Steve Madden ups revenue and earnings forecast

Steve Madden’s revenue for the third quarter increased 13 percent to 624.7 million dollars, while net income contracted to 55.3 million dollars or 77 cents per diluted share, while adjusted net income dropped to 64.8 million dollars or 91 cents per diluted share.

For fiscal 2024, the company now expects revenue will increase 13 percent to 14 percent and diluted EPS will be in the range of 2.36 dollars to 2.41 dollars. The company now expects adjusted diluted EPS will be in the range of 2.62 dollars to 2.67 dollars.

Commenting on the third quarter results, Edward Rosenfeld, Steve Madden’s chairman and CEO said in a release: “We delivered strong results in the third quarter, with revenue and adjusted earnings exceeding expectations. Based on these results, we are raising our guidance for 2024 revenue and adjusted earnings.”

Excluding the newly acquired Almost Famous, the company’s wholesale revenue increased 4.8 percent, while wholesale footwear revenue decreased 2.2 percent. Wholesale accessories/apparel revenue increased 54.2 percent or 21.6 percent.

Direct-to-consumer revenue for the quarter of 125.5 million dollars, increased by 7.8 percent. The company ended the quarter with 282 brick-and-mortar retail stores and five e-commerce websites, as well as 67 company-operated concessions in international markets.

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