- Prachi Singh |
Steven Madden, Ltd. reported revenue increase of 0.5 percent to 361 million dollars for the first quarter compared to the same period of 2020. The company said, gross margin increased 130 basis points to 38.5 percent.
Net income was 21.2 million dollars or 26 cents per diluted share compared to net loss of 17.5 million dollars or 22 cents per diluted share, in the same period of 2020. Adjusted net income was 26.9 million dollars or 33 cents per diluted share compared to 13 million dollars or 16 cents per diluted share, in the same period of 2020.
Commenting on the first quarter trading, Edward Rosenfeld, the company’s chairman and chief executive officer, said in a release: “We are off to a good start to 2021, with first quarter results that significantly exceeded our expectations. Looking ahead, while we are cautious on the near-term outlook due to the continued negative impacts of Covid-19 and supply chain disruption, we remain confident that our strong brands and proven business model will enable us to drive sustainable revenue and earnings growth over the long term.”
Review of Steve Madden’s first quarter segment results
Revenue for the wholesale business was 291.4 million dollars, a 3.7 percent decrease, with a 7.8 percent decline in wholesale footwear partially offset by a 10.3 percent increase in wholesale accessories/apparel. Gross margin in the wholesale business declined to 32.3 percent.
Retail revenue was 67.5 million dollars, a 27.5% increase driven by strong performance in the e-commerce business. Retail gross margin rose to 63.5 percent, including strong increases in both the e-commerce and brick-and-mortar businesses.
Steve Madden ended the quarter with 215 company-operated retail stores, including seven internet stores, as well as 17 company-operated concessions in international markets.
Steve Madden announces Q2 outlook
For the second quarter of 2021, the company expects revenue will be in the range of 360 million dollars to 365 million dollars and diluted EPS will be in the range of 26 cents to 28 cents.
The company’s board of directors approved a quarterly cash dividend of 15 cents per share payable on June 25, 2021 to stockholders of record as of the close of business on June 15, 2021.