 2026		January 31, 2026		April 30, 2025
United States	$	11,166	$	11,562	$	13,158
International		5,239		5,543		6,791
Consolidated total	$	16,405	$	17,105	$	19,949

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

FORWARD-LOOKING STATEMENTS

Statements in this Quarterly Report on Form 10-Q, including, without limitation, statements under Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this report, as well as statements in future filings by the Company with the Securities and Exchange Commission (the “SEC”), in the Company’s press releases and oral statements made by or with the approval of an authorized executive officer of the Company, which are not historical in nature, are intended to be, and are hereby identified as, “forward-looking statements” for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates, forecasts and projections about the Company, its future performance, the industry in which the Company operates and management’s assumptions. Words such as “expects”, “anticipates”, “targets”, “goals”, “projects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “may”, “will”, “should” and variations of such words and similar expressions are also intended to identify such forward-looking statements. The Company cautions readers that forward-looking statements include, without limitation, those relating to the Company’s future business prospects, projected operating or financial results, revenues, working capital, liquidity, capital needs, inventory levels, plans for future operations, expectations regarding capital expenditures, operating efficiency initiatives and other items, cost-savings initiatives, and operating expenses, effective tax rates, margins, interest costs, and income as well as assumptions relating to the foregoing. Forward-looking statements are subject to certain risks and uncertainties, some of which cannot be predicted or quantified. Actual results and future events could differ materially from those indicated in the forward-looking statements, due to several important factors herein identified, among others, and other risks and factors identified from time to time in the Company’s reports filed with the SEC, including, without limitation, the following: the Company's ability to maintain effective internal control over financial reporting in the future; 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 and 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 increase of tariffs and other trade barriers; 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 including long-lived 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, including cybersecurity risks posed by increasing reliance on cloud services and generative artificial intelligence; complex and quickly-evolving regulations regarding privacy and data protection; regulatory restrictions and a changing marketing environment, including the movement toward a cookieless future and increased digital advertising costs; requirements to meet environmental, social and governance regulations, expectations or standards, including climate change-related risks and regulatory requirements; the impact of current or future cost reduction, streamlining, restructuring or business optimization initiatives; risks associated with laws and regulations relating to supply chain transparency and forced labor; changes to existing laws or regulations, including changes to tax laws or regulations; 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 and the potential imposition of tariffs under alternative statutory authorities), quotas, political and economic stability, anti-corruption and anti-bribery laws, changes to existing laws or regulations, and impacts of currency exchange rate fluctuations and the success of hedging strategies related thereto.

These risks and uncertainties, along with the risk factors discussed under Item 1A. “Risk Factors” in the Company’s 2026 Annual Report on Form 10-K, should be considered in evaluating any forward-looking statements contained in this report or incorporated by reference herein. All forward-looking statements speak only as of the date of this report or, in the case of any document incorporated by reference, the date of that document. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are qualified by the cautionary statements in this section. The Company undertakes no obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this report.

Critical Accounting Policies and Estimates

The Company’s Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States and those significant policies are more fully described in Note 1 to the Company’s Consolidated Financial Statements and contained in the Company's 2026 Annual Report on Form 10-K and are incorporated by reference herein. The preparation of these financial statements and the application of certain critical accounting policies require management to make judgments based on estimates and assumptions that affect the information reported. On an on-going basis, management evaluates its estimates and judgments, including those related to sales returns, markdown allowances, inventories, income taxes, useful lives of property, plant and equipment, impairments of long-lived assets and stock-based compensation. Management bases its estimates and judgments about the carrying values of assets and liabilities that are not readily apparent from other sources on historical experience, contractual commitments and on various other factors that are believed to be reasonable under the circumstances. Actual results could differ from these estimates.

Critical accounting policies are those that are most important to the portrayal of the Company’s financial condition and the results of operations and require management’s most difficult, subjective and complex judgments as a result of the need to make estimates about the effect of matters that are inherently uncertain. The Company's most critical accounting policies have been discussed in the Company's 2026 Annual Report on Form 10-K and are incorporated by reference herein. As of April 30, 2026, there have been no material changes to any of the Company's critical accounting policies.

