MOVADO GROUP INC (MOV): auditor change — Movado Group Restates Financials After Dubai Branch Misconduct, Reports Preliminary Q4 Results

MOVADO GROUP INC

Restating FY2022-2024 and interim FY2025 periods due to overstatement of sales and premature recognition in Dubai branch; FY2024 net sales restated from $672.6M to $664.4M.
Former managing director of Dubai branch terminated after misconduct involving falsified documents and third-party warehouse; no impact on other regions.
Material weakness identified in internal controls over financial reporting; remediation measures underway including organizational changes.
Preliminary FY2025 net sales expected at $653.4M, operating income $20.0M, cash $208.5M with no debt; quarterly dividend of $0.35 approved.
Voluntary disclosure to OFAC regarding potential sales to Iran via Dubai branch; believes loss not material.

item 2.02 item 7.01 item 4.02 item 8.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

MOVADO GROUP INC reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: PricewaterhouseCoopers LLP

Exact text from the filing

the Audit Committee of the board of directors of the Company concluded that the consolidated financial statements for the Affected Periods should no longer be relied upon

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Source: SEC EDGAR

accession 0000950142-25-001035

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