Steve Madden lifts full-year outlook as second-quarter revenue climbs 19 percent

Steve Madden, Ltd. has raised its full-year revenue and adjusted earnings guidance after second-quarter revenue rose 19.1 percent to 665.9 million dollars, from 559 million dollars in the same period of 2025.

Net income attributable to the company was 27.7 million dollars, or 38 cents per diluted share, against a loss of 39.5 million dollars, or 56 cents per share, a year earlier. Adjusted net income, which excludes items the company treats as outside its core business, rose to 31.7 million dollars from 13.9 million dollars. Adjusted income from operations was 44.5 million dollars, or 6.7 percent of revenue, against 22.6 million dollars, or 4 percent.

The second quarter of 2025 was the group’s only loss-making quarter in recent years, weighed down by costs related to its acquisition of the British brand Kurt Geiger, completed on May 6, 2025. Those included 38.8 million dollars in acquisition-related compensation paid to the brand’s management sellers. Steve Madden posted net income of 71.8 million dollars in the first quarter of 2026 and 44.7 million dollars across the whole of 2025.

Chairman and chief executive officer Edward Rosenfeld said the quarter reflected the strength of the group’s brands and its execution. “The Steve Madden brand was the highlight, continuing to gain momentum as consumers responded enthusiastically to the trend-right assortments created by Steve and his design team,” he said in a statement.

Wholesale returns to growth after first-quarter decline

Wholesale revenue rose 13 percent to 407.5 million dollars, or 11.5 percent excluding Kurt Geiger. That reverses the first quarter, when wholesale revenue excluding the acquisition fell 8.2 percent and wholesale footwear excluding it fell 12 percent.

DTC revenue rose 30.6 percent to 255.4 million dollars, an increase that narrows to 11.1 percent once Kurt Geiger is stripped out. Gross margin widened to 46.5 percent of revenue from 40.4 percent, which the company attributed to higher average selling prices, reduced promotional activity, a lower share of private label business and a smaller negative impact from tariffs.

The group ended the quarter with 382 brick and mortar stores, including 92 outlets, alongside 164 concessions in international markets and eight e-commerce sites.

Steve Madden now expects full-year revenue to grow 11 to 13 percent, up from 10 to 12 percent, and adjusted diluted earnings per share of 2.05 to 2.15 dollars, up from 2 to 2.10 dollars. GAAP earnings guidance of 2.55 to 2.65 dollars was reaffirmed, sitting above the adjusted figure because of a 55.1 million dollar pre-tax benefit booked in the first quarter for the expected recovery of tariffs paid under the International Emergency Economic Powers Act.

Board appointment

Ken Pilot will join the board on October 1, expanding it from ten to 11 directors. Pilot, founder and chief executive officer of advisory and investment firm Ken Pilot Ventures, has held senior roles at J.Crew, Gap Inc., Ralph Lauren, American Eagle Outfitters and ABC Carpet & Home, and invests in retail and e-commerce technology.