Overview

The Company divides its watch and accessory business into two principal categories: the owned brands category and the licensed brands category. The owned brands category consists of the Movado®, Concord®, EBEL®, Olivia Burton® and MVMT® brands. Products in the licensed brands category include the following brands manufactured and distributed under license agreements with the respective brand owners: Coach®, Tommy Hilfiger®, Hugo Boss®, Lacoste® and Calvin Klein® and, beginning spring 2027, Kate Spade New York®.

Gross margins vary among the brands included in the Company’s portfolio and also among watch models within each brand. Watches in the Company’s owned brands category generally earn higher gross margin percentages than watches in the licensed brands category. The difference in gross margin percentages within the licensed brands category is primarily due to the impact of royalty payments made on the licensed brands. Gross margins in the Company’s e-commerce business generally earn higher gross margin percentages than those of the traditional wholesale business. Gross margins in the Company’s outlet business are affected by the mix of product sold and may exceed those of the wholesale business since the Company earns margins on its outlet store sales from manufacture to point of sale to the consumer.

Recent Developments and Initiatives

Tariffs

The United States has imposed, and may in the future impose, additional tariffs and other trade restrictions on imported goods. These measures increase the Company’s product and input costs, disrupt sourcing and logistics, require pricing adjustments that may reduce demand, and adversely affect margins and operating performance. Because the United States is the Company’s single largest market, increases in duties applicable to products imported into the United States could have a disproportionate impact on the Company’s results of operations.

The majority of the Company’s products are sourced from Switzerland, Japan, and China. For U.S. customs purposes, the Company’s Swiss watches are classified as products of Switzerland. Watches produced in the Far East generally consist of watch heads that originate in Japan and bands that originate in China. In addition, most of the Company’s jewelry and packaging is of Chinese origin.

Since February 2020, the Company’s U.S. imports of Chinese-origin watch bands and jewelry have been subject to a special incremental tariff of 7.5% under Section 301 of the Trade Act of 1974, and imports of Chinese-origin packaging have been subject to a 25% Section 301 tariff.

In fiscal year 2026, the United States imposed additional “reciprocal” and other tariffs under the International Emergency Economic Powers Act (“IEEPA”). The Company paid approximately $10.0 million in IEEPA tariffs between February 2025 and February 2026. The Company is evaluating potential recoveries following recent court rulings and U.S. Customs and Border Protection guidance. Due to ongoing administrative and legal uncertainties, no receivable has been recognized at April 30, 2026. The ultimate resolution of this matter could have a material positive impact on the Company’s results of operations, financial position, and cash flows in future periods.

Following the Supreme Court’s decision, the Trump Administration replaced the IEEPA-based tariffs with tariffs imposed under Section 122 of the Trade Act of 1974. As of the date of this Quarterly Report, Section 122 tariffs impose an incremental 10% ad valorem duty on covered imports. Section 122 tariffs expire after 150 days absent Congressional approval; however, the Administration has launched investigations into trade practices in order to enable the imposition of tariffs under other statutory authorities. As a result, there can be no assurance that tariff levels will decrease when Section 122 authority expires, or that new or higher duties will not be imposed.

Cost-Savings Initiative

As part of its ongoing efforts to align operating expenses with current business trends, the Company implemented cost-savings initiatives in fiscal year 2025 focused primarily on workforce reductions and certain lease-related actions. In connection with these initiatives, the Company recorded total accruals of $6.1 million for severance, employee-related costs and lease termination-related charges through fiscal year 2026.

During the first quarter of fiscal year 2027, the Company paid $0.3 million related to severance and employee-related costs, with the remaining $0.5 million balance expected to be paid during the remainder of fiscal year 2027.

One Big Beautiful Bill Act

Results of Operations Overview

The following is a discussion of the results of operations for the three months ended April 30, 2026 compared to the three months ended April 30, 2025, along with a discussion of the changes in financial condition during the first three months of fiscal 2027. The Company’s results of operations for the first three months of fiscal 2027 should not be deemed indicative of the results that the Company will experience for the full year of fiscal 2027. See “Recent Developments and Initiatives” above. See also “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended January 31, 2026 filed with the Securities and Exchange Commission on March 19, 2026.

