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Steve Madden Announces Third Quarter 2024 Results

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Steve Madden (SHOO) reported strong Q3 2024 results with revenue increasing 13.0% to $624.7 million. Gross profit margin decreased slightly to 41.5% from 42.1% year-over-year. Net income was $55.3 million, or $0.77 per diluted share, compared to $64.4 million, or $0.87 per diluted share in Q3 2023. Wholesale revenue grew 14.4% to $495.7 million, while direct-to-consumer revenue increased 7.8% to $125.5 million. The company raised its 2024 guidance, now expecting revenue growth of 13-14% and adjusted diluted EPS of $2.62-$2.67.

Steve Madden (SHOO) ha riportato risultati solidi per il terzo trimestre del 2024, con un aumento del fatturato del 13,0% a 624,7 milioni di dollari. Il margine di profitto lordo è diminuito leggermente al 41,5% rispetto al 42,1% dell'anno precedente. L'utile netto è stato di 55,3 milioni di dollari, ovvero 0,77 dollari per azione diluita, rispetto ai 64,4 milioni di dollari, pari a 0,87 dollari per azione diluita nel terzo trimestre del 2023. Il fatturato all'ingrosso è cresciuto del 14,4% a 495,7 milioni di dollari, mentre il fatturato diretto ai consumatori è aumentato del 7,8% a 125,5 milioni di dollari. L'azienda ha alzato le stime per il 2024, ora prevedendo una crescita del fatturato del 13-14% e un utile per azione diluita rettificato di 2,62-2,67 dollari.

Steve Madden (SHOO) reportó resultados sólidos para el tercer trimestre de 2024, con un aumento del ingreso del 13,0% a 624,7 millones de dólares. El margen de beneficio bruto disminuyó ligeramente al 41,5% desde el 42,1% del año anterior. La ganancia neta fue de 55,3 millones de dólares, o 0,77 dólares por acción diluida, en comparación con 64,4 millones de dólares, o 0,87 dólares por acción diluida en el tercer trimestre de 2023. Los ingresos mayoristas crecieron un 14,4% a 495,7 millones de dólares, mientras que los ingresos directos al consumidor aumentaron un 7,8% a 125,5 millones de dólares. La empresa ha elevado sus proyecciones para 2024, ahora espera un crecimiento de ingresos del 13-14% y un EPS diluido ajustado de 2,62-2,67 dólares.

스티브 매든 (SHOO)은 2024년 3분기 강력한 실적을 보고하며, 수익이 13.0% 증가한 6억 2,470만 달러에 달했습니다. 총 이익 마진은 전년 대비 42.1%에서 41.5%로 소폭 감소했습니다. 순수익은 5,530만 달러, 즉 희석 주당 0.77달러로, 2023년 3분기 6,440만 달러, 주당 0.87달러에 비해 감소했습니다. 도매 수익은 14.4% 증가하여 4억 9,570만 달러에 달했고, 소비자 직접 판매 수익은 7.8% 증가하여 1억 2,550만 달러에 이르렀습니다. 회사는 2024년 매출 증가율을 13-14%로 조정하고 희석 조정 EPS를 2.62-2.67달러로 예상하고 있습니다.

Steve Madden (SHOO) a annoncé des résultats solides pour le troisième trimestre 2024, avec une augmentation du chiffre d'affaires de 13,0% pour atteindre 624,7 millions de dollars. La marge brute a légèrement diminué, passant de 42,1% à 41,5% d'une année sur l'autre. Le revenu net s'est élevé à 55,3 millions de dollars, soit 0,77 dollar par action diluée, contre 64,4 millions de dollars, soit 0,87 dollar par action diluée au troisième trimestre de 2023. Le chiffre d'affaires de gros a augmenté de 14,4% pour atteindre 495,7 millions de dollars, tandis que le chiffre d'affaires direct aux consommateurs a progressé de 7,8% pour atteindre 125,5 millions de dollars. L'entreprise a relevé ses prévisions pour 2024, s'attendant maintenant à une croissance du chiffre d'affaires de 13 à 14% et à un bénéfice par action dilué ajusté de 2,62 à 2,67 dollars.

