8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORTPURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 19, 2026

MOVADO GROUP, INC.
(Exact name of registrant as specified in its charter)
New York	1-16497	13-2595932
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(State or other jurisdiction<br><br>of incorporation)	(Commission<br><br>File Number)	(I.R.S. Employer<br><br>Identification No.)
650 FROM ROAD, SUITE 375<br><br> <br>PARAMUS, NJ 07652-3556
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(Address of principal executive offices) (Zip Code)
(201) 267-8000
(Registrant’s Telephone Number, Including Area Code)
NOT APPLICABLE
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange<br><br> <br>on which registered
Common stock, par value $0.01 per share	MOV	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.	Results of Operations and Financial Condition.

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On March 19, 2026, Movado Group, Inc. issued a press release announcing fourth quarter and fiscal year 2026 results for the periods ended January 31, 2026. The press release is attached as Exhibit 99.1.

Item 9.01.	Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release issued March 19, 2026 announcing fourth quarter and fiscal year 2026 results for the periods ended January 31, 2026.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 19, 2026

MOVADO GROUP, INC.
By:	/s/ Mitchell<br> Sussis
Name:	Mitchell Sussis
Title:	Senior Vice President, General Counsel and Secretary

EXHIBIT 99.1

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CONTACT:	ICR, Inc.
	Allison Malkin
	203-682-8225

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MOVADO GROUP, INC. ANNOUNCES FOURTH QUARTER ANDFISCAL YEAR 2026 RESULTS

~ Fiscal 2026 Net Sales of $671.3 million~

~ Fiscal 2026 Operating Income of $29.8 millionand Adjusted Operating Income of $34.8 million ~

~ Fiscal 2026 EPS of $1.17 and Fiscal 2026Adjusted EPS of $1.34 ~

~ Fourth Quarter Net Sales of $191.6 million~

~ Fourth Quarter EPS of $0.55 and Fourth QuarterAdjusted EPS of $0.57 ~

~ Board Declared Quarterly Dividend of $0.35Per Share ~

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Paramus, NJ – March 19, 2026 -- Movado Group, Inc. (NYSE: MOV) today announced fourth quarter and fiscal year 2026 results for the periods ended January 31, 2026.

Fiscal Year 2026 Highlights (See attached tablefor GAAP and Non-GAAP measures)

·	Net sales of $671.3 million compared to $653.4 million for fiscal year 2025;
·	Operating income of $29.8 million compared to $20.0 million for fiscal year<br>2025;
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·	Adjusted operating income of $34.8 million compared to $27.1 million for<br>fiscal year 2025;
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·	Diluted earnings per share of $1.17 compared to $0.81 for fiscal year 2025;
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·	Adjusted diluted earnings per share of $1.34 compared to $1.12 for fiscal<br>year 2025; and
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·	Ended fiscal year 2026 with $230.5 million in cash and no debt.
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Efraim Grinberg, Chairman and Chief Executive Officer, stated: “Our strong performance in the 4^th^ quarter allowed us to close fiscal 2026 on a high note, delivering strong growth in net sales, a significant increase in profitability and strong positive cash flow generation. Total net sales grew by 5.6%, leading to full-year growth of 2.7% ̶ demonstrating accelerating momentum as the year progressed. These results reflect the power of our global brands, the strength of our innovation, and the successful execution of our strategy by our team.”

“The Movado brand delivered a very strong quarter across our most important channels, led by our wholesale business with 25% sales growth, Movado.com with 18% sales growth and our Movado Company Stores with 9% growth,” Mr. Grinberg continued. “Our fashion watch and jewelry brands maintained robust performance driven by compelling product innovation and digital content, particularly in the United States, Mexico and Europe. For fiscal 2026, we generated $57.9 million in net cash provided by operating activities and ended the year with $230.5 million in cash and no debt.”

Mr. Grinberg concluded, “As we look ahead, we believe we are well positioned to continue our progress and navigate the dynamic environment. Given that the geopolitical environment remains volatile and tariff and trade policies are uncertain, we will remain agile and execute with discipline while capitalizing on the positive trends and increasing consumer interest in watches and jewelry. Overall, we expect the execution of our strategy to deliver long-term sustainable, profitable growth and increased value for our shareholders.”