Results of operations for the three months ended April 30, 2026 as compared to the three months ended April 30, 2025

Net Sales: Comparative net sales by business segment were as follows (in thousands):


	Three Months Ended April 30,
	2026		2025
Watch and Accessory Brands:
United States	$	41,726	$	38,576
International		81,973		76,226
Total Watch and Accessory Brands		123,699		114,802
Company Stores:
United States		17,730		16,124
International		973		843
Total Company Stores		18,703		16,967
Net Sales	$	142,402	$	131,769

Comparative net sales by categories were as follows (in thousands):


	Three Months Ended April 30,
	2026		2025
Watch and Accessory Brands:
Owned brands category	$	35,610	$	33,132
Licensed brands category		85,497		80,243
After-sales service and all other		2,592		1,427
Total Watch and Accessory Brands		123,699		114,802
Company Stores		18,703		16,967
Net Sales	$	142,402	$	131,769

Net Sales

Net sales for the three months ended April 30, 2026 were $142.4 million, representing a $10.6 million or 8.1% increase from the prior year period. For the three months ended April 30, 2026, fluctuations in foreign currency exchange rates positively impacted net sales by $4.7 million when compared to the prior year period. Excluding this $4.7 million impact, net sales would have increased by 4.5% as compared to the prior year period.

Watch and Accessory Brands Net Sales

Net sales for the three months ended April 30, 2026 in the Watch and Accessory Brands segment were $123.7 million, above the prior year period by $8.9 million, or 7.7%. The increase in net sales was primarily due to sales mix, increased volumes resulting from higher demand in the Company's wholesale customers and the positive impact of fluctuations in foreign exchange rates. The net sales in the owned brands category increased $2.5 million, or 7.5%, combined with an increase in net sales recorded in the licensed brands category of $5.3 million, or 6.5%.

United States Watch and Accessory Brands Net Sales

Net sales for the three months ended April 30, 2026 in the United States locations of the Watch and Accessory Brands segment were $41.7 million, above the prior year period by $3.2 million, or 8.2%, resulting primarily from sales mix and increased volumes resulting from higher demand in the Company's wholesale customers. The net sales recorded in the owned brands category increased $1.4 million, or 5.3%, combined with an increase in net sales recorded in the licensed brands category of $1.9 million, or 15.6%.

International Watch and Accessory Brands Net Sales

Net sales for the three months ended April 30, 2026 in the International locations of the Watch and Accessory Brands segment were $82.0 million, above the prior year by $5.7 million, or 7.5%, which included fluctuations in foreign currency exchange rates that positively impacted net sales by $4.7 million when compared to the prior year period. In addition to the positive impact of fluctuations in foreign exchange rates, the increase in net sales was primarily due to increased volumes resulting from higher demand in the owned brands category in the Company's wholesale customers. The net sales increase recorded in the owned brands category was $1.1 million, or 14.9%, primarily due to a net sales increase in Asia, while Europe, the Americas (excluding the United States) and the Middle East remained relatively flat. The net sales increase recorded in the licensed brands category was $3.4 million, or 5.0%, primarily due to net sales increases in Europe, the Americas (excluding the United States) and Asia, partially offset by a net sales decrease in the Middle East.

Company Stores Net Sales

Net sales for the three months ended April 30, 2026 in the Company Stores segment were $18.7 million, $1.7 million or 10.2% above the prior year period. The net sales increase was primarily due to favorable sales mix, an increase in sales from the Company's online outlet store at www.movadocompanystore.com and a new store opening in the second quarter of the prior year. As of April 30, 2026 and 2025, the Company operated 57 and 56 retail outlet locations, respectively.

Gross Profit

Gross profit for the three months ended April 30, 2026 was $81.6 million or 57.3% of net sales as compared to $71.4 million or 54.1% of net sales in the prior year period. The increase in gross profit of $10.2 million was due to higher net sales combined with a higher

gross margin percentage. The increase in the gross margin percentage of approximately 320 basis points for the three months ended April 30, 2026 reflected a favorable sales mix (approximately 260 basis points) and the increased leveraging of certain reduced costs over higher sales (approximately 90 basis points), partially offset by a negative impact of fluctuations in foreign exchange rates (approximately 30 basis points).