Steve Madden (SHOO) hat für das dritte Quartal 2024 starke Ergebnisse berichtet, mit einem Umsatzwachstum von 13,0% auf 624,7 Millionen US-Dollar. Die Bruttogewinnmarge ist leicht auf 41,5% gesunken, von 42,1% im Vorjahr. Der Nettogewinn betrug 55,3 Millionen US-Dollar, oder 0,77 US-Dollar pro verwässerter Aktie, im Vergleich zu 64,4 Millionen US-Dollar, oder 0,87 US-Dollar pro verwässerter Aktie im dritten Quartal 2023. Der Großhandelsumsatz stieg um 14,4% auf 495,7 Millionen US-Dollar, während die Direktverkäufe an Verbraucher um 7,8% auf 125,5 Millionen US-Dollar zunahmen. Das Unternehmen hat seine Prognose für 2024 angehoben und erwartet jetzt ein Umsatzwachstum von 13-14% sowie einen bereinigten verwässerten EPS von 2,62-2,67 US-Dollar.

Positive
  • Revenue increased 13.0% to $624.7 million
  • Wholesale revenue grew 14.4% to $495.7 million
  • Direct-to-consumer revenue increased 7.8% to $125.5 million
  • Wholesale accessories/apparel revenue increased 54.2%
  • Company raised full-year 2024 guidance
Negative
  • Gross profit margin declined to 41.5% from 42.1%
  • Operating expenses as percentage of revenue increased to 28.6% from 27.1%
  • Net income decreased to $55.3 million from $64.4 million YoY
  • Wholesale footwear revenue decreased 2.2%

Insights

Steve Madden's Q3 results show mixed performance with notable strengths and challenges. Revenue grew significantly by 13.0% to $624.7 million, primarily driven by wholesale business and international expansion. However, profitability metrics declined, with operating margin dropping to 11.9% from 15.0% year-over-year.

The acquisition of Almost Famous has significantly boosted wholesale accessories/apparel revenue, showing 54.2% growth. Direct-to-consumer performance improved with 7.8% revenue growth and better margins due to reduced promotional activity. The company's updated guidance projecting 13-14% revenue growth and adjusted EPS of $2.62-$2.67 reflects confidence in continued momentum.

Key concerns include inventory levels increasing to $268.7 million from $205.7 million YoY and declining gross margins. However, strong cash position of $150.5 million and continued shareholder returns through dividends and buybacks demonstrate financial stability.

LONG ISLAND CITY, N.Y., Nov. 07, 2024 (GLOBE NEWSWIRE) -- Steven Madden, Ltd. (Nasdaq: SHOO), a leading designer and marketer of fashion-forward footwear, accessories and apparel, today announced financial results for the third quarter ended September 30, 2024.

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

Third Quarter 2024 Results

  • Revenue increased 13.0% to $624.7 million, compared to $552.7 million in the same period of 2023.
  • Gross profit as a percentage of revenue was 41.5%, compared to 42.1% in the same period of 2023. Adjusted gross profit as a percentage of revenue was 41.6% in the third quarter of 2024.
  • Operating expenses as a percentage of revenue were 28.6%, compared to 27.1% in the same period of 2023. Adjusted operating expenses as a percentage of revenue were 27.9%, compared to 27.0% in the same period of 2023.
  • Income from operations totaled $74.6 million, or 11.9% of revenue, compared to $82.7 million, or 15.0% of revenue, in the same period of 2023. Adjusted income from operations totaled $85.4 million, or 13.7% of revenue, compared to $83.4 million, or 15.1% of revenue, in the same period of 2023.
  • Net income attributable to Steven Madden, Ltd. was $55.3 million, or $0.77 per diluted share, compared to $64.4 million, or $0.87 per diluted share, in the same period of 2023. Adjusted net income attributable to Steven Madden, Ltd. was $64.8 million, or $0.91 per diluted share, compared to $65.1 million, or $0.88 per diluted share, in the same period of 2023.

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We delivered strong results in the third quarter, with revenue and Adjusted earnings exceeding expectations. This performance was driven by outstanding growth in the accessories and apparel categories – including another quarter of exceptional performance in Steve Madden handbags and a strong contribution from newly acquired Almost Famous – and robust top line gains in international markets and direct-to-consumer channels, demonstrating our team’s strong execution of our key strategic initiatives. Based on these results, we are raising our guidance for 2024 revenue and Adjusted earnings.”

Third Quarter 2024 Channel Results

Revenue for the wholesale business was $495.7 million, a 14.4% increase compared to the third quarter of 2023. Excluding the newly acquired Almost Famous, wholesale revenue increased 4.8%. Wholesale footwear revenue decreased 2.2%. Wholesale accessories/apparel revenue increased 54.2%, or 21.6% excluding Almost Famous. Gross profit as a percentage of wholesale revenue was 35.5%, compared to 35.9% in the third quarter of 2023, driven by the impact of Almost Famous.

