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MOV Movado

Movado Group, Inc. designs, sources and distributes MOVADO®, MVMT®, OLIVIA BURTON®, EBEL®, CONCORD®, COACH®, TOMMY HILFIGER®, HUGO BOSS®, LACOSTE® and SCUDERIA FERRARI® watches worldwide and operates Movado company stores in the United States and Canada.

Company profile

Ticker
MOV, MOVAA
Exchange
CEO
Efraim Grinberg
Employees
Incorporated
Location
Fiscal year end
Fossil ...
SEC CIK
IRS number
132595932

MOV stock data

(
)

Calendar

27 May 21
31 Jul 21
31 Jan 22
Quarter (USD)
Apr 21 Jan 21 Oct 20 Jul 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Jan 21 Jan 20 Jan 19 Jan 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Movado earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 187.55M 187.55M 187.55M 187.55M 187.55M 187.55M
Cash burn (monthly) 12.29M 70.67K (positive/no burn) (positive/no burn) 5.12M (positive/no burn)
Cash used (since last report) 37.08M 213.17K n/a n/a 15.46M n/a
Cash remaining 150.47M 187.33M n/a n/a 172.09M n/a
Runway (months of cash) 12.2 2651.0 n/a n/a 33.6 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
27 Jul 21 Grinberg Efraim Common Stock Sell Dispose S No No 30 58 1.74K 161,192
26 Jul 21 Grinberg Efraim Common Stock Sell Dispose S No Yes 30.12 3,998 120.42K 161,250
14 Jul 21 Grinberg Efraim Common Stock Sell Dispose S No Yes 30.64 364 11.15K 165,248
13 Jul 21 Grinberg Efraim Common Stock Sell Dispose S No Yes 30.49 9,636 293.8K 165,612
6 Jul 21 Grinberg Efraim Common Stock Sell Dispose S No Yes 30.3 10,000 303K 175,248
2 Jul 21 Howard Alan H Common Stock Sell Dispose S No No 31.4 1,782 55.95K 49,148
30 Jun 21 Kirschner Ann Common Stock Sell Dispose S No Yes 30.96 3,500 108.36K 14,411

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

85.2% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 148 139 +6.5%
Opened positions 23 21 +9.5%
Closed positions 14 19 -26.3%
Increased positions 30 52 -42.3%
Reduced positions 72 53 +35.8%
13F shares
Current Prev Q Change
Total value 742.88M 376.37M +97.4%
Total shares 14.32M 14.75M -2.9%
Total puts 25.3K 17.3K +46.2%
Total calls 42.2K 17K +148.2%
Total put/call ratio 0.6 1.0 -41.1%
Largest owners
Shares Value Change
BLK Blackrock 2.69M $76.62M +4.2%
Vanguard 1.16M $32.94M +7.6%
Dimensional Fund Advisors 1.11M $31.61M -1.2%
Tributary Capital Management 706.29K $20.09M -20.6%
AMP Ameriprise Financial 595.57K $16.95M -12.6%
BMO Bank of Montreal 509.83K $14.73M +26.9%
Deprince Race & Zollo 501.34K $14.26M NEW
STT State Street 500.67K $14.24M -17.9%
FMR 403.15K $11.47M +358.6%
Confluence Investment Management 324.07K $9.22M +5.1%
Largest transactions
Shares Bought/sold Change
Deprince Race & Zollo 501.34K +501.34K NEW
FMR 403.15K +315.25K +358.6%
Manufacturers Life Insurance Company, The 9.94K -274.91K -96.5%
Tributary Capital Management 706.29K -182.97K -20.6%
Victory Capital Management 150.67K +150.67K NEW
NTRS Northern Trust 309.05K -136.82K -30.7%
Ariel Investments 32.25K -135.28K -80.7%
GS Goldman Sachs 91.96K -116.82K -56.0%
THB Asset Management 0 -116.69K EXIT
Millennium Management 223.74K -111.79K -33.3%

