Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Oct. 31, 2014 | Nov. 19, 2014 | Nov. 19, 2014 | |
Common Stock Class Undefined | Class A Common Stock | ||
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Document Period End Date | 31-Oct-14 | ' | ' |
Document Fiscal Year Focus | '2015 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Entity Registrant Name | 'MOVADO GROUP INC | ' | ' |
Entity Central Index Key | '0000072573 | ' | ' |
Current Fiscal Year End Date | '--01-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 18,536,397 | 6,642,184 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Oct. 31, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | |||
In Thousands, unless otherwise specified | ||||||
Current assets: | ' | ' | ' | |||
Cash and cash equivalents | $157,937 | $157,659 | $163,146 | |||
Short-term investments | ' | 33,099 | ' | |||
Trade receivables | 128,638 | 68,683 | 120,043 | |||
Inventories | 182,663 | 181,305 | 178,714 | |||
Other current assets | 37,927 | 44,564 | 35,429 | |||
Total current assets | 507,165 | 485,310 | 497,332 | |||
Property, plant and equipment, net | 45,340 | 47,796 | 46,512 | |||
Deferred income taxes | 13,899 | 14,891 | 21,881 | |||
Other non-current assets | 35,365 | 30,613 | 29,266 | |||
Total assets | 601,769 | 578,610 | 594,991 | |||
Current liabilities: | ' | ' | ' | |||
Accounts payable | 29,746 | 33,598 | 36,620 | |||
Accrued liabilities | 49,933 | 43,573 | 51,172 | |||
Deferred and current income taxes payable | 12,713 | 6,422 | 15,272 | |||
Total current liabilities | 92,392 | 83,593 | 103,064 | |||
Deferred and non-current income taxes payable | 3,578 | 3,518 | 3,930 | |||
Other non-current liabilities | 28,989 | 25,509 | 25,329 | |||
Total liabilities | 124,959 | 112,620 | 132,323 | |||
Commitments and contingencies (Note 8) | ' | ' | ' | |||
Equity: | ' | ' | ' | |||
Preferred Stock, $0.01 par value, 5,000,000 shares authorized; no shares issued | ' | ' | ' | |||
Capital in excess of par value | 173,233 | 165,342 | 163,907 | |||
Retained earnings | 350,468 | 316,334 | 311,174 | |||
Accumulated other comprehensive income | 86,882 | 103,702 | 103,974 | |||
Treasury Stock, 8,295,597, 7,945,419 and 7,870,381 shares, respectively, at cost | -136,579 | -122,406 | -119,312 | |||
Total Movado Group, Inc. shareholders' equity | 474,338 | 463,304 | 460,075 | |||
Noncontrolling interests | 2,472 | 2,686 | 2,593 | |||
Total equity | 476,810 | 465,990 | 462,668 | |||
Total liabilities and equity | 601,769 | 578,610 | 594,991 | |||
Common Stock Class Undefined | ' | ' | ' | |||
Equity: | ' | ' | ' | |||
Common Stock | 268 | 266 | 266 | |||
Class A Common Stock | ' | ' | ' | |||
Equity: | ' | ' | ' | |||
Common Stock | 66 | 66 | 66 | |||
Total equity | $66 | [1] | $66 | [1] | $66 | [1] |
[1] | 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 bpermitted transfereesb pursuant to the Companybs 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. |
CONSOLIDATED_BALANCE_SHEETS_PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) | Oct. 31, 2014 | Jan. 31, 2014 | Oct. 31, 2013 |
Preferred Stock, par value | $0.01 | $0.01 | $0.01 |
Preferred Stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred Stock, shares issued | 0 | 0 | 0 |
Treasury Stock, shares | 8,295,597 | 7,945,419 | 7,870,381 |
Common Stock Class Undefined | ' | ' | ' |
Common Stock, par value | $0.01 | $0.01 | $0.01 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 26,848,894 | 26,643,108 | 26,639,590 |
Class A Common Stock | ' | ' | ' |
Common Stock, par value | $0.01 | $0.01 | $0.01 |
Common Stock, shares authorized | 30,000,000 | 30,000,000 | 30,000,000 |
Common Stock, shares issued | 6,642,184 | 6,638,262 | 6,638,262 |
Common Stock, shares outstanding | 6,642,184 | 6,638,262 | 6,638,262 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 |
Net sales | $188,557 | $189,685 | $453,069 | $437,996 |
Cost of sales | 88,715 | 88,415 | 210,470 | 201,989 |
Gross profit | 99,842 | 101,270 | 242,599 | 236,007 |
Selling, general, and administrative | 66,509 | 67,186 | 181,177 | 174,878 |
Operating income | 33,333 | 34,084 | 61,422 | 61,129 |
Other income (Note 12) | ' | ' | ' | 1,526 |
Interest expense | -78 | -114 | -272 | -294 |
Interest income | 51 | 14 | 97 | 53 |
Income before income taxes | 33,306 | 33,984 | 61,247 | 62,414 |
Provision for income taxes (Note 9) | 10,889 | 10,570 | 19,231 | 18,166 |
Net income | 22,417 | 23,414 | 42,016 | 44,248 |
Less: Net income attributed to noncontrolling interests | 208 | 395 | 291 | 564 |
Net income attributed to Movado Group, Inc. | $22,209 | $23,019 | $41,725 | $43,684 |
Basic income per share: | ' | ' | ' | ' |
Weighted basic average shares outstanding | 25,326 | 25,495 | 25,345 | 25,528 |
Net income per share attributed to Movado Group, Inc. | $0.88 | $0.90 | $1.65 | $1.71 |
Diluted income per share: | ' | ' | ' | ' |
Weighted diluted average shares outstanding | 25,616 | 25,842 | 25,661 | 25,855 |
Net income per share attributed to Movado Group, Inc. | $0.87 | $0.89 | $1.63 | $1.69 |
Dividends declared per share | $0.10 | $0.08 | $0.30 | $0.18 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | ||
Comprehensive income, net of taxes: | ' | ' | ' | ' | ||
Net income including noncontrolling interests | $22,417 | $23,414 | $42,016 | $44,248 | ||
Net unrealized (loss) /gain on investments | -31 | 97 | 38 | 210 | ||
Gain on available-for-sale securities | ' | ' | -81 | ' | ||
Foreign currency translation adjustments | -16,330 | 5,813 | -16,963 | [1] | 1,520 | [1] |
Comprehensive income including noncontrolling interests | 6,056 | 29,324 | 25,010 | 45,978 | ||
Less: Comprehensive income attributable to noncontrolling interests | 40 | 444 | 105 | 591 | ||
Total comprehensive income attributable to Movado Group, Inc. | $6,016 | $28,880 | $24,905 | $45,387 | ||
[1] | The currency translation adjustment is not adjusted for income taxes to the extent that it relates to permanent investments of earnings in international subsidiaries. |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income including noncontrolling interests | $42,016 | $44,248 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 9,195 | 8,693 |
Transactional (gains) / losses | -137 | 309 |
Write-down of inventories | 1,923 | 1,871 |
Deferred income taxes | -211 | -872 |
Stock-based compensation | 4,135 | 2,699 |
Excess tax benefit from stock-based compensation | -1,270 | -583 |
Gain on available-for-sale securities | -131 | ' |
Gain on sale of an asset held for sale | ' | -1,526 |
Changes in assets and liabilities: | ' | ' |
Trade receivables | -61,355 | -58,713 |
Inventories | -8,785 | -12,787 |
Other current assets | 213 | 3,316 |
Accounts payable | -3,136 | 14,432 |
Accrued liabilities | 7,912 | 1,581 |
Income taxes payable | 11,100 | 15,563 |
Other non-current assets | -3,665 | -4,360 |
Other non-current liabilities | 3,545 | 2,745 |
Net cash provided by operating activities | 1,349 | 16,616 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -7,485 | -11,895 |
Proceeds from short-term investment | 33,736 | ' |
Proceeds from available-for-sale securities | 307 | ' |
Trademarks | -75 | -225 |
Long-term investment | -1,200 | ' |
Proceeds from sale of an asset held for sale | ' | 2,196 |
Net cash provided by / (used in) investing activities | 25,283 | -9,924 |
Cash flows from financing activities: | ' | ' |
Stock options exercised and other changes | 291 | -249 |
Excess tax benefit from stock-based compensation | 1,270 | 583 |
Dividends paid | -7,591 | -4,604 |
Distribution of noncontrolling interest earnings | -319 | ' |
Stock repurchase | -13,150 | -7,450 |
Net cash (used in) financing activities | -19,499 | -11,720 |
Effect of exchange rate changes on cash and cash equivalents | -6,855 | 285 |
Net increase / (decrease) in cash and cash equivalents | 278 | -4,743 |
Cash and cash equivalents at beginning of period | 157,659 | 167,889 |
Cash and cash equivalents at end of period | $157,937 | $163,146 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Oct. 31, 2014 | |
Basis of Presentation | ' |
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, 2014 (the “2014 Annual Report on Form 10-K”). 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, 2014 is derived from the audited annual financial statements, which are included in the Company’s 2014 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. |
Reclassifications
Reclassifications | 9 Months Ended |
Oct. 31, 2014 | |
Reclassifications | ' |
NOTE 1 – RECLASSIFICATIONS | |
Certain reclassifications were made to prior years’ financial statement amounts and related note disclosures to conform to the third quarter fiscal 2015 presentation. In the third quarter fiscal 2014 certain assets were reclassified from accounts receivable to inventory to conform to the third quarter fiscal 2015 presentation. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||
NOTE 2 – 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 following tables present the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands) as of October 31, 2014 and 2013 and January 31, 2014: | |||||||||||||||||||
Fair Value at October 31, 2014 | |||||||||||||||||||
Balance Sheet Location | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets: | |||||||||||||||||||
Available-for-sale securities | Other current assets | $ | 343 | $ | — | $ | — | $ | 343 | ||||||||||
Long-term investment | Other non-current assets | — | — | 1,216 | 1,216 | ||||||||||||||
SERP assets - employer | Other non-current assets | 1,713 | — | — | 1,713 | ||||||||||||||
SERP assets - employee | Other non-current assets | 24,054 | — | — | 24,054 | ||||||||||||||
Hedge derivatives | Other current assets | — | 3 | — | 3 | ||||||||||||||
Total | $ | 26,110 | $ | 3 | $ | 1,216 | $ | 27,329 | |||||||||||
Liabilities: | |||||||||||||||||||
SERP liabilities - employee | Other non-current liabilities | $ | 24,054 | $ | — | $ | — | $ | 24,054 | ||||||||||
Hedge derivatives | Accrued liabilities | — | 2,246 | — | 2,246 | ||||||||||||||
