Steve Madden Announces Fourth Quarter and Full Year 2021 Results

Rhea-AI Summary

Steve Madden (Nasdaq: SHOO) announced strong financial results for Q4 and the full year 2021, with revenue up 63.9% to $578.5 million and annual revenue reaching $1.9 billion, a 55.3% increase year-over-year. Net income for Q4 was $66.0 million, or $0.81 per share, compared to $22.6 million in 2020. The company’s Board approved a quarterly cash dividend of $0.21 per share, a 40% increase. For 2022, revenue is expected to grow by 10% to 13%, with diluted EPS estimated between $2.66 to $2.76.

Positive

• Q4 2021 revenue increased 63.9% to $578.5 million.
• Net income for Q4 was $66.0 million, or $0.81 per diluted share, up from $22.6 million in 2020.
• Annual revenue for 2021 reached $1.9 billion, up 55.3% year-over-year.
• Approved quarterly cash dividend of $0.21 per share, a 40% increase.

Negative

• Gross profit as a percentage of retail revenue declined to 63.5% compared to 66.2% in Q4 2020.

~ Increases Quarterly Cash Dividend ~

LONG ISLAND CITY, N.Y., Feb. 24, 2022 (GLOBE NEWSWIRE) -- Steve Madden (Nasdaq: SHOO), a leading designer and marketer of fashion-forward footwear, accessories and apparel for women, men and children, today announced financial results for the fourth quarter and full year ended December 31, 2021.

Amounts referred to as “Adjusted” exclude the items defined as “Non-GAAP Adjustments” in the “Non-GAAP Reconciliation” section.

Fourth Quarter 2021 Review

• Revenue increased 63.9% to $578.5 million compared to $353.0 million in the same period of 2020.
• Gross profit as a percentage of revenue increased to 41.2% compared to 38.3% in the same period of 2020. Adjusted gross profit as a percentage of revenue was 38.2% in fourth quarter 2020.
• Operating expenses as a percentage of revenue decreased to 27.0% compared to 31.8% in the same period of 2020. Adjusted operating expenses as a percentage of revenue decreased to 26.2% compared to 30.9% in fourth quarter 2020.
• Income from operations was $79.4 million, or 13.7% of revenue, compared to $21.3 million, or 6.0% of revenue, in the same period of 2020. Adjusted income from operations was $86.9 million, or 15.0% of revenue, compared to $25.6 million, or 7.3% of revenue, in fourth quarter 2020.
• Net income attributable to Steven Madden, Ltd. was $66.0 million, or $0.81 per diluted share, compared to $22.6 million, or $0.28 per diluted share, in the same period of 2020. Adjusted net income attributable to Steven Madden, Ltd. was $70.4 million, or $0.87 per diluted share, compared to $21.8 million, or $0.27 per diluted share, in fourth quarter 2020.
  

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We delivered outstanding results in the fourth quarter, with revenue increasing 38% and diluted EPS more than doubling compared to 2019 – performance that reflects the strength of our brands and the robust consumer demand for the on-trend merchandise assortments created by Steve and our design teams. The exceptional momentum in our direct-to-consumer business continued, with revenue up 63% compared to 2019, and our wholesale business accelerated significantly, with revenue increasing 31% compared to 2019.

“Overall, 2021 was a record year for Steve Madden, as we recorded the highest annual revenue and earnings in our history. Looking ahead, we are confident that, by building on the strong momentum in our business and continuing the disciplined execution of our strategic initiatives, we can drive robust top- and bottom-line growth in 2022 and beyond.”

Fourth Quarter 2021 Segment Results

Revenue for the wholesale business was $410.5 million, a 56.1% increase compared to the fourth quarter of 2020, with a 61.9% increase in wholesale footwear and a 41.7% increase in wholesale accessories/apparel. Gross profit as a percentage of wholesale revenue rose to 31.8% compared to 28.3% in the fourth quarter of 2020.

Direct-to-consumer revenue was $164.7 million, a 91.3% increase compared to the fourth quarter of 2020. Gross profit as a percentage of retail revenue declined to 63.5% compared to 66.2% in the fourth quarter of 2020. Adjusted gross profit as a percentage of direct-to-consumer revenue was 65.6% in fourth quarter of 2020.