Direct-to-consumer revenue was $125.5 million, a 7.8% increase compared to the third quarter of 2023. Gross profit as a percentage of direct-to-consumer revenue increased to 64.0%, compared to 63.7% in the third quarter of 2023, driven by reduced promotional activity.

The Company ended the quarter with 282 brick-and-mortar retail stores and five e-commerce websites, as well as 67 company-operated concessions in international markets.

Balance Sheet and Cash Flow Highlights

As of September 30, 2024, cash, cash equivalents and short-term investments totaled $150.5 million. Inventory totaled $268.7 million, compared to $205.7 million at the end of the third quarter of 2023.

During the third quarter of 2024, the Company spent $20.2 million on repurchases of its common stock, which includes shares acquired through the net settlement of employees’ stock awards.

Quarterly Cash Dividend

The Company’s Board of Directors approved a quarterly cash dividend of $0.21 per share. The dividend is payable on December 27, 2024 to stockholders of record as of the close of business on December 13, 2024.

Updated 2024 Outlook

For fiscal 2024, the Company now expects revenue will increase 13% to 14% compared to 2023. The Company now expects diluted EPS will be in the range of $2.36 to $2.41. The Company now expects Adjusted diluted EPS will be in the range of $2.62 to $2.67.

Conference Call Information

Interested stockholders are invited to listen to the conference call scheduled for today, November 7, 2024, at 8:30 a.m. Eastern Time, which will include a discussion of the Company's third quarter 2024 earnings results and 2024 outlook. The call will be webcast live on the Company’s website at https://investor.stevemadden.com. A webcast replay of the conference call will be available on the Company's website or via the following webcast link https://edge.media-server.com/mmc/p/ktw3zrco
beginning today at approximately 10:00 a.m. Eastern Time.

About Steve Madden

Steve Madden designs, sources and markets fashion-forward footwear, accessories and apparel. In addition to marketing products under its own brands including Steve Madden®, Dolce Vita®, Betsey Johnson®, and Blondo®, Steve Madden licenses footwear, handbags and other accessory categories for the Anne Klein® brand. 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 directly operates brick-and-mortar retail stores and e-commerce websites. In addition, Steve Madden licenses certain of its brands to third parties for the marketing and sale of certain products in the apparel, accessory and home categories. For local store information and the latest boots, booties, fashion sneakers, dress shoes, sandals, and more, please visit www.stevemadden.com, www.dolcevita.com and our other branded websites.

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 risks and uncertainties include:

  • geopolitical tensions in the regions in which we operate and any related challenging macroeconomic conditions globally that may materially adversely affect our customers, vendors, and partners, and the duration and extent to which these factors may impact our future business and operations, results of operations and financial condition;
  • the Company’s ability to navigate shifting macro-economic environments, including but not limited to inflation and the potential for recessionary conditions;
  • 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;
  • supply chain disruptions to product delivery systems and logistics, and the Company’s ability to properly manage inventory;
  • 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 their ability to meet the Company’s quality standards;
  • the Company’s dependence on the hiring and retention of key personnel;
  • the Company’s ability to successfully implement growth strategies and integrate acquired businesses;
  • 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;
  • the Company’s ability to adequately protect its trademarks and other intellectual property rights;
  • the Company’s ability to maintain adequate liquidity when negatively impacted by unforeseen events such as an epidemic or a pandemic, which may cause disruption to the Company’s business operations for an indeterminable period of time;
  • 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;
  • cybersecurity risks and costs of defending against, mitigating, and responding to data security threats and breaches impacting the Company;
  • 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, and disclaims, 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 STATEMENTS OF INCOME

(In thousands, except per share amounts)
(Unaudited)

  Three Months Ended Nine Months Ended
  September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
         
Net sales $621,170  $549,846 $1,693,446 $1,454,420
Licensing fee income  3,505   2,886  7,163  7,448
Total revenue  624,675   552,732  1,700,609  1,461,868
Cost of sales  365,131   320,107  999,121  844,281
Gross profit  259,544   232,625  701,488  617,587
Operating expenses  178,915   149,887  507,343  444,298
Change in valuation of contingent payment liability  (2,584)    5,616  
Impairment of intangibles  8,635     10,335  
Income from operations  74,578   82,738  178,194  173,289
Interest and other income, net  1,400   1,922  4,309  5,898
Income before provision for income taxes  75,978   84,660  182,503  179,187
Provision for income taxes  19,390   19,552  44,404  42,219
Net income  56,588   65,108  138,099  136,968
Less: net income attributable to noncontrolling interest  1,310   695  3,510  1,295
Net income attributable to Steven Madden, Ltd. $55,278  $64,413 $134,589 $135,673
         