Total | $ | 24,054 | $ | 2,246 | $ | — | $ | 26,300 | |||||||||||
Fair Value at January 31, 2014 | |||||||||||||||||||
Balance Sheet Location | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets: | |||||||||||||||||||
Available-for-sale securities | Other current assets | $ | 576 | $ | — | $ | — | $ | 576 | ||||||||||
Time deposits | Short-term investments | 33,099 | 33,099 | ||||||||||||||||
SERP assets - employer | Other non-current assets | 1,117 | — | — | 1,117 | ||||||||||||||
SERP assets - employee | Other non-current assets | 20,854 | — | — | 20,854 | ||||||||||||||
Hedge derivatives | Other current assets | — | 403 | — | 403 | ||||||||||||||
Total | $ | 55,646 | $ | 403 | $ | — | $ | 56,049 | |||||||||||
Liabilities: | |||||||||||||||||||
SERP liabilities - employee | Other non-current liabilities | $ | 20,854 | $ | — | $ | — | $ | 20,854 | ||||||||||
Hedge derivatives | Accrued liabilities | — | 173 | — | 173 | ||||||||||||||
Total | $ | 20,854 | $ | 173 | $ | — | $ | 21,027 | |||||||||||
Fair Value at October 31, 2013 | |||||||||||||||||||
Balance Sheet Location | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets: | |||||||||||||||||||
Available-for-sale securities | Other current assets | $ | 496 | $ | — | $ | — | $ | 496 | ||||||||||
SERP assets - employer | Other non-current assets | 1,329 | — | — | 1,329 | ||||||||||||||
SERP assets - employee | Other non-current assets | 19,999 | — | — | 19,999 | ||||||||||||||
Hedge derivatives | Other current assets | — | 1,391 | — | 1,391 | ||||||||||||||
Total | $ | 21,824 | $ | 1,391 | $ | — | $ | 23,215 | |||||||||||
Liabilities: | |||||||||||||||||||
SERP liabilities - employee | Other non-current liabilities | $ | 19,999 | $ | — | $ | — | $ | 19,999 | ||||||||||
Hedge derivatives | Accrued liabilities | — | 93 | — | 93 | ||||||||||||||
Total | $ | 19,999 | $ | 93 | $ | — | $ | 20,092 | |||||||||||
The fair values of the Company’s available-for-sale securities are based on quoted prices. The fair value of the long-term investment is based on the purchase price plus eight percent calculated annually. Time deposits are classified as short-term investments and held to original maturity. 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 are entered into by the Company principally to reduce its exposure to the Swiss franc exchange rate risk. Fair values of the Company’s hedge derivatives are calculated based on quoted foreign exchange rates, quoted interest rates and market volatility factors. | |||||||||||||||||||
The following table presents a reconciliation of the assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended October 31, 2014 and October 31, 2013. Level 3 consists of a long-term investment. | |||||||||||||||||||
October 31, | October 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Balance, beginning of fiscal year | $ | — | $ | — | |||||||||||||||
Purchase of long-term investment | 1,200 | — | |||||||||||||||||
Interest income | 16 | — | |||||||||||||||||
Balance, end of period | $ | 1,216 | $ | — | |||||||||||||||
Equity
Equity | 9 Months Ended | ||||||||||||||||||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||||||||||||||||||
Equity | ' | ||||||||||||||||||||||||||||||||
NOTE 3 – EQUITY | |||||||||||||||||||||||||||||||||
The components of equity for the nine months ended October 31, 2014 and 2013 are as follows (in thousands): | |||||||||||||||||||||||||||||||||
Movado Group, Inc. Shareholders' Equity | |||||||||||||||||||||||||||||||||
Common Stock (1) | Class A Common Stock (2) | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income | Noncontrolling Interests | Total | ||||||||||||||||||||||||||
Balance, January 31, 2014 | $ | 266 | $ | 66 | $ | 165,342 | $ | 316,334 | $ | (122,406 | ) | $ | 103,702 | $ | 2,686 | $ | 465,990 | ||||||||||||||||
Net income | 41,725 | 291 | 42,016 | ||||||||||||||||||||||||||||||
Dividends | (7,591 | ) | (7,591 | ) | |||||||||||||||||||||||||||||
Distribution of noncontrolling interest earnings | (319 | ) | (319 | ) | |||||||||||||||||||||||||||||
Stock repurchase | (13,150 | ) | (13,150 | ) | |||||||||||||||||||||||||||||
Stock options exercised, net of tax benefit of $1,270 | 2 | 2,967 | (1,408 | ) | 1,561 | ||||||||||||||||||||||||||||
Supplemental executive retirement plan | 118 | 118 | |||||||||||||||||||||||||||||||
Stock-based compensation expense | 4,135 | 4,135 | |||||||||||||||||||||||||||||||
Net unrealized gain on investments, net of tax of $42 | 38 | 38 | |||||||||||||||||||||||||||||||
Stock donation | 671 | 385 | 1,056 | ||||||||||||||||||||||||||||||
Gain on available-for-sale securities, net of tax benefit of $50 | (81 | ) | (81 | ) | |||||||||||||||||||||||||||||
Foreign currency translation adjustment (3) | (16,777 | ) | (186 | ) | (16,963 | ) | |||||||||||||||||||||||||||
Balance, October 31, 2014 | $ | 268 | $ | 66 | $ | 173,233 | $ | 350,468 | $ | (136,579 | ) | $ | 86,882 | $ | 2,472 | $ | 476,810 | ||||||||||||||||
Common Stock (1) | Class A Common Stock (2) | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income | Noncontrolling Interests | Total | ||||||||||||||||||||||||||
Balance, January 31, 2013 | $ | 264 | $ | 66 | $ | 159,696 | $ | 272,094 | $ | (110,701 | ) | $ | 102,271 | $ | 2,002 | $ | 425,692 | ||||||||||||||||
Net income | 43,684 | 564 | 44,248 | ||||||||||||||||||||||||||||||
Dividends | (4,604 | ) | (4,604 | ) | |||||||||||||||||||||||||||||
Stock repurchase | (7,450 | ) | (7,450 | ) | |||||||||||||||||||||||||||||
Stock options exercised, net of tax benefit of $583 | 2 | 1,493 | (1,161 | ) | 334 | ||||||||||||||||||||||||||||
Supplemental executive retirement plan | 19 | 19 | |||||||||||||||||||||||||||||||
Stock-based compensation expense | 2,699 | 2,699 | |||||||||||||||||||||||||||||||
Net unrealized gain on investments, net of tax of $0 | 210 | 210 | |||||||||||||||||||||||||||||||
Foreign currency translation adjustment (3) | 1,493 | 27 | 1,520 | ||||||||||||||||||||||||||||||
Balance, October 31, 2013 | $ | 266 | $ | 66 | $ | 163,907 | $ | 311,174 | $ | (119,312 | ) | $ | 103,974 | $ | 2,593 | $ | 462,668 | ||||||||||||||||
(1) Each share of common stock is entitled to one vote per share. | |||||||||||||||||||||||||||||||||
(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. | |||||||||||||||||||||||||||||||||
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Oct. 31, 2014 | ||||||||||||||||
Segment Information | ' | |||||||||||||||
NOTE 4 – SEGMENT 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: Wholesale and Retail. The Company’s Wholesale segment includes the designing, manufacturing and distribution of quality luxury brand or licensed brand watches, in addition to revenue generated from after-sales service activities and shipping. The Retail segment includes the Company’s outlet stores. | ||||||||||||||||
The Company divides its business into two major geographic locations: United States operations, and International, which includes the results of all other Company operations. The allocation of geographic revenue is based upon the location of the customer. The Company’s International operations in Europe, the Americas (excluding the United States), the Middle East and Asia accounted for 18.4%, 10.1%, 7.6% and 7.1%, respectively, of the Company’s total net sales for the three months ended October 31, 2014. For the three months ended October 31, 2013, the Company’s International operations in Europe, the Americas (excluding the United States), the Middle East and Asia accounted for 19.5%, 9.6%, 7.2% and 7.2%, respectively, of the Company’s total net sales. | ||||||||||||||||
The Company’s International operations in Europe, the Americas (excluding the United States), the Middle East and Asia accounted for 18.1%, 10.8%, 8.3% and 8.2%, respectively, of the Company’s total net sales for the nine months ended October 31, 2014. For the nine months ended October 31, 2013, the Company’s International operations in Europe, the Americas (excluding the United States), the Middle East and Asia accounted for 19.4%, 10.6%, 8.0% and 7.8%, respectively, of the Company’s total net sales. Substantially all of the Company’s International assets are located in Switzerland and Asia. | ||||||||||||||||
Operating Segment Data for the Three Months Ended October 31, 2014 and 2013 (in thousands): | ||||||||||||||||
Net Sales | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Wholesale: | ||||||||||||||||
Luxury brand category | $ | 73,983 | $ | 80,423 | ||||||||||||
Licensed brands category | 94,223 | 91,020 | ||||||||||||||
After-sales service and all other | 4,607 | 3,503 | ||||||||||||||
Total Wholesale | 172,813 | 174,946 | ||||||||||||||
Retail | 15,744 | 14,739 | ||||||||||||||
Consolidated total | $ | 188,557 | $ | 189,685 | ||||||||||||
Operating Income | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Wholesale | $ | 30,469 | $ | 31,056 | ||||||||||||
Retail | 2,864 | 3,028 | ||||||||||||||
Consolidated total | $ | 33,333 | $ | 34,084 | ||||||||||||
Operating Segment Data for the Nine Months Ended October 31, 2014 and 2013 (in thousands): | ||||||||||||||||
Net Sales | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Wholesale: | ||||||||||||||||
Luxury brand category | $ | 168,827 | $ | 176,333 | ||||||||||||
Licensed brands category | 229,749 | 211,423 | ||||||||||||||
After-sales service and all other | 11,764 | 10,921 | ||||||||||||||
Total Wholesale | 410,340 | 398,677 | ||||||||||||||
Retail | 42,729 | 39,319 | ||||||||||||||
Consolidated total | $ | 453,069 | $ | 437,996 | ||||||||||||
Operating Income | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Wholesale | $ | 53,653 | $ | 54,062 | ||||||||||||
Retail | 7,769 | 7,067 | ||||||||||||||
Consolidated total | $ | 61,422 | $ | 61,129 | ||||||||||||
Total Assets | ||||||||||||||||
October 31, | January 31, | October 31, | ||||||||||||||
2014 | 2014 | 2013 | ||||||||||||||
Wholesale | $ | 578,359 | $ | 558,266 | $ | 574,047 | ||||||||||