Selling, General and Administrative (“SG&A”)

SG&A expenses for the three months ended April 30, 2026 were $74.6 million, an increase from the prior year period of $3.5 million, or 5.0%. The increase in SG&A expenses was primarily driven by (i) higher professional fees of $1.9 million (which included $0.5 million in costs related to the investigation of misconduct within the Dubai branch of the Company's Swiss subsidiary), (ii) an increase in marketing expenses of $1.4 million and (iii) an increase in performance-based compensation of $1.0 million. These increases were partially offset by a $1.2 million decrease in foreign exchange losses reflecting lower transactional foreign currency losses during the period and a decrease in payroll related expenses of $0.2 million (which included the impact of $0.6 million of severance costs in the prior year period related to the cost-savings initiative discussed under "Recent Developments and Initiatives"). For the three months ended April 30, 2026, fluctuations in foreign currency rates related to the foreign subsidiaries unfavorably impacted SG&A expenses by $0.5 million when compared to the prior year period.

Watch and Accessory Brands Operating Income/Loss

For the three months ended April 30, 2026 the Company recorded operating income of $6.6 million in the Watch and Accessory Brands segment which includes $11.5 million of unallocated corporate expenses as well as $12.9 million of certain intercompany profits related to the Company’s supply chain operations. For the three months ended April 30, 2025, the Company recorded operating loss of less than $0.1 million in the Watch and Accessory Brands segment which included $8.0 million of unallocated corporate expenses as well as $14.0 million of certain intercompany profits related to the Company’s supply chain operations. The $6.6 million change in operating income/loss was the result of an increase in gross profit of $9.4 million, partially offset by higher SG&A expenses of $2.8 million when compared to the prior year period. The increase in gross profit was the result of higher net sales combined with a higher gross margin percentage primarily due to a favorable impact of sales mix and the increased leveraging of certain reduced costs over higher sales, partially offset by a negative impact of fluctuations in foreign exchange rates. The increase in SG&A expenses was primarily due to (i) an increase in professional fees of $1.9 million (which included $0.5 million in costs related to the investigation of misconduct within the Dubai branch), (ii) an increase in marketing expenses of $1.3 million and (iii) an increase in performance-based compensation of $0.9 million. These increases were partially offset by a $1.2 million decrease in foreign exchange losses reflecting lower transactional foreign currency losses during the period and a decrease in payroll related expenses of $0.5 million (which included severance costs in the prior year period of $0.6 million related to the cost-savings initiative discussed under "Recent Developments and Initiatives").

U.S. Watch and Accessory Brands Operating Loss

In the United States locations of the Watch and Accessory Brands segment, for the three months ended April 30, 2026, the Company recorded an operating loss of $4.2 million which includes unallocated corporate expenses of $11.5 million. For the three months ended April 30, 2025 the Company recorded an operating loss of $7.0 million in the United States locations of the Watch and Accessory Brands segment which included unallocated corporate expenses of $8.0 million. The decrease in operating loss was the result of an increase in gross profit of $9.7 million partially offset by an increase in SG&A expenses of $6.9 million when compared to the prior year period. The increase in gross profit of $9.7 million was the result of higher net sales, combined with a higher gross margin percentage primarily due to a favorable sales mix, the increased leveraging of certain fixed costs as a result of higher sales and the positive impact of fluctuations in foreign exchange rates. The increase in SG&A expenses was primarily due to (i) an increase in certain unallocated corporate costs of $2.8 million, (ii) an increase in professional fees of $1.4 million (which included $0.4 million in costs related to the investigation of misconduct within the Dubai branch), (iii) an increase in performance-based compensation of $1.3 million and (iv) higher marketing expenses of $1.1 million. These increases were partially offset by a decrease in payroll related expenses of $0.8 million.