Fourth Quarter Fiscal 2026 Highlights (See attachedtable for GAAP and Non-GAAP measures)

·	Net sales of $191.6 million, an increase of 5.6% from $181.5 million in<br>the fourth quarter of fiscal 2025;
·	Gross margin of 54.1%, as compared to 54.2% in the prior-year period;
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·	Operating income of $13.8 million, an increase of 49.7% from $9.2 million<br>in the prior-year period;
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·	Adjusted operating income of $14.4 million, an increase of 6.2% from $13.5<br>million in the fourth quarter of fiscal 2025;
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·	Diluted earnings per share of $0.55, an increase of 52.8% from $0.36 in<br>the prior-year period; and
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·	Adjusted diluted earnings per share of $0.57, an increase of 11.8% from<br>$0.51 in the fourth quarter of fiscal 2025.
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Non-GAAP Items (See attached table for GAAPand Non-GAAP measures)

Fourth quarter fiscal 2026 results of operations included the following charge:

·	a $0.6 million pre-tax charge, or $0.4 million after tax, representing $0.02<br>per diluted share, in costs related to the internal investigation of conduct within the Company’s Dubai branch.

Fourth quarter fiscal 2025 results of operations included the following charges:

·	a $2.5 million pre-tax charge, or $1.9 million after tax, representing $0.08<br>per diluted share, in costs related to the investigation noted above; and
·	a $1.8 million pre-tax charge, or $1.5 million after tax, representing $0.07<br>per diluted share, associated with the establishment of a provision for a corporate cost-savings initiative.
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In this press release, references to “adjusted” results exclude the impact of the above charges and the impact of the items described in the Non-GAAP Items section of the Company’s earnings releases for the first, second and third quarters of fiscal year 2026. Please refer to the attached GAAP and Non-GAAP measures table for a detailed reconciliation of the Company’s reported results to its adjusted, Non-GAAP results.

Fourth Quarter Fiscal 2026 Results (See attachedtable for GAAP and Non-GAAP measures)

·	Net sales increased 5.6% to $191.6 million, or increased 1.8% on a constant-dollar<br>basis, compared to $181.5 million in the fourth quarter of fiscal 2025. The increase in net sales reflected growth in the United States<br>and international wholesale channels and brick and mortar and online retail, as well as the positive impact of fluctuations in foreign<br>exchange rates. U.S. net sales increased 11.2% as compared to the fourth quarter of last year. International net sales increased 1.0%<br>(a decrease of 5.9% on a constant-dollar basis) as compared to the fourth quarter of last year.
·	Gross profit was $103.6 million, or 54.1% of net sales, compared to $98.3<br>million, or 54.2% of net sales in the fourth quarter of fiscal 2025. The increase in gross margin percentage was primarily the result<br>of favorable changes in channel and product mix, favorable impact of foreign currency exchange rates and the increased leverage of lower<br>fixed costs over higher sales, partially offset by increased U.S. tariffs.
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·	Operating expenses were $89.8 million in the fourth quarter of fiscal 2026<br>compared to $89.1 million in the fourth quarter of fiscal 2025. Adjusted operating expenses were $89.3 million for the fourth quarter<br>of fiscal 2026 as compared to $84.8 million for the fourth quarter of fiscal 2025. The change in operating expenses was primarily due<br>to higher performance-based compensation and the unfavorable impact of foreign currency exchange rates, partially offset by lower marketing<br>expenses.
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·	Operating income was $13.8 million compared to $9.2 million in the fourth<br>quarter of fiscal 2025. Adjusted operating income was $14.4 million for the fourth quarter of fiscal 2026, as compared to $13.5 million<br>for the fourth quarter of fiscal 2025.
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·	The Company recorded a tax provision of $1.6 million, as compared to a tax<br>provision of $2.2 million in the fourth quarter of fiscal 2025. Based on adjusted pre-tax income, the adjusted tax provision was $1.7<br>million, or an adjusted tax rate of 11.6%, as compared to an adjusted tax rate of 20.6%, in the fourth quarter of fiscal 2025.
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·	Net income for the fourth quarter of fiscal 2026 was $12.6 million, or $0.55<br>per diluted share, compared to net income of $8.1 million, or $0.36 per diluted share, in the fourth quarter of fiscal 2025. Adjusted<br>net income for the fiscal 2026 period was $13.0 million, or $0.57 per diluted share, as compared to adjusted net income of $11.5 million,<br>or $0.51 per diluted share, in the fourth quarter of fiscal 2025.
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Full Year Fiscal 2026 Results (See attachedtable for GAAP and Non-GAAP measures)