Retail | 23,410 | 20,344 | 20,944 | |||||||||||||
Consolidated total | $ | 601,769 | $ | 578,610 | $ | 594,991 | ||||||||||
Geographic Location Data for the Three Months Ended October 31, 2014 and 2013 (in thousands): | ||||||||||||||||
Net Sales | Operating Income | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
United States (1) | $ | 107,024 | $ | 107,214 | $ | 11,297 | $ | 12,300 | ||||||||
International (2) | 81,533 | 82,471 | 22,036 | 21,784 | ||||||||||||
Consolidated total | $ | 188,557 | $ | 189,685 | $ | 33,333 | $ | 34,084 | ||||||||
United States and International net sales are net of intercompany sales of $101.4 million and $104.1 million for the three months ended October 31, 2014 and 2013, respectively. | ||||||||||||||||
Geographic Location Data for the Nine Months Ended October 31, 2014 and 2013 (in thousands): | ||||||||||||||||
Net Sales | Operating Income | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
United States (1) | $ | 247,432 | $ | 237,612 | $ | 15,708 | $ | 14,821 | ||||||||
International (2) | 205,637 | 200,384 | 45,714 | 46,308 | ||||||||||||
Consolidated total | $ | 453,069 | $ | 437,996 | $ | 61,422 | $ | 61,129 | ||||||||
United States and International net sales are net of intercompany sales of $251.7 million and $258.5 million for the nine months ended October 31, 2014 and 2013, respectively. | ||||||||||||||||
(1) The United States operating income includes unallocated corporate expenses for the three and nine months ended October 31, 2014 and 2013. | ||||||||||||||||
(2) The International operating income includes certain intercompany profits related to the Company’s supply chain operations for the three and nine months ended October 31, 2014 and 2013. | ||||||||||||||||
Total Assets | ||||||||||||||||
October 31, | January 31, | October 31, | ||||||||||||||
2014 | 2014 | 2013 | ||||||||||||||
United States | $ | 265,431 | $ | 239,890 | $ | 261,463 | ||||||||||
International | 336,338 | 338,720 | 333,528 | |||||||||||||
Consolidated total | $ | 601,769 | $ | 578,610 | $ | 594,991 | ||||||||||
Long-Lived Assets | ||||||||||||||||
October 31, | January 31, | October 31, | ||||||||||||||
2014 | 2014 | 2013 | ||||||||||||||
United States | $ | 25,695 | $ | 25,943 | $ | 25,064 | ||||||||||
International | 19,645 | 21,853 | 21,448 | |||||||||||||
Consolidated total | $ | 45,340 | $ | 47,796 | $ | 46,512 | ||||||||||
Inventories
Inventories | 9 Months Ended | |||||||||||
Oct. 31, 2014 | ||||||||||||
Inventories | ' | |||||||||||
NOTE 5 – INVENTORIES | ||||||||||||
Inventories consisted of the following (in thousands): | ||||||||||||
October 31, | January 31, | October 31, | ||||||||||
2014 | 2014 | 2013 | ||||||||||
Finished goods | $ | 126,742 | $ | 118,308 | $ | 113,419 | ||||||
Component parts | 50,233 | 55,138 | 56,665 | |||||||||
Work-in-process | 5,688 | 7,859 | 8,630 | |||||||||
$ | 182,663 | $ | 181,305 | $ | 178,714 | |||||||
Debt_and_Lines_of_Credit
Debt and Lines of Credit | 9 Months Ended |
Oct. 31, 2014 | |
Debt and Lines of Credit | ' |
NOTE 6 – DEBT AND LINES OF CREDIT | |
On July 17, 2009, the Company, together with Movado Group Delaware Holdings Corporation, Movado Retail Group, Inc. and Movado LLC (together with the Company, the “Borrowers”), each a wholly-owned domestic subsidiary of the Company, entered into an Amended and Restated Loan and Security Agreement (the “Original Loan Agreement”) with Bank of America, N.A. and Bank Leumi USA, as lenders (“Lenders”), and Bank of America, N.A., as agent (in such capacity, the “Agent”). The parties have amended the Original Loan Agreement four times: on April 5, 2011, March 12, 2012, August 14, 2014 and September 30, 2014 (the Original Loan Agreement, as so amended, the “Loan Agreement”). The Loan Agreement provides for a $25.0 million asset based senior secured revolving credit facility (the “Facility”), including a $15.0 million letter of credit subfacility, and provides that Borrowers are entitled to request that Lenders increase the Facility up to $50 million subject to any additional terms and conditions the parties may agree upon. The maturity date of the Facility is July 17, 2019. | |
Availability under the Facility is determined by reference to a borrowing base which is based on the sum of a percentage of eligible accounts receivable and eligible inventory of the Borrowers. $10.0 million in availability is blocked unless the Borrowers have achieved for the most recently ended four fiscal quarter periods a consolidated fixed charge coverage ratio of at least 1.25 to 1.0 with domestic EBITDA greater than $10.0 million. The availability block, if applicable, will be reduced by the amount by which the borrowing base exceeds $25.0 million, up to a maximum reduction of $5.0 million. Availability under the Facility may be further reduced by certain reserves established by the Agent in its good faith credit judgment. The Borrowers are not currently subject to the availability block. As of October 31, 2014, total availability under the Facility, giving effect to no outstanding borrowings and the $4.1 million of letters of credit outstanding under the subfacility, was $20.9 million. | |
The current applicable margin for LIBOR rate loans is 1.25% and for base rate loans is 0.25%. The applicable margins increase by 0.25% per annum from the current applicable margins if the consolidated fixed charge coverage ratio is greater than or equal to 1.50 to 1.00 and less than or equal to 2.00 to 1.00, and by 0.50% if the consolidated fixed charge coverage ratio is less than 1.50 to 1.00. | |
After the date (the “Block Release Date”) when availability under the Facility is no longer subject to any blocked amount, if borrowing availability is less than $7.5 million, the Borrowers will be subject to a minimum fixed charge coverage ratio until such time as borrowing availability has been greater than $7.5 million for at least 90 consecutive days. | |
After the Block Release Date, cash dominion will be imposed if borrowing availability is less than $10.0 million and will continue until such time as borrowing availability has been greater than $10.0 million for at least 45 consecutive days. As of October 31, 2014, the Borrowers were not subject to cash dominion nor do the Borrowers expect to be subject to such a requirement in the foreseeable future. | |
The Loan Agreement contains additional affirmative and negative covenants binding on the Borrowers and their subsidiaries that are customary for asset based facilities, including, but not limited to, restrictions and limitations on the incurrence of debt for borrowed money and liens, dispositions of assets, capital expenditures, dividends and other payments in respect of equity interests, the making of loans and equity investments, prepayments of subordinated and certain other debt, mergers, consolidations, liquidations and dissolutions, and transactions with affiliates. The Loan Agreement permits Borrowers to pay distributions as dividends and make share repurchases up to an aggregate of $150.0 million (less the amount of any charitable donations made by the Company which are permitted up to an aggregate amount of $14.0 million) and make acquisitions up to an aggregate of $50.0 million, as long as, at the time of such transaction, either (A) Borrowers have cash assets of at least $60.0 million with no revolver loans outstanding, or (B) (i) the consolidated fixed charge coverage ratio is at least 1.10 to 1.00, (ii) availability is greater than $7.5 million and (iii) positive EBITDA plus repatriated cash dividends minus restricted payments are greater than $0. As of October 31, 2014, the Company was in compliance with these financial covenants and, therefore, is permitted to pay dividends and to repurchase up to an aggregate of $150.0 million of shares. The Company presently expects that it will be able to pay dividends declared and repurchase shares through the remaining term of the Facility. | |
The Loan Agreement contains events of default that are customary for facilities of this type, including, but not limited to, nonpayment of principal, interest, fees and other amounts when due, failure of any representation or warranty to be true in any material respect when made or deemed made, violation of covenants, cross default, material judgments, material ERISA liability, bankruptcy events, material loss of collateral in excess of insured amounts, asserted or actual revocation or invalidity of the loan documents, change of control and events or circumstances having a material adverse effect. The borrowings under the Facility are joint and several obligations of the Borrowers and also cross-guaranteed by each Borrower. In addition, the Borrowers’ obligations under the Facility are secured by first priority liens, subject to permitted liens, on substantially all of the Borrowers’ U.S. assets (other than certain excluded assets). | |
A Swiss subsidiary of the Company maintains unsecured lines of credit with an unspecified length of time with a Swiss bank. As of October 31, 2014, these lines of credit totaled 5.0 million Swiss francs with a dollar equivalent of $5.2 million. As of October 31, 2013, these lines of credit totaled 10.0 million Swiss francs with a dollar equivalent of $11.0 million. As of October 31, 2014 and 2013, there were no borrowings against these lines. As of October 31, 2014, two European banks have guaranteed obligations to third parties on behalf of two of the Company’s foreign subsidiaries in the dollar equivalent of $1.3 million in various foreign currencies. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended |
Oct. 31, 2014 | |
Earnings Per Share | ' |
NOTE 7 – EARNINGS PER SHARE | |
The Company presents net income per share on a basic and diluted basis. Basic earnings per share are computed using weighted-average shares outstanding during the period. Diluted earnings per share are computed using the weighted-average number of shares outstanding adjusted for dilutive common stock equivalents. | |