International Watch and Accessory Brands Operating Income

In the International locations of the Watch and Accessory Brands segment, for the three months ended April 30, 2026, the Company recorded operating income of $10.8 million which includes $12.9 million of certain intercompany profits related to the Company’s International supply chain operations. For the three months ended April 30, 2025 the Company recorded operating income of $7.0 million in the International locations of the Watch and Accessory Brands segment which included $14.0 million of certain intercompany profits related to the Company’s supply chain operations. The increase in operating income was the result of lower SG&A expenses of $4.1 million, partially offset by a lower gross profit of $0.3 million. The decrease in gross profit of $0.3 million was primarily the result of higher net sales, offset by a lower gross margin percentage primarily due to the negative impact of fluctuations in foreign exchange rates, partially offset by the increased leveraging of certain reduced costs over higher sales. The decrease in SG&A expenses was primarily due to (i) a decrease in certain allocated corporate costs of $2.8 million, (ii) a decrease of $1.3 million in foreign exchange losses reflecting lower transactional foreign currency losses during the period and (iii) a decrease in performance-based compensation of $0.4 million. These decreases were partially offset by an increase in professional fees of $0.5 million (which included $0.1 million in costs related to the investigation of misconduct within the Dubai branch), an increase in payroll related expenses of $0.3 million (which

included the impact of $0.6 million of severance costs in the prior year period related to the cost-savings initiative) and an increase in marketing expenses of $0.2 million.

Company Stores Operating Income

The Company recorded operating income of $0.4 million and $0.3 million in the Company Stores segment for the three months ended April 30, 2026 and 2025, respectively. The increase in operating income of $0.1 million was primarily related to an increase in gross profit of $0.8 million, mainly due to higher sales, partially offset by a lower gross margin percentage. Operating profit was negatively impacted by an increase in SG&A expenses of $0.7 million primarily due to an increase in payroll related expenses, higher marketing expenses and an increase in rent related expenses mainly due to a new store opening in the second quarter of the prior year. As of April 30, 2026, and 2025, the Company Stores segment operated 57 and 56 retail outlet locations, respectively.

Other Non-Operating Income, net

The Company recorded other income, net of $2.0 million for the three months ended April 30, 2026, primarily due to interest income and distributions received from a venture capital fund in which the Company holds a limited partnership interest.

The Company recorded other income, net of $1.8 million for the three months ended April 30, 2025, primarily due to interest income.

Interest Expense

Interest expense was $0.1 million primarily due to the payment of unused commitment fees for both the three months ended April 30, 2026 and 2025. There were no borrowings under the Company's revolving credit facility during the three months ended April 30, 2026 and 2025.

Income Taxes

Net Income Attributable to Movado Group, Inc.

The Company recorded net income attributable to Movado Group, Inc. of $6.9 million and $1.4 million for the three months ended April 30, 2026 and 2025, respectively.

LIQUIDITY AND CAPITAL RESOURCES

At April 30, 2026 and April 30, 2025, the Company had $225.3 million and $203.1 million, respectively, of cash and cash equivalents. Of this total, $141.6 million and $86.4 million, respectively, consisted of cash and cash equivalents at the Company's foreign subsidiaries.

At April 30, 2026 the Company had working capital of $401.5 million as compared to $385.5 million at April 30, 2025. The increase in working capital was primarily the result of an increase in cash and a decrease in accrued liabilities and accounts payable, partially offset by a decrease in inventories, trade receivables, net and other current assets. The Company defines working capital as the difference between current assets and current liabilities.

Net cash provided by operating activities was $7.0 million for the three months ended April 30, 2026, compared to net cash used in operating activities of $7.2 million for the three months ended April 30, 2025, representing an increase of approximately $14.2 million. The increase was primarily driven by favorable changes in working capital and a $5.6 million increase in net income.

The most significant favorable changes in working capital items were:

•

Accounts payable, which provided $12.4 million of additional cash, primarily due to the timing of supplier payments; and

•

Trade receivables, which provided $11.8 million of additional cash compared to the prior year period, reflecting improved collections and tighter receivables management.