Financial report summary

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Competition
FossilSwatchFitbit
Risks
  • The COVID-19 pandemic has materially affected how we and our customers and suppliers operate, and the duration and extent to which COVID-19, new strains or variants, or other public health threats and epidemics will impact our future results of operations and overall financial performance remains uncertain.
  • Adverse economic conditions in key markets, and the resulting declines in consumer confidence and spending, could have a material adverse effect on the Company’s operating results.
  • “Brexit” has created significant uncertainty for the Company’s U.K. business operations which could have a material adverse effect on the Company’s financial condition and results of operations.
  • A significant portion of the Company’s business is conducted outside of the United States. Many factors affecting business activities outside the United States could adversely impact this business.
  • The Company’s business is subject to foreign currency exchange rate risk.
  • U.S. Special Tariffs or other restrictions placed on imports from China, and any retaliatory trade measures taken by China, may have a material adverse impact on the Company’s financial condition and results of operations.
  • The Company’s wholesale business could be negatively affected by the consumer shift toward online shopping, as well as by further changes of ownership, contraction and consolidation in the retail industry.
  • The Company faces intense competition in the worldwide watch industry not only from competitors selling traditional watches but also from those selling smart watches and other smart wearables.
  • The design, sourcing, marketing, distribution and after-sales servicing of smart watches involve additional challenges to those applicable to traditional watches.
  • Maintaining favorable brand recognition is essential to the Company’s success, and failure to do so could materially and adversely affect the Company’s results of operations.
  • If the Company loses any of its license agreements, there may be significant loss of revenues and a negative effect on business.
  • Changes in the sales or channel mix of the Company’s products could impact gross profit margins.
  • Sales in the Company’s retail outlet locations are dependent upon customer foot traffic.
  • If the Company is unable to maintain existing space or to lease new space for its retail outlets in prime outlet center locations or is unable to complete construction on a timely basis, the Company’s ability to achieve favorable results in its retail business could be adversely affected.
  • If the technology-based systems that give the Company’s customers the ability to shop online do not function effectively, the Company’s operating results could be materially adversely affected.
  • If the Company misjudges the demand for its products, high inventory levels could adversely affect future operating results and profitability.
  • If the Company were to lose its relationship with any of its key customers or distributors or any of such customers or distributors were to experience financial difficulties, there may be a significant loss of revenue and operating results.
  • The inability or difficulty of the Company’s customers, suppliers and business partners to obtain credit could materially and adversely affect its results of operations and liquidity.
  • An increase in product returns could negatively impact the Company’s operating results and profitability.
  • The Company relies on independent parties to manufacture its products. Any loss of an independent manufacturer, or the Company’s inability to deliver quality goods in a timely manner, could have an adverse effect on customer relations, brand image, net sales and results of operations.
  • Fluctuations in the pricing of commodities or the cost of labor could adversely affect the Company’s ability to produce products at favorable prices.
  • Current or future cost reduction, streamlining, restructuring or business optimization initiatives could result in the Company incurring significant charges.
  • The Company depends on its information systems to run its business and any significant breach of or disruption to those systems could materially disrupt the Company’s business.
  • Acquisitions inherently involve significant risks and uncertainties.
  • Impairment charges could have an adverse impact on our results of operations.
  • The loss or infringement of the Company’s trademarks or other intellectual property rights could have an adverse effect on future results of operations.
  • Changes to laws or regulations impacting the industries in which the Company operates could require it to alter its business practices which could have a material adverse effect on its results of operations.
  • Changes to tax laws or regulations could have a material adverse effect on the Company’s financial condition and results of operations.
  • The Company is subject to complex and evolving laws and regulations regarding privacy and data protection that could result in legal claims, changes to business practices and increased costs that could materially and adversely affect the Company’s results of operations.
  • From time to time the Company is subject to legal proceedings that could result in significant expenses, fines and reputational damage.
  • If the Company were to lose key members of management or be unable to attract and retain the talent required for the business, operating results could suffer.
  • If the Company cannot secure and maintain financing and credit on favorable terms, the Company’s financial condition and results of operations may be materially adversely affected.
  • Changes to the method of determining LIBOR or the selection of a replacement for LIBOR may affect our financial instruments.
  • The Grinberg family owns a majority of the voting power of the Company’s stock.
  • The Company’s stock price could fluctuate and possibly decline due to changes in revenue, operating results and cash flows.
Management Discussion
  • Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  • 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: 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; trends in consumer debt levels and bad debt write-offs; general uncertainty related to possible terrorist attacks, natural disasters, pandemics, including the effect of the COVID-19 pandemic and other diseases on travel and traffic in the Company’s retail stores and the stores of its wholesale customers; supply disruptions and delivery delays from the Company’s suppliers as a result of the COVID-19 pandemic; adverse impact on the Company’s wholesale customers and customer traffic in the Company’s stores as a result of increased uncertainty and economic disruption caused by the COVID-19 pandemic; uncertainty relating to the availability and efficacy of vaccines and treatments for COVID-19; the impact of the United Kingdom’s exit from the European Union; defaults on or downgrades of sovereign debt and the impact of any of those events on consumer spending; 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; 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 goodwill if the carrying value of any reporting unit were to exceed its fair value; volatility in reported earnings resulting from changes in the estimated fair value of contingent acquisition consideration; the continuation of the Company’s major warehouse and distribution centers; the continuation of licensing arrangements with third parties; losses possible from pending or future litigation and administrative proceedings; the ability to secure and protect trademarks, patents and other intellectual property rights; the ability to lease new stores on suitable terms in desired markets and to complete construction on a timely basis; the ability of the Company to successfully manage its expenses on a continuing basis; information systems failure or breaches of network security; complex and quickly-evolving regulations regarding privacy and data protection; the continued availability to the Company of financing and credit on favorable terms; business disruptions; and general risks associated with doing business outside the United States including, without limitation, import duties, tariffs (including retaliatory tariffs), quotas, political and economic stability, changes to existing laws or regulations, and success of hedging strategies with respect to currency exchange rate fluctuations.
  • These risks and uncertainties, along with the risk factors discussed under Item 1A. “Risk Factors” in the Company’s 2021 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.
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
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