The weighted-average number of shares outstanding for basic earnings per share was approximately 25,326,000 and 25,495,000 for the three months ended October 31, 2014 and 2013, respectively. For the three months ended October 31, 2014 and 2013, the number of shares outstanding for diluted earnings per share increased by approximately 290,000 and 347,000, respectively, due to potentially dilutive common stock equivalents issuable under the Company’s stock compensation plans and SERP. | |
For the three months ended October 31, 2014 and 2013, approximately 141,000 and 348, respectively, of potentially dilutive common stock equivalents were excluded from the computation of dilutive earnings per share because their effect would have been antidilutive. | |
The weighted-average number of shares outstanding for basic earnings per share was approximately 25,345,000 and 25,528,000 for the nine months ended October 31, 2014 and 2013, respectively. For the nine months ended October 31, 2014 and 2013, the number of shares outstanding for diluted earnings per share increased by approximately 316,000 and 327,000, respectively, due to potentially dilutive common stock equivalents issuable under the Company’s stock compensation plans and SERP. | |
For the nine months ended October 31, 2014 and 2013, approximately 89,000 and 79,000, respectively, of potentially dilutive common stock equivalents were excluded from the computation of dilutive earnings per share because their effect would have been antidilutive. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 31, 2014 | |
Commitments and Contingencies | ' |
NOTE 8 – COMMITMENTS AND CONTINGENCIES | |
As of October 31, 2014, one bank in the domestic bank group had issued four irrevocable standby letters of credit in connection with a trademark license agreement, retail and operating facility leases to various landlords and for Canadian payroll to the Royal Bank of Canada. As of October 31, 2014, the Company had outstanding letters of credit totaling $4.1 million with expiration dates through April 30, 2016. | |
As of October 31, 2014, two European banks had guaranteed obligations to third parties on behalf of two of the Company’s foreign subsidiaries in the dollar equivalent of $1.3 million in various foreign currencies. | |
The Company is involved from time to time in legal claims involving trademarks and other intellectual property, contracts, employee relations and other matters incidental to the Company’s business. Although the outcome of such matters cannot be determined with certainty, the Company’s general counsel and management believe that the final outcome would not have a material effect on the Company’s consolidated financial position, results of operations or cash flows. |
Income_Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2014 | |
Income Taxes | ' |
NOTE 9 – INCOME TAXES | |
The Company recorded a tax expense of $10.9 million and $10.6 million for the three months ended October 31, 2014 and 2013, respectively. The effective tax rate was 32.7% for the three months ended October 31, 2014 and 31.1% for the three months ended October 31, 2013. | |
The Company recorded a tax expense of $19.2 million and $18.2 million for the nine months ended October 31, 2014 and 2013, respectively. The effective tax rate was 31.4% for the nine months ended October 31, 2014 and 29.1% for the nine months ended October 31, 2013. | |
The increase in the effective tax rate for the three months ended October 31, 2014 compared to October 31, 2013 was primarily due to the negative impact on earnings in tax jurisdictions with higher effective tax rates. The increase in the effective tax rate for the nine months ended October 31, 2014 compared to October 31, 2013, was primarily due to the benefit related to the release of liabilities for uncertain tax positions as a result of favorable U.S. and foreign audit settlements occurring in the nine months ended October 31, 2013, and the negative impact on earnings in tax jurisdictions with higher effective tax rates. In addition, the effective tax rate for both the three and nine months ended October 31, 2014, was impacted by the application of guidelines related to accounting for income taxes in interim periods, which requires the exclusion of certain companies with pretax losses from the estimated annual effective tax rate. | |
The effective tax rates for the three and nine months ended October 31, 2014 and 2013 differ from the U.S. statutory tax rate primarily due to foreign profits being taxed in lower taxing jurisdictions partially offset by no tax benefit being realized on certain foreign net operating losses. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||||
NOTE 10 – DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||||||||||||||||||
The Company accounts for its derivative financial instruments in accordance with guidance which requires that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. A significant portion of the Company’s purchases are denominated in Swiss francs. The Company reduces its exposure to the Swiss franc 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, the Company uses various derivative financial instruments to further reduce the net exposures to currency fluctuations, predominately forward and option contracts. When entered into, 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 a derivative that is designated and documented as a cash flow hedge and is 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 Company formally assesses, both at the inception and at each financial quarter thereafter, the effectiveness of the derivative instrument hedging the underlying forecasted cash flow transaction. Any ineffectiveness related to the derivative financial instruments’ change in fair value will be recognized as other income in the Consolidated Statements of Operations in the period in which the ineffectiveness was calculated. | |||||||||||||||||||||||||||
The Company uses forward exchange contracts 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 SG&A expenses and cost of sales, respectively, thereby offsetting the current earnings effect of the related foreign currency receivables and liabilities. | |||||||||||||||||||||||||||
All of the Company’s derivative instruments have liquid markets to assess fair value. The Company does not enter into any derivative instruments for trading purposes. | |||||||||||||||||||||||||||
As of October 31, 2014, the Company’s entire net forward contracts hedging portfolio consisted of 48.0 million Swiss francs equivalent for various expiry dates ranging through May 12, 2015. | |||||||||||||||||||||||||||
The following table summarizes the fair value and presentation in the Consolidated Balance Sheets for derivatives (in thousands): | |||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||
Balance | October 31, | January 31, | October 31, | Balance | October 31, | January 31, | October 31, | ||||||||||||||||||||
Sheet | 2014 | 2014 | 2013 | Sheet | 2014 | 2014 | 2013 | ||||||||||||||||||||
Location | Fair | Fair | Fair | Location | Fair | Fair | Fair | ||||||||||||||||||||
Value | Value | Value | Value | Value | Value | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||
Foreign Exchange Contracts | Other Current | $ | 3 | $ | 403 | $ | 1,391 | Accrued | $ | 2,246 | $ | 173 | $ | 93 | |||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||
Total Derivative Instruments | $ | 3 | $ | 403 | $ | 1,391 | $ | 2,246 | $ | 173 | $ | 93 |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | |||||||||||||||
Oct. 31, 2014 | ||||||||||||||||
Accumulated Other Comprehensive Income | ' | |||||||||||||||
NOTE 11 - ACCUMULATED OTHER COMPREHENSIVE INCOME | ||||||||||||||||
The components of accumulated other comprehensive income consisted of the following (in thousands): | ||||||||||||||||
Currency | Available-for-sale securities | Net Unrealized | Accumulated | |||||||||||||
Translation | Income | Other | ||||||||||||||
Adjustments | On Hedging | Comprehensive | ||||||||||||||
Contracts | Income | |||||||||||||||
Balance, January 31, 2014 | $ | 103,438 | $ | 263 | $ | 1 | $ | 103,702 | ||||||||
Other comprehensive (loss) / income before reclassifications | -16,777 | 38 | — | -16,739 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (1) | — | -81 | — | -81 | ||||||||||||
Net current-period other comprehensive (loss) | -16,777 | -43 | — | -16,820 | ||||||||||||
As of October 31, 2014 | $ | 86,661 | $ | 220 | $ | 1 | $ | 86,882 | ||||||||
Currency | Available-for-sale securities | Accumulated | ||||||||||||||
Translation | Other | |||||||||||||||
Adjustments | Comprehensive | |||||||||||||||
Income | ||||||||||||||||
Balance, January 31, 2013 | $ | 102,220 | $ | 51 | $ | 102,271 | ||||||||||
Other comprehensive income before reclassifications | 1,410 | 210 | 1,620 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (1) | 83 | — | 83 | |||||||||||||
Net current-period other comprehensive income | 1,493 | 210 | 1,703 | |||||||||||||
As of October 31, 2013 | $ | 103,713 | $ | 261 | $ | 103,974 | ||||||||||
-1 | Amounts reclassified to Selling, General and Administrative expenses. No amounts were reclassified during the third quarter. |
Other_Income
Other Income | 9 Months Ended |
Oct. 31, 2014 | |
Other Income | ' |
NOTE 12 – OTHER INCOME | |
Other income for the nine months ended October 31, 2013 consisted of a $1.5 million pre-tax gain on the sale of a building. The Company received cash proceeds from the sale of $2.2 million in the first quarter of fiscal year 2014. Prior to the sale, the building had been classified as an asset held for sale in other current assets. |
Treasury_Stock
Treasury Stock | 9 Months Ended |
Oct. 31, 2014 | |
Treasury Stock | ' |
NOTE 13 – TREASURY STOCK | |
