Steve Madden sales surge 17 percent on wholesale gains

Steve Madden announced on Wednesday a 17 percent uptick in revenues to $523.6 million for the second quarter, on the back of growth in its accessories and apparel categories, and gains in its international and DTC channels.

The Long Island-based company said revenue for the wholesale business was $385.3 million, a 22.5% increase during the second quarter. Excluding the newly acquired Almost Famous, wholesale revenue increased 8.2%.

Wholesale footwear revenue increased 0.9%, wholesale accessories/apparel revenue increased 86%, or 29.8% excluding Almost Famous.

Direct-to-consumer revenue was $136.4 million, a 6.4% increase for the three months.

The company ended the quarter with 273 brick-and-mortar retail stores and five e-commerce websites, as well as 27 company-operated concessions in international markets.

Net income attributable to Steven Madden was $35.4 million, or $0.49 per diluted share, compared to $34.5 million, or $0.46 per diluted share, in the same period of 2023.

“We delivered strong results in the second quarter, with revenue increasing 18% and Adjusted diluted EPS rising 23% compared to the same period in 2023,” said Edward Rosenfeld, chairman and chief executive officer.

“This performance was driven by exceptional growth in the accessories and apparel categories and robust gains in international markets and direct-to-consumer channels, demonstrating our team’s strong execution of our key strategic initiatives. While the near-term operating environment remains choppy, we are confident that our core strengths – our brands, business model and people – will enable us to drive sustainable revenue and earnings growth over the long term.”

Looking ahead, Steve Madden said its continues to expect revenue will increase 11% to 13% in the 2024, compared to 2023. The company also expects diluted EPS will be in the range of $2.43 to $2.53.