Basic income per share $0.78  $0.88 $1.88 $1.84
         
Diluted income per share $0.77  $0.87 $1.87 $1.81
         
Basic weighted average common shares outstanding  70,806   72,943  71,516  73,679
         
Diluted weighted average common shares outstanding  71,569   74,071  72,135  74,917
         
Cash dividends declared per common share $0.21  $0.21 $0.63 $0.63
              

STEVEN MADDEN, LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

    As of  
  September 30, 2024 December 31, 2023 September 30, 2023
  (Unaudited)   (Unaudited)
ASSETS      
Current assets:      
Cash and cash equivalents $139,414 $204,640 $191,804
Short-term investments  11,064  15,173  14,641
Accounts receivable, net of allowances  56,297  40,246  58,538
Factor accounts receivable  426,408  320,723  342,871
Inventories  268,669  228,990  205,693
Prepaid expenses and other current assets  28,041  29,009  24,334
Income tax receivable and prepaid income taxes  14,950  16,051  15,702
Total current assets  944,843  854,832  853,583
Note receivable - related party      100
Property and equipment, net  52,906  47,199  44,920
Operating lease right-of-use asset  148,391  122,783  113,058
Deposits and other  20,166  16,250  10,567
Deferred tax assets  609  609  1,570
Goodwill  181,905  180,003  168,612
Intangibles, net  108,308  126,267  99,817
Total Assets $1,457,128 $1,347,943 $1,292,227
LIABILITIES      
Current liabilities:      
Accounts payable $225,586 $161,140 $140,623
Accrued expenses  150,067  154,751  129,754
Operating leases - current portion  43,812  40,342  36,521
Income taxes payable  12,435  5,998  13,519
Contingent payment liability - current portion  7,716  3,325  1,153
Accrued incentive compensation  13,347  12,068  10,190
Total current liabilities  452,963  377,624  331,760
Contingent payment liability - long-term portion  11,200  9,975  
Operating leases - long-term portion  118,674  98,536  91,916
Deferred tax liabilities  8,777  8,606  3,923
Other liabilities  5,448  5,170  10,914
Total Liabilities  597,062  499,911  438,513
       
STOCKHOLDERS’ EQUITY      
Total Steven Madden, Ltd. stockholders’ equity  833,923  829,598  837,038
Noncontrolling interest  26,143  18,434  16,676
Total stockholders’ equity  860,066  848,032  853,714
Total Liabilities and Stockholders’ Equity $1,457,128 $1,347,943 $1,292,227
          

STEVEN MADDEN, LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)
(Unaudited) 

  Nine Months Ended
  September 30, 2024 September 30, 2023
Cash flows from operating activities:    
Net income $138,099  $136,968 
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation  19,531   18,169 
Depreciation and amortization  14,736   11,138 
Loss on disposal of fixed assets  112   204 
Impairment of intangibles  10,335    
Loss on divestiture of business  3,199    
Impairment of lease right-of-use asset     95 
Accrued interest on note receivable - related party     (6)
Notes receivable - related party     307 
Change in valuation of contingent payment liability  5,616    
Other operating activities  (48)  417 
Changes, net of acquisitions, in:    
Accounts receivable  (15,794)  (20,601)
Factor accounts receivable  (108,276)  (93,274)
Inventories  (39,064)  23,541 
Prepaid expenses, income tax receivables, prepaid taxes, and other assets  (864)  (264)
Accounts payable and accrued expenses  66,853   4,991 
Accrued incentive compensation  1,382   (1,598)
Leases and other liabilities  (1,572)  (2,331)
     
  Net cash provided by operating activities  94,245   77,756 
     
Cash flows from investing activities:    
Capital expenditures  (16,642)  (13,899)
Purchases of short-term investments  (12,840)  (15,979)
Maturity/sale of short-term investments  16,654   16,335 
Acquisition of business  (4,259)   
Other investing activities  372    
  Net cash used in investing activities  (16,715)  (13,543)
     
Cash flows from financing activities:    
Common stock repurchased and net settlements of stock awards  (95,788)  (104,215)
Proceeds from exercise of stock options  1,086   1,171 
Investment of noncontrolling interest     4,582 
Cash dividends paid on common stock  (45,880)  (47,594)
Distribution of noncontrolling interest     (1,102)
  Net cash used in financing activities  (140,582)  (147,158)
Effect of exchange rate changes on cash and cash equivalents  (2,174)  36 
  Net decrease in cash and cash equivalents  (65,226)  (82,909)
Cash and cash equivalents – beginning of period  204,640   274,713 
     
Cash and cash equivalents – end of period $139,414  $191,804 
         

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 Nine Months Ended
  September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
         