On March 21, 2013, the Board approved a share repurchase program under which the Company was authorized to purchase up to $50.0 million of its outstanding common stock from time to time, depending on market conditions, share price and other factors. The Company may purchase shares of its common stock through open market purchases, repurchase plans, block trades or otherwise. On November 25, 2014, the Board increased the amount of the share repurchase authorization to $100 million. This authorization expires on January 31, 2016. During the nine months ended October 31, 2014, the Company repurchased a total of 345,073 shares of common stock at a total cost of approximately $13.2 million or an average cost of $38.11 per share. During the nine months ended October 31, 2013, the Company repurchased a total of 198,733 shares of common stock at a total cost of approximately $7.5 million or an average cost of $37.49 per share, which included 12,000 shares repurchased from the Movado Group Foundation at a total cost of approximately $0.4 million or $34.43 average per share. | |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Oct. 31, 2014 | |
Recent Accounting Pronouncements | ' |
NOTE 14 – RECENT ACCOUNTING PRONOUNCEMENTS | |
In August 2014, FASB issued 2014-15, “Presentation of Financial Statements-Going Concern.” This pronouncement provides guidance on the Company’s responsibility to perform interim and annual assessments of an entity’s ability to continue as a going concern and to provide related disclosure requirements. This pronouncement applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. This pronouncement will not have a material impact on the Company’s consolidated financial statements. | |
In May 2014, FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” This pronouncement affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This pronouncement provides alternative methods of retrospective adoption and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. The Company is evaluating the effect of adopting this pronouncement but does not expect adoption will have a material impact on the Company’s consolidated financial statements. | |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Oct. 31, 2014 | |
Subsequent Event | ' |
NOTE 15 – SUBSEQUENT EVENT | |
On November 25, 2014, the Board approved an increase in the share repurchase program, from the original authorized amount of $50 million approved on March 21, 2013 to $100 million. Under the program, the Company is authorized to purchase shares of its outstanding common stock from time to time, depending on market conditions, share price and other factors. The Company may purchase shares of its common stock through open market purchases, repurchase plans, block trades or otherwise. This authorization expires on January 31, 2016. |
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Oct. 31, 2014 | |
Recent Accounting Pronouncements | ' |
In August 2014, FASB issued 2014-15, “Presentation of Financial Statements-Going Concern.” This pronouncement provides guidance on the Company’s responsibility to perform interim and annual assessments of an entity’s ability to continue as a going concern and to provide related disclosure requirements. This pronouncement applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. This pronouncement will not have a material impact on the Company’s consolidated financial statements. | |
In May 2014, FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” This pronouncement affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This pronouncement provides alternative methods of retrospective adoption and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. The Company is evaluating the effect of adopting this pronouncement but does not expect adoption will have a material impact on the Company’s consolidated financial statements. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||
The following tables present the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands) as of October 31, 2014 and 2013 and January 31, 2014: | |||||||||||||||||||
Fair Value at October 31, 2014 | |||||||||||||||||||
Balance Sheet Location | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets: | |||||||||||||||||||
Available-for-sale securities | Other current assets | $ | 343 | $ | — | $ | — | $ | 343 | ||||||||||
Long-term investment | Other non-current assets | — | — | 1,216 | 1,216 | ||||||||||||||
SERP assets - employer | Other non-current assets | 1,713 | — | — | 1,713 | ||||||||||||||
SERP assets - employee | Other non-current assets | 24,054 | — | — | 24,054 | ||||||||||||||
Hedge derivatives | Other current assets | — | 3 | — | 3 | ||||||||||||||
Total | $ | 26,110 | $ | 3 | $ | 1,216 | $ | 27,329 | |||||||||||
Liabilities: | |||||||||||||||||||
SERP liabilities - employee | Other non-current liabilities | $ | 24,054 | $ | — | $ | — | $ | 24,054 | ||||||||||
Hedge derivatives | Accrued liabilities | — | 2,246 | — | 2,246 | ||||||||||||||
Total | $ | 24,054 | $ | 2,246 | $ | — | $ | 26,300 | |||||||||||
Fair Value at January 31, 2014 | |||||||||||||||||||
Balance Sheet Location | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets: | |||||||||||||||||||
Available-for-sale securities | Other current assets | $ | 576 | $ | — | $ | — | $ | 576 | ||||||||||
Time deposits | Short-term investments | 33,099 | 33,099 | ||||||||||||||||
SERP assets - employer | Other non-current assets | 1,117 | — | — | 1,117 | ||||||||||||||
SERP assets - employee | Other non-current assets | 20,854 | — | — | 20,854 | ||||||||||||||
Hedge derivatives | Other current assets | — | 403 | — | 403 | ||||||||||||||
Total | $ | 55,646 | $ | 403 | $ | — | $ | 56,049 | |||||||||||
Liabilities: | |||||||||||||||||||
SERP liabilities - employee | Other non-current liabilities | $ | 20,854 | $ | — | $ | — | $ | 20,854 | ||||||||||
Hedge derivatives | Accrued liabilities | — | 173 | — | 173 | ||||||||||||||
Total | $ | 20,854 | $ | 173 | $ | — | $ | 21,027 | |||||||||||
Fair Value at October 31, 2013 | |||||||||||||||||||
Balance Sheet Location | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets: | |||||||||||||||||||
Available-for-sale securities | Other current assets | $ | 496 | $ | — | $ | — | $ | 496 | ||||||||||
SERP assets - employer | Other non-current assets | 1,329 | — | — | 1,329 | ||||||||||||||
SERP assets - employee | Other non-current assets | 19,999 | — | — | 19,999 | ||||||||||||||
Hedge derivatives | Other current assets | — | 1,391 | — | 1,391 | ||||||||||||||
Total | $ | 21,824 | $ | 1,391 | $ | — | $ | 23,215 | |||||||||||
Liabilities: | |||||||||||||||||||
SERP liabilities - employee | Other non-current liabilities | $ | 19,999 | $ | — | $ | — | $ | 19,999 | ||||||||||
Hedge derivatives | Accrued liabilities | — | 93 | — | 93 | ||||||||||||||
Total | $ | 19,999 | $ | 93 | $ | — | $ | 20,092 | |||||||||||
Reconciliation Of Assets Measured At Fair Value On Recurring Basis | ' | ||||||||||||||||||
The following table presents a reconciliation of the assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended October 31, 2014 and October 31, 2013. Level 3 consists of a long-term investment. | |||||||||||||||||||
October 31, | October 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Balance, beginning of fiscal year | $ | — | $ | — | |||||||||||||||
Purchase of long-term investment | 1,200 | — | |||||||||||||||||
Interest income | 16 | — | |||||||||||||||||
Balance, end of period | $ | 1,216 | $ | — | |||||||||||||||
Equity_Tables
Equity (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||||||||||||||||||
Components of Equity | ' | ||||||||||||||||||||||||||||||||
The components of equity for the nine months ended October 31, 2014 and 2013 are as follows (in thousands): | |||||||||||||||||||||||||||||||||
Movado Group, Inc. Shareholders' Equity | |||||||||||||||||||||||||||||||||
Common Stock (1) | Class A Common Stock (2) | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income | Noncontrolling Interests | Total | ||||||||||||||||||||||||||
Balance, January 31, 2014 | $ | 266 | $ | 66 | $ | 165,342 | $ | 316,334 | $ | (122,406 | ) | $ | 103,702 | $ | 2,686 | $ | 465,990 | ||||||||||||||||
Net income | 41,725 | 291 | 42,016 | ||||||||||||||||||||||||||||||
Dividends | (7,591 | ) | (7,591 | ) | |||||||||||||||||||||||||||||
Distribution of noncontrolling interest earnings | (319 | ) | (319 | ) | |||||||||||||||||||||||||||||
Stock repurchase | (13,150 | ) | (13,150 | ) | |||||||||||||||||||||||||||||
Stock options exercised, net of tax benefit of $1,270 | 2 | 2,967 | (1,408 | ) | 1,561 | ||||||||||||||||||||||||||||
Supplemental executive retirement plan | 118 | 118 | |||||||||||||||||||||||||||||||
Stock-based compensation expense | 4,135 | 4,135 | |||||||||||||||||||||||||||||||
Net unrealized gain on investments, net of tax of $42 | 38 | 38 | |||||||||||||||||||||||||||||||
Stock donation | 671 | 385 | 1,056 | ||||||||||||||||||||||||||||||
Gain on available-for-sale securities, net of tax benefit of $50 | (81 | ) | (81 | ) | |||||||||||||||||||||||||||||
Foreign currency translation adjustment (3) | (16,777 | ) | (186 | ) | (16,963 | ) | |||||||||||||||||||||||||||
Balance, October 31, 2014 | $ | 268 | $ | 66 | $ | 173,233 | $ | 350,468 | $ | (136,579 | ) | $ | 86,882 | $ | 2,472 | $ | 476,810 | ||||||||||||||||
Common Stock (1) | Class A Common Stock (2) | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income | Noncontrolling Interests | Total | ||||||||||||||||||||||||||
Balance, January 31, 2013 | $ | 264 | $ | 66 | $ | 159,696 | $ | 272,094 | $ | (110,701 | ) | $ | 102,271 | $ | 2,002 | $ | 425,692 | ||||||||||||||||
Net income | 43,684 | 564 | 44,248 | ||||||||||||||||||||||||||||||
Dividends | (4,604 | ) | (4,604 | ) | |||||||||||||||||||||||||||||
Stock repurchase | (7,450 | ) | (7,450 | ) | |||||||||||||||||||||||||||||
Stock options exercised, net of tax benefit of $583 | 2 | 1,493 | (1,161 | ) | 334 | ||||||||||||||||||||||||||||
Supplemental executive retirement plan | 19 | 19 | |||||||||||||||||||||||||||||||
Stock-based compensation expense | 2,699 | 2,699 | |||||||||||||||||||||||||||||||