These favorable impacts were partially offset by:

•

Accrued payroll and benefits, which used $9.4 million more cash, primarily due to payments of performance-based compensation; and

•

Accrued liabilities, which used $6.8 million more cash, primarily due to timing of payments.

Cash used in investing activities was $1.7 million for the three months ended April 30, 2026, compared to $2.8 million for the three months ended April 30, 2025. The cash used in investing activities during the current year period primarily related to capital expenditures of $1.2 million mainly for leasehold improvements and shop-in-shops, and $0.5 million of long-term investments. Cash used in investing activities for the three months ended April 30, 2025 included $1.5 million of capital expenditures and $1.3 million of long-term investments.

Cash used in financing activities was $9.5 million for the three months ended April 30, 2026 as compared to $0.5 million for the three months ended April 30, 2025. The cash used in the current year period included $7.7 million in dividend payments, $1.5 million of open-market share repurchases and $1.4 million related to shares surrendered by employees to satisfy tax withholding obligations upon vesting of certain stock awards, partially offset by $1.1 million received in connection with stock options exercised. Cash used in financing activities for the three months ended April 30, 2025 was due to $0.5 million related to shares surrendered by employees to satisfy tax withholding obligations upon vesting of certain stock awards. No dividend was paid during the three months ended April 30, 2025. However, on April 11, 2025, the Company declared a cash dividend of $0.35 per share ($7.8 million in aggregate), payable on May 6, 2025.

The Company and its U.S. and Swiss subsidiaries (collectively, the "Borrowers") are parties to an Amended and Restated Credit Agreement originally dated October 12, 2018 (as subsequently amended, the “Credit Agreement”) with the lenders party thereto and Bank of America, N.A. as administrative agent (in such capacity, the “Agent”). The Credit Agreement provides for a $100.0 million senior secured revolving credit facility (the “Facility”) and has a maturity date of October 28, 2026. The Facility includes a $15.0 million letter of credit subfacility, a $25.0 million swingline subfacility and a $75.0 million sublimit for borrowings by the Swiss Borrower, with provisions for uncommitted increases to the Facility of up to $50.0 million in the aggregate subject to customary terms and conditions. The Credit Agreement contains affirmative and negative covenants binding on the Company and its subsidiaries that are customary for credit facilities of this type, including, but not limited to, restrictions and limitations on the incurrence of debt and liens, dispositions of assets, capital expenditures, dividends and other payments in respect of equity interests, the making of loans and equity investments, mergers, consolidations, liquidations and dissolutions, and transactions with affiliates (in each case, subject to various exceptions).

The Company had weighted average borrowings under the Facility of zero during both the three months ended April 30, 2026 and 2025, respectively.

Cash paid for interest, including unused commitments fees, was $0.1 million for both the three month periods ended April 30, 2026 and April 30, 2025, respectively.

companies in media, entertainment, information technology and technology-related fields and in digital assets. During fiscal 2022, the Company committed to invest up to $21.5 million in such investments. The Company funded approximately $17.5 million of these commitments through fiscal 2026 and an additional $0.5 million during the first three months of fiscal 2027 and may be called upon to satisfy capital calls in respect of the remaining $3.5 million in such commitments at any time during a period generally ending ten years after the first capital call in respect of a given commitment.

During the three months ended April 30, 2026, the Company declared and paid a cash dividend of $0.35 per share for $7.7 million. During the three months ended April 30, 2025, the Company declared a cash dividend of $0.35 per share for $7.8 million, payable on May 6, 2025. Although the Company currently expects to continue to declare cash dividends in the future, the decision of whether to declare any future cash dividend, including the amount of any such dividend and the establishment of record and payment dates, will be determined, in each quarter, by the Board of Directors, in its sole discretion.

On December 5, 2024, the Board approved a share repurchase program under which the Company is authorized to purchase up to $50.0 million of its outstanding common stock through December 5, 2027, depending on market conditions, share price and other factors. These repurchases may be made through open market purchases, repurchase plans, block trades or otherwise. During the three months ended April 30, 2026, the Company repurchased a total of 61,000 shares of its common stock under the December 5, 2024 share repurchase program at a total cost of $1.5 million, or an average of $25.26 per share. During the three months ended April 30, 2025, the Company did not repurchase any shares of its common stock. At April 30, 2026, $44.6 million remains available for purchase under the Company's December 5, 2024 repurchase program.