The Company ended the quarter with 214 brick-and-mortar retail stores and 6 e-commerce websites, as well as 17 company-operated concessions in international markets.

Full Year Ended December 31, 2021 Review

For the full year ended December 31, 2021, revenue increased 55.3% to $1.9 billion from $1.2 billion in 2020.

Net income attributable to Steven Madden, Ltd. was $190.7 million, or $2.34 per diluted share, for the year ended December 31, 2021 compared to a net loss attributable to Steven Madden, Ltd. of ($18.4) million, or ($0.23) per basic share, for the year ended December 31, 2020. On an Adjusted basis, net income attributable to Steven Madden, Ltd. was $203.7 million, or $2.50 per diluted share, for the year ended December 31, 2021 compared to net income attributable to Steven Madden, Ltd. of $51.8 million, or $0.64 per diluted share, for the year ended December 31, 2020.

Balance Sheet and Cash Flow

As of December 31, 2021, cash, cash equivalents and short-term investments totaled $263.5 million.

During the fourth quarter of 2021, the Company repurchased 1,038,061 shares of the Company's common stock for approximately $48.5 million, which includes shares acquired through the net settlement of employee stock awards. For the full year ended December 31, 2021, the Company repurchased 2,841,405 shares of the Company's common stock for approximately $123.2 million, which includes shares acquired through the net settlement of employee stock awards.

Increased Quarterly Cash Dividend

The Company's Board of Directors approved a quarterly cash dividend of $0.21 per share, reflecting a 40% increase over the previous quarterly dividend. The dividend is payable on March 25, 2022 to stockholders of record as of the close of business on March 11, 2022.

Fiscal 2022 Outlook

For fiscal 2022, the Company expects revenue will increase 10% to 13% over fiscal 2021. The Company expects diluted EPS will be in the range of $2.66 to $2.76. The Company expects Adjusted diluted EPS will be in the range of $2.73 to $2.83.

Conference Call Information

Interested stockholders are invited to listen to the conference call scheduled for today, February 24, 2022 at 8:30 a.m. Eastern Time relating to fourth quarter and fiscal year 2021 earnings and fiscal 2022 outlook. The call will be broadcast live over the Internet and can be accessed by logging onto https://investor.stevemadden.com. An online archive of the broadcast will be available within two hours of the conclusion of the call and will remain available for 12 months following the live call.

About Steve Madden

Steve Madden designs, sources and markets fashion-forward footwear, accessories and apparel for women, men and children. In addition to marketing products under its own brands including Steve Madden®, Dolce Vita®, Betsey Johnson®, Blondo®, GREATS®, BB Dakota® and Mad Love®, Steve Madden is a licensee of various brands, including Anne Klein® and Superga®. Steve Madden also designs and sources products under private label brand names for various retailers. Steve Madden’s wholesale distribution includes department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers and independent stores. Steve Madden also operates retail stores and e-commerce websites. Steve Madden licenses certain of its brands to third parties for the marketing and sale of certain products, including outerwear, eyewear, hosiery, jewelry, hair accessories, sunglasses, swimwear, activewear, fragrance, luggage, bedding and bath products as well as other select product categories. For local store information and the latest Steve Madden boots, booties, dress shoes, fashion sneakers, sandals, slippers and more, please visit www.stevemadden.com.

Safe Harbor Statement Under the U.S. Private Securities Litigation Reform Act of 1995

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, among others, statements regarding revenue and earnings guidance, plans, strategies, objectives, expectations and intentions. Forward-looking statements can be identified by words such as: “may”, “will”, “expect”, “believe”, “should”, “anticipate”, “project”, “predict”, “plan”, “intend”, “estimate”, or “confident” and similar expressions or the negative of these expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they represent the Company’s current beliefs, expectations and assumptions regarding anticipated events and trends affecting its business and industry based on information available as of the time such statements are made. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which may be outside of the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in these forward-looking statements. As such, investors should not rely upon them. Important risk factors include:

• the Company’s ability to maintain adequate liquidity when negatively impacted by unforeseen events such as an epidemic or the ongoing COVID-19 pandemic, which may cause disruption to the Company’s business operations for an indeterminable period of time;
• the Company’s ability to accurately anticipate fashion trends and promptly respond to consumer demand;
• the Company’s ability to compete effectively in a highly competitive market;
• the Company’s ability to adapt its business model to rapid changes in the retail industry;
• the Company’s dependence on the retention and hiring of key personnel;
• the Company’s ability to successfully implement growth strategies and integrate acquired businesses;
• the Company’s reliance on independent manufacturers to produce and deliver products in a timely manner, especially when faced with adversities such as work stoppages, transportation delays, public health emergencies, social unrest, changes in local economic conditions, and political upheavals as well as meet the Company’s quality standards;
• changes in trade policies and tariffs imposed by the United States government and the governments of other nations in which the Company manufactures and sells products;
• disruptions to product delivery systems and the Company’s ability to properly manage inventory;
• the Company’s ability to adequately protect its trademarks and other intellectual property rights;
• legal, regulatory, political and economic risks that may affect the Company’s sales in international markets;
• changes in U.S. and foreign tax laws that could have an adverse effect on the Company’s financial results;
• additional tax liabilities resulting from audits by various taxing authorities;
• the Company’s ability to achieve operating results that are consistent with prior financial guidance; and
• other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission.
  

The Company does not undertake any obligation to publicly update any forward-looking statement, including, without limitation, any guidance regarding revenue or earnings, whether as a result of new information, future developments or otherwise.

STEVEN MADDEN, LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS DATA
(In thousands, except per share amounts)
		Three Months Ended								Twelve Months Ended
		December 31, 2021				December 31, 2020				December 31, 2021				December 31, 2020
		(Unaudited)				(Unaudited)				(Unaudited)
Net sales		$	575,137			$	349,066			$	1,853,902			$	1,188,943
Commission and licensing fee income			3,344				3,901				12,240				12,871
Total revenue			578,481				352,967				1,866,142				1,201,814
Cost of sales			340,141				217,655				1,098,645				737,273
Gross profit			238,340				135,312				767,497				464,541
Operating expenses			155,960				112,224				519,848				414,978
Impairment of intangibles			2,620				1,745				2,620				44,273
Impairment of lease right-of-use assets and fixed assets			343				—				1,432				36,895
Income / (loss) from operations			79,417				21,343				243,597				(31,605	)
Interest and other (expense) / income, net			(513	)			129				(1,529	)			1,620
Income / (loss) before provision / (benefit) for income taxes			78,904				21,472				242,068				(29,985	)
Provision / (benefit) for income taxes			12,781				(2,338	)			49,609				(11,704	)
Net income / (loss)			66,123				23,810				192,459				(18,281	)
Less: net income attributable to noncontrolling interest			136				1,219				1,781				116
Net income / (loss) attributable to Steven Madden, Ltd.		$	65,987			$	22,591			$	190,678			$	(18,397	)
Basic income / (loss) per share		$	0.85			$	0.29			$	2.43			$	(0.23	)
Diluted income / (loss) per share		$	0.81			$	0.28			$	2.34			$	(0.23	)
Basic weighted average common shares outstanding			77,718				78,588				78,442				78,635
Diluted weighted average common shares outstanding			81,207				81,414				81,628				78,635
Cash dividends declared per common share		$	0.15			$	—			$	0.60			$	0.15

STEVEN MADDEN, LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(In thousands)
		As of
		December 31, 2021			December 31, 2020
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	219,499		$	247,864
Short-term investments			44,037			39,302
Accounts receivable, net of allowances			26,546			25,044
Factor accounts receivable			364,982			252,671
Inventories			255,213			101,420
Prepaid expenses and other current assets			20,845			17,415
Income tax receivable and prepaid income taxes			13,538			14,525
Total current assets			944,660			698,241
Note receivable – related party			794			1,180
Property and equipment, net			35,790			43,268
Operating lease right-of-use asset			85,449			101,379
Deferred tax assets			4,581			5,415
Deposits and other			4,180			4,822
Goodwill – net			167,995			168,265
Intangibles – net			112,093			115,191
Total Assets		$	1,355,542		$	1,137,761
LIABILITIES
Current liabilities:
Accounts payable		$	136,766		$	73,904
Accrued expenses			243,163			118,083
Operating leases - current portion			30,759			34,257
Income taxes payable			4,522			5,799
Contingent payment liability – current portion			5,109			—
Accrued incentive compensation			14,871			3,873
Total current liabilities			435,190			235,916
Contingent payment liability			6,960			207
Operating leases – long-term portion			80,072			98,592
Deferred tax liabilities			3,378			2,562
Other liabilities			9,404			10,115
Total Liabilities			535,004			347,392
STOCKHOLDERS’ EQUITY
Total Steven Madden, Ltd. stockholders’ equity			812,098			776,586
Noncontrolling interest			8,440			13,783
Total stockholders’ equity			820,538			790,369
Total Liabilities and Stockholders’ Equity		$	1,355,542		$	1,137,761