·	Net sales increased 2.7% to $671.3 million, or increased 1.0% on a constant-dollar<br>basis, compared to $653.4 million in fiscal 2025. Net sales increased 4.3% in the U.S. as compared to fiscal 2025. International net sales<br>increased 1.6% (a decrease of 1.5% on a constant-dollar basis) as compared to fiscal 2025.
·	Gross profit was $363.6 million, or 54.2% of net sales, compared to gross<br>profit of $353.1 million, or 54.0% of net sales, in fiscal 2025. The increase in gross margin percentage was primarily the result of favorable<br>changes in channel and product mix and the increased leverage of lower fixed costs over higher sales, partially offset by the unfavorable<br>impact of increased U.S. tariffs and foreign currency exchange rates.
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·	Operating expenses were $333.8 million in fiscal 2026 compared to $333.1<br>million in fiscal 2025. For fiscal 2026, adjusted operating expenses were $328.8 million as compared to $326.1 million for fiscal 2025.<br>This increase was primarily due to higher performance-based compensation and the unfavorable impact of foreign currency exchange rates,<br>partially offset by lower marketing expenses.
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·	Operating income was $29.8 million in fiscal 2026, an increase of 49.0%<br>from $20.0 million in fiscal 2025. Adjusted operating income was $34.8 million in fiscal 2026, an increase of 28.7% from $27.1 million<br>for fiscal 2025.
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·	The Company recorded a tax provision of $7.5 million in fiscal 2026 compared<br>to a tax provision of $7.4 million in fiscal 2025. Based on adjusted pre-tax income, the adjusted tax provision was $8.6 million, or an<br>adjusted tax rate of 22.0%, as compared to an adjusted tax rate of 22.0% in fiscal 2025.
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·	Net income was $26.6 million, or $1.17 per diluted share, for fiscal 2026,<br>compared to net income of $18.4 million, or $0.81 per diluted share, for fiscal 2025. Adjusted net income in fiscal 2026 increased 19.6%<br>to $30.4 million or $1.34 per diluted share, from $25.4 million, or $1.12 per diluted share, in fiscal 2025.
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Fiscal 2027 Outlook

Given the current economic and geopolitical uncertainty, including the unpredictable impact of the current Middle East conflict and ongoing tariff developments, the Company has elected not to provide a fiscal 2027 outlook at this time.

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Quarterly Dividend and ShareRepurchase Program

The Company also announced on March 19, 2026, that the Board of Directors approved the payment on April 16, 2026, of a cash dividend in the amount of $0.35 for each share of the Company’s outstanding common stock and class A common stock held by shareholders of record as of the close of business on April 2, 2026.

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During fiscal year 2026, the Company repurchased approximately 208,000 shares under its December 5, 2024 share repurchase program, which expires on December 5, 2027. As of year-end, the Company had $46.1 million remaining available under the share repurchase program.

Conference Call

The Company’s management will host a conference call and audio webcast to discuss its results today, March 19, 2026, at 9:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 407-0784. Additionally, a live webcast of the call can be accessed at www.movadogroup.com. The webcast will be archived on the Company’s website approximately one hour after the conclusion of the call. Additionally, a telephonic replay of the call will be available from 1:00 p.m. ET on March 19, 2026, until 11:59 p.m. ET on April 2, 2026, and can be accessed by dialing (844) 512-2921 and entering replay pin number 13759143.