Net unrealized gain on investments, net of tax of $0 | 210 | 210 | |||||||||||||||||||||||||||||||
Foreign currency translation adjustment (3) | 1,493 | 27 | 1,520 | ||||||||||||||||||||||||||||||
Balance, October 31, 2013 | $ | 266 | $ | 66 | $ | 163,907 | $ | 311,174 | $ | (119,312 | ) | $ | 103,974 | $ | 2,593 | $ | 462,668 | ||||||||||||||||
(1) Each share of common stock is entitled to one vote per share. | |||||||||||||||||||||||||||||||||
(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. | |||||||||||||||||||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Oct. 31, 2014 | ||||||||||||||||
Operating Segment Data | ' | |||||||||||||||
Operating Segment Data for the Three Months Ended October 31, 2014 and 2013 (in thousands): | ||||||||||||||||
Net Sales | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Wholesale: | ||||||||||||||||
Luxury brand category | $ | 73,983 | $ | 80,423 | ||||||||||||
Licensed brands category | 94,223 | 91,020 | ||||||||||||||
After-sales service and all other | 4,607 | 3,503 | ||||||||||||||
Total Wholesale | 172,813 | 174,946 | ||||||||||||||
Retail | 15,744 | 14,739 | ||||||||||||||
Consolidated total | $ | 188,557 | $ | 189,685 | ||||||||||||
Operating Income | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Wholesale | $ | 30,469 | $ | 31,056 | ||||||||||||
Retail | 2,864 | 3,028 | ||||||||||||||
Consolidated total | $ | 33,333 | $ | 34,084 | ||||||||||||
Operating Segment Data for the Nine Months Ended October 31, 2014 and 2013 (in thousands): | ||||||||||||||||
Net Sales | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Wholesale: | ||||||||||||||||
Luxury brand category | $ | 168,827 | $ | 176,333 | ||||||||||||
Licensed brands category | 229,749 | 211,423 | ||||||||||||||
After-sales service and all other | 11,764 | 10,921 | ||||||||||||||
Total Wholesale | 410,340 | 398,677 | ||||||||||||||
Retail | 42,729 | 39,319 | ||||||||||||||
Consolidated total | $ | 453,069 | $ | 437,996 | ||||||||||||
Operating Income | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Wholesale | $ | 53,653 | $ | 54,062 | ||||||||||||
Retail | 7,769 | 7,067 | ||||||||||||||
Consolidated total | $ | 61,422 | $ | 61,129 | ||||||||||||
Total Assets | ||||||||||||||||
October 31, | January 31, | October 31, | ||||||||||||||
2014 | 2014 | 2013 | ||||||||||||||
Wholesale | $ | 578,359 | $ | 558,266 | $ | 574,047 | ||||||||||
Retail | 23,410 | 20,344 | 20,944 | |||||||||||||
Consolidated total | $ | 601,769 | $ | 578,610 | $ | 594,991 | ||||||||||
Geographic Segment Data | ' | |||||||||||||||
Geographic Location Data for the Three Months Ended October 31, 2014 and 2013 (in thousands): | ||||||||||||||||
Net Sales | Operating Income | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
United States (1) | $ | 107,024 | $ | 107,214 | $ | 11,297 | $ | 12,300 | ||||||||
International (2) | 81,533 | 82,471 | 22,036 | 21,784 | ||||||||||||
Consolidated total | $ | 188,557 | $ | 189,685 | $ | 33,333 | $ | 34,084 | ||||||||
United States and International net sales are net of intercompany sales of $101.4 million and $104.1 million for the three months ended October 31, 2014 and 2013, respectively. | ||||||||||||||||
Geographic Location Data for the Nine Months Ended October 31, 2014 and 2013 (in thousands): | ||||||||||||||||
Net Sales | Operating Income | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
United States (1) | $ | 247,432 | $ | 237,612 | $ | 15,708 | $ | 14,821 | ||||||||
International (2) | 205,637 | 200,384 | 45,714 | 46,308 | ||||||||||||
Consolidated total | $ | 453,069 | $ | 437,996 | $ | 61,422 | $ | 61,129 | ||||||||
United States and International net sales are net of intercompany sales of $251.7 million and $258.5 million for the nine months ended October 31, 2014 and 2013, respectively. | ||||||||||||||||
(1) The United States operating income includes unallocated corporate expenses for the three and nine months ended October 31, 2014 and 2013. | ||||||||||||||||
(2) The International operating income includes certain intercompany profits related to the Company’s supply chain operations for the three and nine months ended October 31, 2014 and 2013. | ||||||||||||||||
Total Assets | ||||||||||||||||
October 31, | January 31, | October 31, | ||||||||||||||
2014 | 2014 | 2013 | ||||||||||||||
United States | $ | 265,431 | $ | 239,890 | $ | 261,463 | ||||||||||
International | 336,338 | 338,720 | 333,528 | |||||||||||||
Consolidated total | $ | 601,769 | $ | 578,610 | $ | 594,991 | ||||||||||
Long-Lived Assets | ||||||||||||||||
October 31, | January 31, | October 31, | ||||||||||||||
2014 | 2014 | 2013 | ||||||||||||||
United States | $ | 25,695 | $ | 25,943 | $ | 25,064 | ||||||||||
International | 19,645 | 21,853 | 21,448 | |||||||||||||
Consolidated total | $ | 45,340 | $ | 47,796 | $ | 46,512 | ||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||||||
Oct. 31, 2014 | ||||||||||||
Components of Inventories | ' | |||||||||||
Inventories consisted of the following (in thousands): | ||||||||||||
October 31, | January 31, | October 31, | ||||||||||
2014 | 2014 | 2013 | ||||||||||
Finished goods | $ | 126,742 | $ | 118,308 | $ | 113,419 | ||||||
Component parts | 50,233 | 55,138 | 56,665 | |||||||||
Work-in-process | 5,688 | 7,859 | 8,630 | |||||||||
$ | 182,663 | $ | 181,305 | $ | 178,714 | |||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||||||||||||
Fair Value and Presentation of Derivatives | ' | ||||||||||||||||||||||||||
The following table summarizes the fair value and presentation in the Consolidated Balance Sheets for derivatives (in thousands): | |||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||
Balance | October 31, | January 31, | October 31, | Balance | October 31, | January 31, | October 31, | ||||||||||||||||||||
Sheet | 2014 | 2014 | 2013 | Sheet | 2014 | 2014 | 2013 | ||||||||||||||||||||
Location | Fair | Fair | Fair | Location | Fair | Fair | Fair | ||||||||||||||||||||
Value | Value | Value | Value | Value | Value | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||
Foreign Exchange Contracts | Other Current | $ | 3 | $ | 403 | $ | 1,391 | Accrued | $ | 2,246 | $ | 173 | $ | 93 | |||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||
Total Derivative Instruments | $ | 3 | $ | 403 | $ | 1,391 | $ | 2,246 | $ | 173 | $ | 93 | |||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||
Oct. 31, 2014 | ||||||||||||||||
Schedule of Components of Accumulated Other Comprehensive Income | ' | |||||||||||||||
The components of accumulated other comprehensive income consisted of the following (in thousands): | ||||||||||||||||
Currency | Available-for-sale securities | Net Unrealized | Accumulated | |||||||||||||
Translation | Income | Other | ||||||||||||||
Adjustments | On Hedging | Comprehensive | ||||||||||||||
Contracts | Income | |||||||||||||||
Balance, January 31, 2014 | $ | 103,438 | $ | 263 | $ | 1 | $ | 103,702 | ||||||||
Other comprehensive (loss) / income before reclassifications | -16,777 | 38 | — | -16,739 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (1) | — | -81 | — | -81 | ||||||||||||
Net current-period other comprehensive (loss) | -16,777 | -43 | — | -16,820 | ||||||||||||
As of October 31, 2014 | $ | 86,661 | $ | 220 | $ | 1 | $ | 86,882 | ||||||||
Currency | Available-for-sale securities | Accumulated | ||||||||||||||
Translation | Other | |||||||||||||||
Adjustments | Comprehensive | |||||||||||||||
Income | ||||||||||||||||
Balance, January 31, 2013 | $ | 102,220 | $ | 51 | $ | 102,271 | ||||||||||
Other comprehensive income before reclassifications | 1,410 | 210 | 1,620 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (1) | 83 | — | 83 | |||||||||||||
Net current-period other comprehensive income | 1,493 | 210 | 1,703 | |||||||||||||
As of October 31, 2013 | $ | 103,713 | $ | 261 | $ | 103,974 | ||||||||||
— | Amounts reclassified to Selling, General and Administrative expenses. No amounts were reclassified during the third quarter. |
Fair_Value_Measurements_Assets
Fair Value Measurements Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) (Fair Value, Measurements, Recurring, USD $) | Oct. 31, 2014 | Jan. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | |||
Assets: | ' | ' | ' |
Total assets measured at fair value | $27,329 | $56,049 | $23,215 |
Liabilities: | ' | ' | ' |
Total liabilities measured at fair value | 26,300 | 21,027 | 20,092 |
Level 1 | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets measured at fair value | 26,110 | 55,646 | 21,824 |
Liabilities: | ' | ' | ' |
Total liabilities measured at fair value | 24,054 | 20,854 | 19,999 |
Level 2 | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets measured at fair value | 3 | 403 | 1,391 |
Liabilities: | ' | ' | ' |
Total liabilities measured at fair value | 2,246 | 173 | 93 |
Level 3 | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets measured at fair value | 1,216 | ' | ' |
Other Current Assets | Available-for-sale securities | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets measured at fair value | 343 | 576 | 496 |
Other Current Assets | Hedge derivatives-Assets | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets measured at fair value | 3 | 403 | 1,391 |
Other Current Assets | Level 1 | Available-for-sale securities | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets measured at fair value | 343 | 576 | 496 |
Other Current Assets | Level 2 | Hedge derivatives-Assets | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets measured at fair value | 3 | 403 | 1,391 |
Short-term Investments | Time deposits | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets measured at fair value | ' | 33,099 | ' |
Short-term Investments | Level 1 | Time deposits | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets measured at fair value | ' | 33,099 | ' |
Other non-current assets | Long-term investment | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets measured at fair value | 1,216 | ' | ' |