Off-Balance Sheet Arrangements

The Company does not have off-balance sheet financing or unconsolidated special-purpose entities.

Accounting Changes and Recent Accounting Pronouncements

See Note 2- Recent Accounting Pronouncements to the accompanying unaudited Consolidated Financial Statements for a description of recent accounting pronouncements which may impact the Company’s Consolidated Financial Statements in future reporting periods.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Foreign Currency Exchange Rate Risk

The Company’s primary market risk exposure relates to foreign currency exchange risk (see Note 7 – Derivative Financial Instruments to the Consolidated Financial Statements). A significant portion of the Company’s purchases are denominated in Swiss Francs and, to a lesser extent, the Japanese Yen. The Company also sells to third-party customers in a variety of foreign currencies, most notably the Euro, Swiss Franc and the British Pound. The Company reduces its exposure to the Swiss Franc, Euro, British Pound, Chinese Yuan and Japanese Yen exchange rate risk through a hedging program. Under the hedging program, the Company manages most of its foreign currency exposures on a consolidated basis, which allows it to net certain exposures and take advantage of natural offsets. In the event these exposures do not offset, from time to time the Company uses various derivative financial instruments to further reduce the net exposures to currency fluctuations, predominately forward and option contracts. Certain of these contracts meet the requirements of qualified hedges. In these circumstances, the Company designates and documents these derivative instruments as a cash flow hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transactions. Changes in the fair value of hedges designated and documented as a cash flow hedge and which are highly effective, are recorded in other comprehensive income until the underlying transaction affects earnings, and then are later reclassified into earnings in the same account as the hedged transaction. The earnings impact is mostly offset by the effects of currency movements on the underlying hedged transactions. To the extent that the Company does not engage in a hedging program, any change in the Swiss Franc, Euro, British Pound, Chinese Yuan and Japanese Yen exchange rates to local currency would have an equal effect on the Company’s earnings.

From time to time the Company uses forward exchange contracts, which do not meet the requirements of qualified hedges, to offset its exposure to certain foreign currency receivables and liabilities. These forward contracts are not designated as qualified hedges and, therefore, changes in the fair value of these derivatives are recognized in earnings in the period they arise, thereby offsetting the current earnings effect resulting from the revaluation of the related foreign currency receivables and liabilities.

As of April 30, 2026, the Company’s entire net forward contracts hedging portfolio consisted of 12.0 million Swiss Francs equivalent, 27.6 million U.S. dollars equivalent, 19.9 million Euros equivalent (including 6.0 million Euros designated as cash flow hedges) and 1.9 million British Pounds equivalent with various expiry dates ranging through July 9, 2026, compared to a portfolio of 24.0 million Swiss Francs equivalent, 30.5 million U.S. dollars equivalent, 34.6 million Euros equivalent (including 24.0 million Euros designated as cash flow hedges) and 1.3 million British Pounds equivalent with various expiry dates ranging through October 10, 2025, as of April 30, 2025. If the Company were to settle its Swiss Franc forward contracts at April 30, 2026, the result would be a $0.1 million loss. If

the Company were to settle its Euro forward contracts at April 30, 2026, the result would be an immaterial gain. As of April 30, 2026, the Company’s British Pound, Chinese Yuan and US Dollar forward contracts had no gain or loss.

Commodity Risk

The Company considers its exposure to fluctuations in commodity prices to be primarily related to gold used in the manufacturing of the Company’s watches. Under its hedging program, the Company can purchase various commodity derivative instruments, primarily futures contracts. When held, these derivatives are documented as qualified cash flow hedges, and the resulting gains and losses on these derivative instruments are first reflected in other comprehensive income, and later reclassified into earnings, partially offset by the effects of gold market price changes on the underlying actual gold purchases. The Company did not hold any future contracts in its gold hedge portfolio as of April 30, 2026 and 2025; thus, any changes in the gold purchase price will have an equal effect on the Company’s cost of sales.