GAAP gross profit $259,544 $232,625 $701,488 $617,587
Non-GAAP Adjustments  59    393  
Adjusted gross profit $259,603 $232,625 $701,881 $617,587

 

Table 2 - Reconciliation of GAAP operating expenses to Adjusted operating expenses    
  Three Months Ended Nine Months Ended
  September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
         
GAAP operating expenses $178,915  $149,887  $507,343  $444,298 
Non-GAAP Adjustments  (4,680)  (622)  (6,301)  (2,298)
Adjusted operating expenses $174,235  $149,265  $501,042  $442,000 

 

Table 3 - Reconciliation of GAAP income from operations to Adjusted income from operations
  Three Months Ended Nine Months Ended
  September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
         
GAAP income from operations $74,578 $82,738 $178,194 $173,289
Non-GAAP Adjustments  10,790  622  22,645  2,298
Adjusted income from operations $85,368 $83,360 $200,839 $175,587

 

Table 4 - Reconciliation of GAAP provision for income taxes to Adjusted provision for income taxes
  Three Months Ended Nine Months Ended
  September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
         
GAAP provision for income taxes $19,390 $19,552  $44,404 $42,219
Non-GAAP Adjustments  1,238  (85)  4,032  309
Adjusted provision for income taxes $20,628 $19,467  $48,436 $42,528

 

Table 5 - Reconciliation of GAAP net income attributable to noncontrolling interest to Adjusted net income attributable to noncontrolling interest
  Three Months Ended Nine Months Ended
  September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
         
GAAP net income attributable to noncontrolling interest $1,310 $695 $3,510 $1,295
Non-GAAP Adjustments  25    155  
Adjusted net income attributable to noncontrolling interest $1,335 $695 $3,665 $1,295

 

Table 6 - Reconciliation of GAAP net income attributable to Steven Madden, Ltd. to Adjusted net income attributable to Steven Madden, Ltd.
  Three Months Ended Nine Months Ended
  September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
         
GAAP net income attributable to Steven Madden, Ltd. $55,278 $64,413 $134,589 $135,673
Non-GAAP Adjustments  9,527  707  18,459  1,989
Adjusted net income attributable to Steven Madden, Ltd. $64,805 $65,120 $153,048 $137,662
         
GAAP diluted net income per share $0.77 $0.87 $1.87 $1.81
         
Adjusted diluted net income per share $0.91 $0.88 $2.12 $1.84

 

Table 7 - Reconciliation of GAAP diluted net income per share to Adjusted diluted net income per share in 2024 outlook
  Updated 2024 Outlook
  Low End High End
     
GAAP diluted net income per share $2.36 $2.41
Non-GAAP Adjustments  0.26  0.26
Adjusted diluted net income per share $2.62 $2.67

Non-GAAP Adjustments include the items below.

For the third quarter of 2024:

  • $3.2 million pre-tax ($3.7 million after-tax) expense in connection with a divestiture of a business, included in operating expenses.
  • $1.5 million pre-tax ($1.1 million after-tax) expense in connection with an acquisition and formation of joint ventures, included in operating expenses.
  • $8.6 million pre-tax ($6.6 million after-tax) expense in connection with a trademark impairment.
  • $2.6 million pre-tax ($2.0 million after-tax) benefit in connection with the change in valuation of a contingent consideration in connection with the acquisition of Almost Famous.

For the third quarter of 2023:

  • $2.7 million pre-tax ($2.3 million after-tax) expense in connection with the write-off of an investment in a subsidiary in Asia, included in operating expenses.
  • $2.2 million pre-tax ($1.6 million after-tax) benefit in connection with the dissolution of an entity in Asia, included in operating expenses.

Contact

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

This press release was published by a CLEAR® Verified individual.


FAQ

What was Steve Madden's (SHOO) revenue growth in Q3 2024?

Steve Madden's revenue grew 13.0% to $624.7 million in Q3 2024 compared to $552.7 million in Q3 2023.

What is Steve Madden's (SHOO) updated guidance for fiscal 2024?

Steve Madden expects revenue growth of 13-14% compared to 2023, with adjusted diluted EPS in the range of $2.62 to $2.67.

How did Steve Madden's (SHOO) wholesale business perform in Q3 2024?

Wholesale revenue increased 14.4% to $495.7 million, though wholesale footwear revenue decreased 2.2%.

What was Steve Madden's (SHOO) Q3 2024 earnings per share?

Steve Madden reported earnings of $0.77 per diluted share, compared to $0.87 per diluted share in Q3 2023.

Steven Madden Ltd

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