STEVEN MADDEN, LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED CASH FLOW DATA
(In thousands)
		Twelve Months Ended
		December 31, 2021				December 31, 2020
		(Unaudited)
Cash flows from operating activities:
Net income/(loss)		$	192,459			$	(18,281	)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities
Stock-based compensation			22,278				22,639
Depreciation and amortization			15,208				17,360
Loss on disposal of fixed assets			526				561
Impairment of intangibles			2,620				44,273
Impairment of lease right-of-use asset and fixed assets			1,432				36,895
Deferred taxes			1,280				(8,353	)
Accrued interest on note receivable – related party			(23	)			(31	)
Note receivable – related party			409				409
Change in valuation of contingent liability			11,862				(8,917	)
Gain on sale of trademark			(8,000	)			—
Recovery of receivables, related to the Payless ShoeSource bankruptcy			(919	)			—
Changes, net of acquisitions, in:
Accounts receivable			(583	)			13,122
Factor accounts receivable			(112,311	)			(36,200	)
Inventories			(153,793	)			35,476
Prepaid expenses, income tax receivables, prepaid taxes, and other current assets			(1,899	)			(10,129	)
Accounts payable and accrued expenses			185,741				(34,207	)
Accrued incentive compensation			10,998				(7,061	)
Leases and other liabilities			(7,822	)			(3,350	)
Net cash provided by operating activities			159,463				44,206
Cash flows from investing activities:
Capital expenditures			(6,608	)			(6,562	)
Purchases of short-term investments			(68,471	)			(73,792	)
Maturity/sale of marketable securities and short-term investments			63,867				75,470
Proceeds from sale of a trademark			8,000				—
Net cash used in investing activities			(3,212	)			(4,884	)
Cash flows from financing activities:
Proceeds from exercise of stock options			9,732				1,609
Investment of noncontrolling interest			—				359
Acquisition of incremental ownership of joint ventures			(18,942	)			—
Distributions to noncontrolling interest earnings			(3,121	)			—
Common stock purchased for treasury			(123,161	)			(46,583	)
Cash dividends paid on common stock			(49,161	)			(12,459	)
Advances from factor			—				176,784
Repayments of advances from factor			—				(176,784	)
Net cash used in financing activities			(184,653	)			(57,074	)
Effect of exchange rate changes on cash and cash equivalents			37				1,515
Net decrease in cash, cash equivalents			(28,365	)			(16,237	)
Cash and cash equivalents – beginning of year			247,864				264,101
Cash and cash equivalents – end of year		$	219,499			$	247,864

STEVEN MADDEN, LTD. AND SUBSIDIARIES

NON-GAAP RECONCILIATION

(In thousands, except per share amounts)

(Unaudited)

The Company uses non-GAAP financial information to evaluate its operating performance and in order to represent the manner in which the Company conducts and views its business. Additionally, the Company believes the information assists investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding items that are not indicative of its core business. The non-GAAP financial information is provided in addition to, and not as an alternative to, the Company’s reported results prepared in accordance with GAAP.

Table 1 - Reconciliation of GAAP gross profit to Adjusted gross profit
		Three Months Ended								Twelve Months Ended
		December 31, 2021				December 31, 2020				December 31, 2021				December 31, 2020
GAAP gross profit		$	238,340			$	135,312			$	767,497			$	464,541
Non-GAAP Adjustments			—				(532	)			—				(532	)
Adjusted gross profit		$	238,340			$	134,780			$	767,497			$	464,009

Table 2 - Reconciliation of GAAP operating expenses to Adjusted operating expenses
		Three Months Ended								Twelve Months Ended
		December 31, 2021				December 31, 2020				December 31, 2021				December 31, 2020
GAAP operating expenses		$	155,960			$	112,224			$	519,848			$	414,978
Non-GAAP Adjustments			(4,499	)			(3,038	)			(14,216	)			(15,985	)
Adjusted operating expenses		$	151,461			$	109,186			$	505,632			$	398,993

