Steve Madden Q1 revenues up 19 percent

Steve Madden’s first quarter revenue increased 19.1 percent to 552.4 million dollars compared to the same period of 2023.

Gross profit as a percentage of revenue was 40.7 percent, while adjusted gross profit as a percentage of revenue was 40.7 percent in 2024. Net income attributable to Steven Madden, Ltd. was 43.9 million dollars or 60 cents per diluted share. Adjusted net income was 47 million dollars or 65 cents per diluted share.

Commenting on the results, Edward Rosenfeld, the company’s chairman and CEO said: “We got off to a strong start to 2024, with first quarter revenue increasing 19 percent and adjusted diluted EPS rising 30 percent compared to the same period in 2023. Looking ahead, we are confident that the continued execution of our strategy will enable us to drive sustainable revenue and earnings growth and create significant value for our stakeholders over the long term.”

Revenue for the wholesale business at 438.2 million dollars, a 21 percent increase, while excluding the newly acquired Almost Famous, wholesale revenue increased 9.7 percent. Wholesale footwear revenue increased 4.7 percent, wholesale accessories/apparel revenue increased 78.6 percent or 27.4 percent excluding Almost Famous.

Direct-to-consumer revenue was 112.3 million dollars, a 12.8 percent increase, driven by increases in both the brick-and-mortar and e-commerce businesses. The company ended the quarter with 253 brick-and-mortar retail stores and five e-commerce websites, as well as 25 company-operated concessions in international markets.

Steve Madden’s board of directors approved a quarterly cash dividend of 21 cents per share.

For fiscal 2024, the company continues to expect revenue will increase 11 percent to 13 percent, diluted EPS tol be in the range of 2.51 dollars to 2.61 dollars and adjusted diluted EPS in the range of 2.55 dollars to 2.65 dollars.