Movado Group, Inc. designs, sources, and distributes MOVADO®, MVMT®, OLIVIA BURTON®, EBEL®, CONCORD®, CALVIN KLEIN®, COACH®, TOMMY HILFIGER®, HUGO BOSS®, and LACOSTE® watches and, to a lesser extent, jewelry and other accessories, and operates Movado Company Stores in the United States and Canada.

In this release, theCompany presents certain financial measures that are not calculated according to generally accepted accounting principles in the UnitedStates (“GAAP”). Specifically, the Company is presenting adjusted operating expenses, adjusted operating income, adjustedpre-tax income, adjusted tax provision, adjusted net income and adjusted diluted earnings per share, which are operating expenses, operatingincome, pre-tax income, tax provision, net income and diluted earnings per share, respectively, under GAAP, adjusted to eliminate costsdue to the investigation referred to above, establishment of a provision for a cost-savings initiative and repatriation of foreign earnings.The Company believes the adjusted measures are useful because they give investors information about the Company’s financial performancewithout the effect of certain items that the Company believes are not characteristic of its usual operations. Additionally, the Companyis presenting constant-currency information to provide a framework to assess how its business performed excluding the effects of foreigncurrency exchange rate fluctuations in the current period. Comparisons of financial results on a constant-dollar basis are calculatedby translating each foreign currency at the same U.S. dollar exchange rate as in effect for the prior-year period for both periods beingcompared. The Company believes this information is useful to investors to facilitate comparisons of operating results. These non-GAAPfinancial measures are designed to complement the GAAP financial information presented in this release. The non-GAAP financial measurespresented should not be considered in isolation from or as a substitute for the comparable GAAP financial measures, and the methods oftheir calculation may differ substantially from similarly titled measures used by other companies.

This press release containscertain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried,whenever possible, to identify these forward-looking statements using words such as “expects,” “anticipates,”“believes,” “targets,” “goals,” “projects,” “intends,” “plans,”“seeks,” “estimates,” “may,” “will,” “should” and variations of such wordsand similar expressions. Similarly, statements in this press release that describe the Company's business strategy, outlook, objectives,plans, intentions or goals are also forward-looking statements. Accordingly, such forward-looking statements involve known and unknownrisks, uncertainties and other factors that could cause the Company's actual results, performance or achievements and levels of futuredividends to differ materially from those expressed in, or implied by, these statements. These risks and uncertainties may include, butare not limited to the Company’s ability to implement and 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 significantmarkets (including Europe) where the Company’s products are sold, uncertainty regarding such economic and business conditions,including inflation, elevated interest rates, increased commodity prices and tightness in the labor market, trends in consumer debt levelsand bad debt write-offs, general uncertainty related to geopolitical concerns, the increase in tariffs and other trade barriers, theimpact of international hostilities, including the Russian invasion of Ukraine and war in the Middle East, on global markets, economiesand consumer spending, on energy and shipping costs, and on the Company’s supply chain and suppliers, supply disruptions, deliverydelays 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 popularityof particular designs, new product development and introduction, decrease in mall traffic and increase in e-commerce, the ability ofthe Company to successfully implement its business strategies, competitive products and pricing, including price increases to offsetincreased 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 tofulfill the Company’s orders, the loss of or curtailed sales to significant customers, the Company’s dependence on key employeesand officers, the ability to successfully integrate the operations of acquired businesses without disruption to other business activities,the possible impairment of acquired intangible assets, risks associated with the Company’s minority investments in early-stagegrowth companies and venture capital funds that invest in such companies, the continuation of the Company’s major warehouse anddistribution centers, the continuation of licensing arrangements with third parties, losses possible from pending or future litigationand administrative proceedings, the ability to secure and protect trademarks, patents and other intellectual property rights, the abilityto lease new stores on suitable terms in desired markets and to complete construction on a timely basis, the ability of the Company tosuccessfully manage its expenses on a continuing basis, information systems failure or breaches of network security, complex and quickly-evolvingregulations regarding privacy and data protection, the continued availability to the Company of financing and credit on favorable terms,business disruptions, and general risks associated with doing business internationally, including, without limitation, import duties,tariffs (including retaliatory tariffs), quotas, political and economic stability, changes to existing laws or regulations, and impactsof currency exchange rate fluctuations and the success of hedging strategies related thereto, and the other factors discussed in theCompany’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. These statements reflect theCompany's current beliefs and are based upon information currently available to it. Be advised that developments subsequent to this pressrelease are likely to cause these statements to become outdated with the passage of time. The Company assumes no duty to update its forward-lookingstatements and this release shall not be construed to indicate the assumption by the Company of any duty to update its outlook in thefuture.