Other non-current assets | SERP assets - employer | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets measured at fair value | 1,713 | 1,117 | 1,329 |
Other non-current assets | SERP assets - employee | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets measured at fair value | 24,054 | 20,854 | 19,999 |
Other non-current assets | Level 1 | SERP assets - employer | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets measured at fair value | 1,713 | 1,117 | 1,329 |
Other non-current assets | Level 1 | SERP assets - employee | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets measured at fair value | 24,054 | 20,854 | 19,999 |
Other non-current assets | Level 3 | Long-term investment | ' | ' | ' |
Assets: | ' | ' | ' |
Total assets measured at fair value | 1,216 | ' | ' |
Other non-current liabilities | SERP liabilities - employee | ' | ' | ' |
Liabilities: | ' | ' | ' |
Total liabilities measured at fair value | 24,054 | 20,854 | 19,999 |
Other non-current liabilities | Level 1 | SERP liabilities - employee | ' | ' | ' |
Liabilities: | ' | ' | ' |
Total liabilities measured at fair value | 24,054 | 20,854 | 19,999 |
Accrued Liabilities | Hedge derivatives-Liabilities | ' | ' | ' |
Liabilities: | ' | ' | ' |
Total liabilities measured at fair value | 2,246 | 173 | 93 |
Accrued Liabilities | Level 2 | Hedge derivatives-Liabilities | ' | ' | ' |
Liabilities: | ' | ' | ' |
Total liabilities measured at fair value | $2,246 | $173 | $93 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details Textual) | 9 Months Ended |
Oct. 31, 2014 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ' |
Fair Value, long-term investement | 'The fair value of the long-term investment is based on the purchase price plus eight percent calculated annually |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (Long-term investment, USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Jan. 31, 2013 |
Long-term investment | ' | ' |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' |
Balance, beginning of fiscal year | $0 | $0 |
Purchase of long-term investment | 1,200 | ' |
Interest income | 16 | ' |
Balance, end of period | $1,216 | $0 |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Jan. 31, 2014 | Oct. 31, 2013 | Jan. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | ||||||||||||
Class A Common Stock | Class A Common Stock | Class A Common Stock | Class A Common Stock | Common Stock | Common Stock | Capital in Excess of Par Value | Capital in Excess of Par Value | Retained Earnings | Retained Earnings | Treasury Stock | Treasury Stock | Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income | Noncontrolling Interests | Noncontrolling Interests | |||||||||||||||||
Beginning Balance | ' | ' | $465,990 | $425,692 | $66 | [1] | $66 | [1] | $66 | [1] | $66 | [1] | $266 | [2] | $264 | [2] | $165,342 | $159,696 | $316,334 | $272,094 | ($122,406) | ($110,701) | $103,702 | $102,271 | $2,686 | $2,002 | ||||||
Net income | 22,417 | 23,414 | 42,016 | 44,248 | ' | ' | ' | ' | ' | ' | ' | ' | 41,725 | 43,684 | ' | ' | ' | ' | 291 | 564 | ||||||||||||
Dividends | ' | ' | -7,591 | -4,604 | ' | ' | ' | ' | ' | ' | ' | ' | -7,591 | -4,604 | ' | ' | ' | ' | ' | ' | ||||||||||||
Distribution of noncontrolling interest earnings | ' | ' | -319 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -319 | ' | ||||||||||||
Stock repurchase | ' | ' | -13,150 | -7,450 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,150 | -7,450 | ' | ' | ' | ' | ||||||||||||
Stock options exercised, net of tax benefit of $1,270 | ' | ' | 1,561 | 334 | ' | ' | ' | ' | 2 | [2] | 2 | [2] | 2,967 | 1,493 | ' | ' | -1,408 | -1,161 | ' | ' | ' | ' | ||||||||||
Supplemental executive retirement plan | ' | ' | 118 | 19 | ' | ' | ' | ' | ' | ' | 118 | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Stock-based compensation expense | ' | ' | 4,135 | 2,699 | ' | ' | ' | ' | ' | ' | 4,135 | 2,699 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net unrealized (loss) /gain on investments | -31 | 97 | 38 | 210 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38 | 210 | ' | ' | ||||||||||||
Stock donation | ' | ' | 1,056 | ' | ' | ' | ' | ' | ' | ' | 671 | ' | ' | ' | 385 | ' | ' | ' | ' | ' | ||||||||||||
Gain on available-for-sale securities | ' | ' | -81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -81 | ' | ' | ' | ||||||||||||
Foreign currency translation adjustments | -16,330 | 5,813 | -16,963 | [3] | 1,520 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16,777 | [3] | 1,493 | [3] | -186 | [3] | 27 | [3] | ||||||
Ending Balance | $476,810 | $462,668 | $476,810 | $462,668 | $66 | [1] | $66 | [1] | $66 | [1] | $66 | [1] | $268 | [2] | $266 | [2] | $173,233 | $163,907 | $350,468 | $311,174 | ($136,579) | ($119,312) | $86,882 | $103,974 | $2,472 | $2,593 | ||||||
[1] | 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 bpermitted transfereesb pursuant to the Companybs 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. | |||||||||||||||||||||||||||||||
[2] | Each share of common stock is entitled to one vote per share. | |||||||||||||||||||||||||||||||
[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. |
Equity_Details_Parenthetical
Equity (Details) (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
Stock options exercised, tax benefit | $1,270 | $583 |
Net unrealized gain on investments, tax | 42 | 0 |
Gain on available-for-sale securities, tax benefit | $50 | ' |
Class A Common Stock | ' | ' |
Common stock, voting rights | 'Each share of class A common stock is entitled to 10 votes per share on all matters submitted to a vote of the shareholders. | ' |
Number of vote per common stock share | 10 | ' |
Common Stock | ' | ' |
Common stock, voting rights | 'Each share of common stock is entitled to one vote per share. | ' |
Number of vote per common stock share | 1 | ' |
Segment_Information_Details_Te
Segment Information (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 |
Segment | ||||
Location | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of operating segments | ' | ' | 2 | ' |
Number of geographic locations | ' | ' | 2 | ' |
Net sales | $188,557 | $189,685 | $453,069 | $437,996 |
Intersegment Eliminations | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $101,400 | $104,100 | $251,700 | $258,500 |
Geographic Concentration Risk | Europe | Total net sales | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
International Operations Contribution | 18.40% | 19.50% | 18.10% | 19.40% |
Geographic Concentration Risk | the Americas (excluding the United States) | Total net sales | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
International Operations Contribution | 10.10% | 9.60% | 10.80% | 10.60% |
Geographic Concentration Risk | Middle East | Total net sales | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
International Operations Contribution | 7.60% | 7.20% | 8.30% | 8.00% |
Geographic Concentration Risk | Asia | Total net sales | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
International Operations Contribution | 7.10% | 7.20% | 8.20% | 7.80% |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Jan. 31, 2014 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | $188,557 | $189,685 | $453,069 | $437,996 | ' |
Operating Income | 33,333 | 34,084 | 61,422 | 61,129 | ' |
Total Assets | 601,769 | 594,991 | 601,769 | 594,991 | 578,610 |
Wholesale | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 172,813 | 174,946 | 410,340 | 398,677 | ' |
Operating Income | 30,469 | 31,056 | 53,653 | 54,062 | ' |
Total Assets | 578,359 | 574,047 | 578,359 | 574,047 | 558,266 |
Wholesale | Luxury brand category | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 73,983 | 80,423 | 168,827 | 176,333 | ' |
Wholesale | Licensed brands category | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 94,223 | 91,020 | 229,749 | 211,423 | ' |
Wholesale | After-sales service and all other | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 4,607 | 3,503 | 11,764 | 10,921 | ' |
Retail | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net Sales | 15,744 | 14,739 | 42,729 | 39,319 | ' |
Operating Income | 2,864 | 3,028 | 7,769 | 7,067 | ' |
Total Assets | $23,410 | $20,944 | $23,410 | $20,944 | $20,344 |
Segment_Information_Details_1
Segment Information (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Jan. 31, 2014 | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | $188,557 | $189,685 | $453,069 | $437,996 | ' | ||||
Operating Income | 33,333 | 34,084 | 61,422 | 61,129 | ' | ||||
Total Assets | 601,769 | 594,991 | 601,769 | 594,991 | 578,610 | ||||
Long-Lived Assets | 45,340 | 46,512 | 45,340 | 46,512 | 47,796 | ||||
United States | ' | ' | ' | ' | ' | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 107,024 | [1] | 107,214 | [1] | 247,432 | [1] | 237,612 | [1] | ' |
Operating Income | 11,297 | [1] | 12,300 | [1] | 15,708 | [1] | 14,821 | [1] | ' |
Total Assets | 265,431 | 261,463 | 265,431 | 261,463 | 239,890 | ||||
Long-Lived Assets | 25,695 | 25,064 | 25,695 | 25,064 | 25,943 | ||||
International | ' | ' | ' | ' | ' | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 81,533 | [2] | 82,471 | [2] | 205,637 | [2] | 200,384 | [2] | ' |
Operating Income | 22,036 | [2] | 21,784 | [2] | 45,714 | [2] | 46,308 | [2] | ' |
Total Assets | 336,338 | 333,528 | 336,338 | 333,528 | 338,720 | ||||
Long-Lived Assets | $19,645 | $21,448 | $19,645 | $21,448 | $21,853 | ||||
[1] | The United States operating income includes unallocated corporate expenses for the three and nine months ended October 31, 2014 and 2013. | ||||||||
[2] | The International operating income includes certain intercompany profits related to the Companybs supply chain operations for the three and nine months ended October 31, 2014 and 2013. |
Inventories_Details
Inventories (Details) (USD $) | Oct. 31, 2014 | Jan. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | |||
Inventory [Line Items] | ' | ' | ' |
Finished goods | $126,742 | $118,308 | $113,419 |