Table 3 - Reconciliation of GAAP income / (loss) from operations to Adjusted income from operations
		Three Months Ended								Twelve Months Ended
		December 31, 2021				December 31, 2020				December 31, 2021				December 31, 2020
GAAP income / (loss) from operations		$	79,417			$	21,343			$	243,597			$	(31,605	)
Non-GAAP Adjustments			7,462				4,251				18,267				96,621
Adjusted income from operations		$	86,879			$	25,594			$	261,864			$	65,016

Table 4 - Reconciliation of GAAP interest and other (expense) / income, net to Adjusted interest and other (expense) / income, net
		Three Months Ended								Twelve Months Ended
		December 31, 2021				December 31, 2020				December 31, 2021				December 31, 2020
GAAP interest and other (expense) / income, net		$	(513	)		$	129			$	(1,529	)		$	1,620
Non-GAAP Adjustments			—				—				500				—
Adjusted interest and other (expense) / income, net		$	(513	)		$	129			$	(1,029	)		$	1,620

Table 5 - Reconciliation of GAAP provision / (benefit) for income taxes to Adjusted provision for income taxes
		Three Months Ended								Twelve Months Ended
		December 31, 2021				December 31, 2020				December 31, 2021				December 31, 2020
GAAP provision / (benefit) for income taxes		$	12,781			$	(2,338	)		$	49,609			$	(11,704	)
Non-GAAP Adjustments			3,015				5,763				5,726				25,453
Adjusted provision for income taxes		$	15,796			$	3,425			$	55,335			$	13,749

Table 6 - Reconciliation of GAAP net income attributable to noncontrolling interest to Adjusted net income attributable to noncontrolling interest
		Three Months Ended								Twelve Months Ended
		December 31, 2021				December 31, 2020				December 31, 2021				December 31, 2020
GAAP net income attributable to noncontrolling interest		$	136			$	1,219			$	1,781			$	116
Non-GAAP Adjustments			13				(698	)			37				933
Adjusted net income attributable to noncontrolling interest		$	149			$	521			$	1,818			$	1,049

       

Table 7 - Reconciliation of GAAP net income / (loss) attributable to Steve Madden, Ltd. to Adjusted net income attributable to Steve Madden, Ltd.
		Three Months Ended								Twelve Months Ended
		December 31, 2021				December 31, 2020				December 31, 2021				December 31, 2020
GAAP net income / (loss) attributable to Steven Madden, Ltd.		$	65,987			$	22,591			$	190,678			$	(18,397	)
Non-GAAP Adjustments			4,433				(814	)			13,004				70,233
Adjusted net income attributable to Steven Madden, Ltd.		$	70,420			$	21,777			$	203,682			$	51,836
GAAP diluted income / (loss) per share		$	0.81			$	0.28			$	2.34			$	(0.23	)
Adjusted diluted income per share		$	0.87			$	0.27			$	2.50			$	0.64

Non-GAAP Adjustments include the items below.

For the fourth quarter 2021:

• $4.0 million pre-tax ($3.1 million after-tax) expense in connection with the change in valuation of contingent considerations, included in operating expenses.
• $2.6 million pre-tax ($2.0 million after-tax) expense in connection with the impairment of a trademark.
• $0.4 million pre-tax ($0.2 million after-tax) expense in connection with a sublease and related exit costs, included in operating expenses.
• $0.3 million pre-tax ($0.3 million after-tax) expense in connection with the impairment of fixed assets and lease right-of-use assets.
• $0.1 million pre-tax ($0.1 million after-tax) expense in connection with restructuring and related charges, included in operating expenses.
• $1.3 million tax benefit in connection with the release of a liability for an uncertain tax position.