(Tables to follow)

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MOVADO GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

	Three Months Ended						Twelve Months Ended
	January 31,						January 31,
		2026			2025			2026			2025
Net sales	$	191,580		$	181,475		$	671,310		$	653,378
Cost of sales		87,948			83,137			307,707			300,238
Gross profit		103,632			98,338			363,603			353,140
Total operating expenses		89,826			89,116			333,774			333,125
Operating income		13,806			9,222			29,829			20,015
Non-operating income/(expense):
Other income, net		724			1,554			5,033			7,125
Interest expense		(150	)		(117	)		(507	)		(489	)
Income before income taxes		14,380			10,659			34,355			26,651
Provision for income taxes		1,591			2,201			7,487			7,442
Net income		12,789			8,458			26,868			19,209
Less: Net income attributable to noncontrolling interests		226			405			316			845
Net income attributable to Movado Group, Inc.	$	12,563		$	8,053		$	26,552		$	18,364
Diluted Income Per Share Information
Net income per share attributable to Movado Group, Inc.	$	0.55		$	0.36		$	1.17		$	0.81
Weighted diluted average shares outstanding		22,912			22,534			22,614			22,603

MOVADO GROUP, INC.

GAAP AND NON-GAAP MEASURES

(In thousands, except for percentage data)

(Unaudited)

	Three Months Ended
	January 31,				% Change
		2026		2025
Total net sales, as reported	$	191,580	$	181,475		5.6	%
Total net sales, constant dollar basis	$	184,732	$	181,475		1.8	%
		TwelveMonths Ended
		January 31,				% Change
		2026		2025
Total net sales, as reported	$	671,310	$	653,378		2.7	%
Total net sales, constant dollar basis	$	659,666	$	653,378		1.0	%

MOVADO GROUP, INC.

GAAP AND NON-GAAP MEASURES

(In thousands, except per share data)

(Unaudited)

	Net Sales		Gross Profit		Total Operating<br><br> <br>Expenses			Operating Income		Pre-tax Income		Provision/(Benefit) for Income Taxes			Net Income<br><br> <br>Attributable to<br><br> <br>Movado Group, Inc.		Diluted EPS
Three Months Ended January 31, 2026
As Reported (GAAP)	$	191,580	$	103,632	$	89,826		$	13,806	$	14,380	$	1,591		$	12,563	$	0.55
Costs related to the Dubai matter (1)		—		—		(576	)		576		576		139			437		0.02
Adjusted Results (Non-GAAP)	$	191,580	$	103,632	$	89,250		$	14,382	$	14,956	$	1,730		$	13,000	$	0.57
Three Months Ended January 31, 2025
As Reported (GAAP)	$	181,475	$	98,338	$	89,116		$	9,222	$	10,659	$	2,201		$	8,053	$	0.36
Costs related to the Dubai matter (1)		—		—		(2,500	)		2,500		2,500		608			1,892		0.08
Cost-Savings Initiative (2)		—		—		(1,817	)		1,817		1,817		277			1,540		0.07
Adjusted Results (Non-GAAP)	$	181,475	$	98,338	$	84,799		$	13,539	$	14,976	$	3,086		$	11,485	$	0.51
		Net Sales		Gross Profit		Total Operating Expenses			Operating Income		Pre-tax Income		Provision/(Benefit) for Income Taxes			Net Income Attributable to Movado Group, Inc.		Diluted EPS
Twelve Months Ended January 31, 2026
As Reported (GAAP)	$	671,310	$	363,603	$	333,774		$	29,829	$	34,355	$	7,487		$	26,552	$	1.17
Costs related to the Dubai matter (1)		—		—		(3,567	)		3,567		3,567		853			2,714		0.12
Cost-Savings Initiative (2)		—		—		(1,451	)		1,451		1,451		309			1,142		0.05
Adjusted Results (Non-GAAP)	$	671,310	$	363,603	$	328,756		$	34,847	$	39,373	$	8,649		$	30,408	$	1.34
Twelve Months Ended January 31, 2025
As Reported (GAAP)	$	653,378	$	353,140	$	333,125		$	20,015	$	26,651	$	7,442		$	18,364	$	0.81
Costs related to the Dubai matter (1)		—				(2,500	)		2,500		2,500		608			1,892		0.08
Cost-Savings Initiative (2)		—		—		(4,552	)		4,552		4,552		838			3,714		0.16
Repatriation of Foreign Earnings (3)		—		—		—			—		—		(1,458	)		1,458		0.07
Adjusted Results (Non-GAAP)	$	653,378	$	353,140	$	326,073		$	27,067	$	33,703	$	7,430		$	25,428	$	1.12
(1)	Costs related to the investigation of allegations of misconduct within the Dubai branch of the Company's Swiss subsidiary.
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(2)	Related to the establishment of a provision for a corporate cost-savings initiative.
(3)	Tax impact of repatriation of foreign earnings, primarily related to foreign currency gains.

