Steve Madden reports Q1 sales growth, Kurt Geiger drives performance

Steve Madden has reported an 18 percent increase in revenue for the first quarter of 2026, reaching 653.1 million dollars, supported by growth in direct-to-consumer and contributions from Kurt Geiger.

Net income rose to 71.8 million dollars, compared to 40.4 million dollars in the same period last year. However, adjusted net income declined to 32.1 million dollars, reflecting higher operating costs during the quarter.

Gross profit margin increased to 54.7 percent, while operating expenses rose to 39.5 percent of revenue. Adjusted operating income fell to 46.3 million dollars, compared to 56.1 million dollars a year earlier.

In wholesale, revenue increased slightly by 1 percent to 443.6 million dollars. Excluding Kurt Geiger, wholesale sales declined by 8.2 percent, with footwear down 12 percent. Accessories and apparel showed growth of 15.1 percent, though this was flat when excluding the acquired brand.

Direct-to-consumer was the strongest channel, with revenue rising 83.8 percent to 206 million dollars. Excluding Kurt Geiger, DTC grew 8 percent. The company also reported higher margins in the segment, supported by pricing and channel mix.

The group ended the quarter with 387 stores, alongside e-commerce operations and international concessions.

Chairman and CEO Edward Rosenfeld said demand remained healthy across brands, driven by product and marketing. He added: “While earnings declined in the first quarter, we expect to return to earnings growth in the second quarter and deliver strong top- and bottom-line growth for the full year.

“Looking out further, we are confident that our powerful brands, proven business model and talented team position us to deliver sustainable growth for years to come.”

For the full year, the company raised its revenue outlook and now expects sales to increase between 10 and 12 percent, with projected earnings per share in the range of 2.55 to 2.65 dollars.