For the fourth quarter 2020:

• $5.1 million pre-tax ($3.9 million after-tax) expense in connection with rent restructuring of various leases, included in operating expenses.
• $1.7 million pre-tax ($1.4 million after-tax) expense in connection with the impairment of a trademark.
• $1.2 million pre-tax ($0.9 million after-tax) benefit in connection with the change in valuation of contingent considerations, included in operating expenses.
• $1.1 million pre-tax ($0.9 million after-tax) benefit in connection with the recovery from the Payless ShoeSource bankruptcy, included in operating expenses.
• $0.5 million pre-tax ($0.4 million after-tax) benefit in connection with the termination of a joint venture, included in cost of goods sold.
• $0.2 million pre-tax ($0.2 million after-tax) expense in connection with restructuring and related charges, included in operating expenses.
• $4.2 million tax benefit in connection with the net operating loss carryback provision of the CARES Act.
• $0.5 million tax benefit in connection with the tax treatment of a prior-year bad debt.
• $0.7 million benefit in connection with adjustments attributable to noncontrolling interest.
  

For the fiscal year 2021:

• $11.9 million pre-tax ($9.1 million after-tax) expense in connection with the change in valuation of contingent considerations, included in operating expenses.
• $9.9 million pre-tax ($7.4 million after-tax) expense in connection with rent restructuring of various leases, included in operating expenses.
• $8.0 million pre-tax ($6.1 million after-tax) benefit in connection with the sale of a trademark, included in operating expenses.
• $2.6 million pre-tax ($2.0 million after-tax) expense in connection with the impairment of a trademark.
• $1.5 million pre-tax ($1.2 million after-tax) expense in connection with restructuring and related charges, included in operating expenses.
• $1.4 million pre-tax ($0.9 million after-tax) expense in connection with the impairment of fixed assets and lease right-of-use assets.
• $0.9 million pre-tax ($0.7 million after-tax) benefit in connection with a recovery in connection with the Payless ShoeSource bankruptcy, included in operating expenses.
• $0.5 million pre-tax ($0.4 million after-tax) expense in connection with the write-off of an investment, included in interest and other (expense) / income, net.
• $1.3 million tax benefit in connection with the release of a liability for an uncertain tax position.
  

For the fiscal year 2020:

• $44.3 million pre-tax ($33.8 million after-tax) expense in connection with the impairment of certain trademarks.
• $36.9 million pre-tax ($27.9 million after-tax) expense in connection with the impairment of fixed assets and lease right-of-use assets.
• $13.5 million pre-tax ($10.3 million after-tax) expense in connection with rent restructuring of various leases, included in operating expenses.
• $7.1 million pre-tax ($5.4 million after-tax) expense in connection with restructuring and related charges, included in operating expenses.
• $6.2 million pre-tax ($4.8 million after-tax) benefit in connection with the change in valuation of contingent considerations, included in operating expenses.
• $2.0 million pre-tax ($1.5 million after-tax) expense in connection with benefits provided to furloughed employees, included in operating expenses.
• $1.1 million pre-tax ($0.9 million after-tax) benefit in connection with the recovery from the Payless ShoeSource bankruptcy, included in operating expenses.
• $0.7 million pre-tax ($0.5 million after-tax) expense in connection with a provision for a loan receivable, included in operating expenses.
• $0.5 million pre-tax ($0.4 million after-tax) benefit in connection with the termination of a joint venture, included in cost of goods sold.
• $0.9 million loss in connection with adjustments attributable to noncontrolling interest.
• $4.2 million tax benefit in connection with the net operating loss carryback provision of the CARES Act.
• $1.9 million net tax expense in connection with deferred and foreign uncertain tax position adjustments.

For the fiscal year 2022 outlook:

• $7.1 million pre-tax ($5.3 million after-tax) expense in connection with the accelerated amortization of a trademark.
  

Contact

Steven Madden, Ltd.
Director of Corporate Development & Investor Relations
Danielle McCoy
718-308-2611
InvestorRelations@stevemadden.com

FAQ

What were Steve Madden's Q4 2021 earnings results for stock SHOO?

Steve Madden reported Q4 2021 revenue of $578.5 million, net income of $66.0 million, or $0.81 per diluted share.

How much did Steve Madden increase its quarterly dividend in 2022?

Steve Madden increased its quarterly cash dividend by 40% to $0.21 per share.

What is the revenue forecast for Steve Madden in fiscal 2022?

Steve Madden expects revenue to increase by 10% to 13% over fiscal 2021.

What was Steve Madden's annual revenue for 2021?

Steve Madden's annual revenue for 2021 was $1.9 billion.

What were the net income figures for Steve Madden in 2021?

In 2021, Steve Madden had a net income of $190.7 million, or $2.34 per diluted share.