MOVADO GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

	January 31,		January 31,
	2026		2025
ASSETS
Cash and cash equivalents	$	230,541	$	208,501
Trade receivables, net		102,037		93,382
Inventories		158,331		156,738
Other current assets		22,208		21,786
Income taxes receivable		4,118		9,534
Total current assets		517,235		489,941
Property, plant and equipment, net		17,105		19,920
Operating lease right-of-use assets		67,873		86,009
Deferred and non-current income taxes		45,917		41,330
Other intangibles, net		4,162		5,537
Other non-current assets		90,329		86,494
Total assets	$	742,621	$	729,231
LIABILITIES AND EQUITY
Accounts payable	$	21,138	$	34,312
Accrued liabilities		49,748		42,610
Accrued payroll and benefits		17,896		7,840
Current operating lease liabilities		20,603		19,263
Income taxes payable		3,663		8,935
Total current liabilities		113,048		112,960
Deferred and non-current income taxes payable		1,030		1,008
Non-current operating lease liabilities		58,063		75,508
Other non-current liabilities		60,220		56,176
Shareholders' equity		508,842		481,329
Noncontrolling interest		1,418		2,250
Total equity		510,260		483,579
Total liabilities and equity	$	742,621	$	729,231

MOVADO GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Twelve Months Ended
	January 31,
		2026			2025
Cash flows from operating activities:
Net income	$	26,868		$	19,209
Depreciation and amortization		9,416			9,312
Other non-cash adjustments		9,801			9,548
Changes in working capital		8,686			(34,884	)
Changes in non-current assets and liabilities		3,150			(4,689	)
Net cash provided by/(used in) operating activities		57,921			(1,504	)
Cash flows from investing activities:
Capital expenditures		(4,512	)		(7,966	)
Long-term investments		(3,440	)		(5,667	)
Trademarks and other intangibles		(138	)		(109	)
Net cash used in investing activities		(8,090	)		(13,742	)
Cash flows from financing activities:
Dividends paid		(31,052	)		(31,069	)
Stock repurchases		(3,900	)		(2,628	)
Distribution of noncontrolling interest earnings		(1,359	)		(604	)
Stock awards and options exercised and other changes		32			(1,101	)
Net cash used in financing activities		(36,279	)		(35,402	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		8,616			(2,952	)
Net change in cash, cash equivalents, and restricted cash		22,168			(53,600	)
Cash, cash equivalents, and restricted cash at beginning of period		209,214			262,814
Cash, cash equivalents, and restricted cash at end of period	$	231,382		$	209,214
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$	230,541		$	208,501
Restricted cash included in other non-current assets		841			713
Cash, cash equivalents, and restricted cash	$	231,382		$	209,214