Q3 revenues decline at Steve Madden

Revenues at Steve Madden decreased 0.7 percent to 552.7 million dollars in the third quarter.

The company’s gross profit was 42.1 percent and net income attributable to Steven Madden, Ltd. rose to 64.4 million dollars or 87 cents per diluted share. Adjusted net income increased to 65.1 million dollars or 88 cents per diluted share.

Commenting on the trading results, Edward Rosenfeld, the company’s chairman and CEO, said: “We were pleased to return to year-over-year earnings growth in the third quarter, demonstrating the strength and durability of our business model in challenging operating environments.”

The company’s revenue for the wholesale business was 433.5 million dollars, a 0.3 percent decrease with wholesale footwear revenue decreasing 7.5 percent and wholesale accessories/apparel revenue increasing 22.7 percent.

Direct-to-consumer revenue was 116.4 million dollars, a 1.8 percent decrease driven by a decline in the e-commerce business. The company ended the quarter with 251 brick-and-mortar retail stores and five e-commerce websites, as well as 22 company-operated concessions in international markets.

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

The company is updating its fiscal 2023 guidance and now expects revenue will decrease approximately 7 percent, diluted EPS will be approximately 2.35 dollars and adjusted diluted EPS to be approximately 2.40 dollars.