Debt and Interest Rate Risk

Floating rate debt at April 30, 2026 and 2025 was zero for both periods. During the three months ended April 30, 2026, the Company had no weighted average borrowings. The Company does not hedge these interest rate risks.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company’s disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives. However, it should be noted that a control system, no matter how well conceived or operated, can only provide reasonable, not absolute, assurance that its objectives will be met and may not prevent all errors or instances of fraud.

The Company, under the supervision and with the participation of its management, including the Chief Executive Officer and the Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures, as such terms are defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the Company’s disclosure controls and procedures are effective at a reasonable assurance level as of the end of the period covered by this report.

Changes in Internal Control Over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the three months ended April 30, 2026, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

In addition to the above matters, the Company is involved in other legal proceedings and contingencies, the resolution of which is not expected to materially affect its financial condition, future results of operations, or cash flows.

Item 1A. Risk Factors

As of April 30, 2026, there have been no material changes to any of the risk factors previously reported in the Company’s 2026 Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On December 5, 2024, the Board approved a share repurchase program under which the Company is authorized to purchase up to $50.0 million of its outstanding common stock through December 5, 2027, depending on market conditions, share price and other factors. Under the share repurchase program, the Company is permitted to purchase shares of its common stock through open market purchases, repurchase plans, block trades or otherwise. During the three months ended April 30, 2026, the Company repurchased a total of 61,000 shares of its common stock at a total cost of $1.5 million, or an average of $25.26 per share.

At the election of an employee, upon the vesting of a stock award or the exercise of a stock option, shares of common stock having an aggregate value on the vesting of the award or the exercise date of the option, as the case may be, equal to the employee’s withholding tax obligation may be surrendered to the Company by netting them from the vested shares issued. Similarly, shares having an aggregate value equal to the exercise price of an option may be tendered to the Company in payment of the option exercise price and netted from the shares of common stock issued upon the option exercise. An aggregate of 54,347 shares were repurchased during the three months ended April 30, 2026 as a result of the surrender of shares of common stock in connection with the vesting of restricted stock awards or stock options.

The following table summarizes information about the Company’s purchases for the three months ended April 30, 2026 of equity securities that are registered by the Company pursuant to Section 12 of the Securities Exchange Act of 1934, as amended:

Issuer Repurchase of Equity Securities


Period	Total Number of Shares Purchased		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Amount that May Yet Be Purchased Under the Plans or Programs
February 1, 2026 – February 28, 2026		—	$	—		—	$	46,099,368
March 1, 2026 – March 31, 2026		53,886		24.13		19,000		45,638,182
April 1, 2026 – April 30, 2026		61,461		26.10		42,000		44,558,756
Total		115,347	$	25.18		61,000	$	44,558,756

Item 5. Other Information

During the quarterly period ended April 30, 2026, none of the Company's directors or officers informed the Company of the adoption, modification or termination of a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement", as those terms are defined in Item 408 of Regulation S-K.

Item 6. Exhibits


10.1		Letter agreement among Movado Group, Inc., Swissam Products Limited, MGI Luxury Group Sárl and Calvin Klein, Inc. dated March 30, 2026 (incorporated by reference to Exhibit 10-1 to the Registrant's Current Report on Form 8-K filed on April 1, 2026).

31.1		Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.***

31.2		Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.***

32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.***

32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.***

101		The following financial information from Movado Group, Inc.’s Quarterly Report on Form 10-Q for the quarter ended April 30, 2026 filed with the SEC, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Consolidated Balance Sheets; (ii) the Consolidated Statements of Operations; (iii) the Consolidated Statements of Comprehensive Income; (iv) the Consolidated Statements of Cash Flows; and (v) the Notes to the Consolidated Financial Statements. XBRL Instance Document – the XBRL Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL Document.

104		Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL).

*** Filed herewith

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		MOVADO GROUP, INC.

Dated: May 27, 2026	By:	/s/ Linda Feeney
		Linda Feeney Senior Vice President, Principal Accounting Officer (duly authorized signatory and principal accounting officer)