Component parts | 50,233 | 55,138 | 56,665 |
Work-in-process | 5,688 | 7,859 | 8,630 |
Inventories | $182,663 | $181,305 | $178,714 |
Debt_and_Lines_of_Credit_Detai
Debt and Lines of Credit (Details Textual) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||||||
Mar. 12, 2012 | Jul. 17, 2009 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Jul. 17, 2009 | Jul. 17, 2009 | Mar. 12, 2012 | Jul. 17, 2009 | Oct. 31, 2014 | Jul. 17, 2009 | Oct. 31, 2014 | Oct. 31, 2014 | Mar. 12, 2012 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2013 | |
Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit | Line of Credit | Line of Credit | Line of Credit | |
Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Letter of Credit | Letter of Credit | Unsecured Debt | Unsecured Debt | Unsecured Debt | Unsecured Debt | |
USD ($) | USD ($) | Borrowing Availability Greater Than Seven Point Five Million | Loan Agreement Availability Cash Dominion Terms | LIBOR | Base Rate | Minimum | Minimum | Minimum | Maximum | Maximum | Secured Debt | Secured Debt | Swiss subsidiary | Swiss subsidiary | Swiss subsidiary | Swiss subsidiary | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CHF | USD ($) | CHF | |||||||||
Subsidiary | ||||||||||||||||||
Bank | ||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset based senior revolving credit facility | $25,000,000 | ' | $20,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,000,000 | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | 5,000,000 | 11,000,000 | 10,000,000 |
Credit facility maturity date | 17-Jul-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount blocked for specific purpose | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Domestic EBITDA | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed charge coverage ratio minimum | 125.00% | ' | 110.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum reduction in availability block | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowing amount | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | ' | ' | ' | ' | ' |
Applicable margin rate | ' | ' | ' | ' | ' | 1.25% | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decreased or increased in applicable margin | ' | 0.25% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Fixed Charge Coverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | 2.00% | 1.50% | ' | ' | ' | ' | ' | ' |
Decreased or increased in applicable margin rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Time period for imposing terms | ' | ' | ' | '90 days | '45 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchases made by the Borrowers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' |
Aggregate amount of acquisition permitted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' |
Aggregate amount of charitable donations permitted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' |
Cash assets with the borrowers | ' | ' | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Positive EBITDA | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Description | ' | ' | 'The Loan Agreement permits Borrowers to pay distributions as dividends and make share repurchases up to an aggregate of $150.0 million (less the amount of any charitable donations made by the Company which are permitted up to an aggregate amount of $14.0 million) and make acquisitions up to an aggregate of $50.0 million, as long as, at the time of such transaction, either (A) Borrowers have cash assets of at least $60.0 million with no revolver loans outstanding, or (B) (i) the consolidated fixed charge coverage ratio is at least 1.10 to 1.00, (ii) availability is greater than $7.5 million and (iii) positive EBITDA plus repatriated cash dividends minus restricted payments are greater than $0. As of October 31, 2014, the Company was in compliance with these financial covenants and, therefore, is permitted to pay dividends and to repurchase up to an aggregate of $150.0 million of shares. The Company presently expects that it will be able to pay dividends declared and repurchase shares through the remaining term of the Facility. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' |
Guaranteed obligations to third parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,300,000 | ' | ' | ' |
Number of European banks guaranteed obligations to third parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' |
Earnings_Per_Share_Details_Tex
Earnings Per Share (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | |
Earnings Per Share Diluted [Line Items] | ' | ' | ' | ' |
Weighted basic average shares outstanding | 25,326,000 | 25,495,000 | 25,345,000 | 25,528,000 |
Weighted average number diluted shares outstanding adjustment | 290,000 | 347,000 | 316,000 | 327,000 |
Dilutive common stock equivalents | 141,000 | 348 | 89,000 | 79,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Oct. 31, 2014 |
Loss Contingencies [Line Items] | ' |
Number of standby letter of credit | 4 |
Letter of Credit | ' |
Loss Contingencies [Line Items] | ' |
Letters of credit outstanding under sub facility | $4.10 |
Credit facility maturity date | 30-Apr-16 |
Line of Credit | Unsecured Debt | Swiss subsidiary | ' |
Loss Contingencies [Line Items] | ' |
Number of European banks guaranteed obligations to third parties | 2 |
Number of foreign subsidiaries under guaranteed obligation | 2 |
Guaranteed obligations to third parties | $1.30 |
Income_Taxes_Details_Textual
Income Taxes - (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 |
Income Tax Contingency [Line Items] | ' | ' | ' | ' |
Provision for income taxes (Note 9) | $10,889 | $10,570 | $19,231 | $18,166 |
Effective tax rate | 32.70% | 31.10% | 31.40% | 29.10% |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details Textual) (CHF) | 9 Months Ended |
In Millions, unless otherwise specified | Oct. 31, 2014 |
Foreign Exchange Forward | ' |
Derivative Financial Instruments (Textual) [Abstract] | ' |
Net forward contracts hedging portfolio | 48 |
Maximum | ' |
Derivative Financial Instruments (Textual) [Abstract] | ' |
Expiry dates ranging | 12-May-15 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Details) (Not Designated as Hedging Instrument, USD $) | Oct. 31, 2014 | Jan. 31, 2014 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | |||
Fair value and presentation of derivatives | ' | ' | ' |
Asset Derivatives | $3 | $403 | $1,391 |
Liability Derivatives | 2,246 | 173 | 93 |
Fair value and presentation of derivatives | ' | ' | ' |
Asset Derivatives | 3 | 403 | 1,391 |
Liability Derivatives | 2,246 | 173 | 93 |
Foreign Exchange Forward | Other Current Assets | ' | ' | ' |
Fair value and presentation of derivatives | ' | ' | ' |
Asset Derivatives | 3 | 403 | 1,391 |
Fair value and presentation of derivatives | ' | ' | ' |
Asset Derivatives | 3 | 403 | 1,391 |
Foreign Exchange Forward | Accrued Liabilities | ' | ' | ' |
Fair value and presentation of derivatives | ' | ' | ' |
Liability Derivatives | 2,246 | 173 | 93 |
Fair value and presentation of derivatives | ' | ' | ' |
Liability Derivatives | $2,246 | $173 | $93 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Jan. 31, 2014 | ||||
Available-for-sale securities | Available-for-sale securities | Currency Translation Adjustments | Currency Translation Adjustments | Net Unrealized Income On Hedging Contracts | Net Unrealized Income On Hedging Contracts | ||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Beginning Balance | ' | $103,702 | $102,271 | $263 | $51 | $103,438 | $102,220 | $1 | $1 | ||||
Other comprehensive (loss) / income before reclassifications | ' | -16,739 | 1,620 | 38 | 210 | -16,777 | 1,410 | ' | ' | ||||
Amounts reclassified from accumulated other comprehensive income | 0 | -81 | [1] | 83 | [1] | -81 | [1] | ' | ' | 83 | [1] | ' | ' |
Net current-period other comprehensive (loss) | ' | -16,820 | 1,703 | -43 | 210 | -16,777 | 1,493 | ' | ' | ||||
Ending Balance | $86,882 | $86,882 | $103,974 | $220 | $261 | $86,661 | $103,713 | $1 | $1 | ||||
[1] | Amounts reclassified to Selling, General and Administrative expenses. No amounts were reclassified during the third quarter. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Details) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2013 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ||
Amounts reclassified from accumulated other comprehensive income | $0 | ($81) | [1] | $83 | [1] |
[1] | Amounts reclassified to Selling, General and Administrative expenses. No amounts were reclassified during the third quarter. |
Other_Income_Details_Textual
Other Income (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
Component Of Other Income Nonoperating [Line Items] | ' | ' |
Pre-tax gain on the sale of a building | ' | $1,526 |
Proceeds from sale of an asset held for sale | $2,196 | $2,196 |
Treasury_Stock_Details_Textual
Treasury Stock (Details Textual) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||
Oct. 31, 2014 | Oct. 31, 2013 | Mar. 21, 2013 | Nov. 25, 2014 | Oct. 31, 2013 | |
Subsequent Event | Movado Group Foundation | ||||
Equity Class Of Treasury Stock [Line Items] | ' | ' | ' | ' | ' |
Stock repurchase program, number of shares authorized | ' | ' | $50,000,000 | $100,000,000 | ' |
Stock repurchase program expiration date | 31-Jan-16 | ' | ' | 31-Jan-16 | ' |
Stock repurchase program, number of shares repurchased | 345,073 | 198,733 | ' | ' | 12,000 |
Stock repurchase program, total cost of shares repurchased | $13,150,000 | $7,450,000 | ' | ' | $400,000 |
Stock repurchase program, average per share price of shares repurchased | $38.11 | $37.49 | ' | ' | $34.43 |
Subsequent_Event_Details_Textu
Subsequent Event (Details Textual) (USD $) | 9 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Oct. 31, 2014 | Mar. 21, 2013 | Nov. 25, 2014 |
Subsequent Event | |||
Subsequent Event [Line Items] | ' | ' | ' |
Stock repurchase program, number of shares authorized | ' | $50 | $100 |
Stock repurchase program expiration date | 31-Jan-16 | ' | 31-Jan-16 |