Steven Madden ( (SHOO) ) has released its Q3 earnings. Here is a breakdown of the information Steven Madden presented to its investors.
Steven Madden, Ltd., a prominent player in the fashion-forward footwear, accessories, and apparel industry, has released its financial results for the third quarter of 2024, showcasing notable growth and strategic advancements.
For the third quarter of 2024, Steven Madden reported a 13.0% increase in revenue, reaching $624.7 million, with notable success in the accessories and apparel segments, particularly with Steve Madden handbags and contributions from the newly acquired Almost Famous. The company’s gross profit margin was slightly lower at 41.5%, compared to 42.1% the previous year, while operating expenses rose to 28.6% of revenue. Despite these increases, the adjusted income from operations showed a slight improvement, reflecting the company’s effective execution of strategic initiatives.
The wholesale business recorded a 14.4% increase in revenue, largely driven by the performance of the accessories and apparel segment, which saw a significant rise of 54.2%. The direct-to-consumer segment also saw an uptick, with revenue increasing by 7.8%, supported by reduced promotional activities. The company ended the quarter with a strong retail presence, including 282 brick-and-mortar stores and robust online sales channels.
Looking ahead, Steven Madden’s management has raised its revenue and earnings guidance for 2024, anticipating a 13% to 14% increase in revenue compared to 2023. This optimistic outlook is underpinned by the company’s strategic focus on expanding its international market presence and enhancing its direct-to-consumer operations, suggesting continued growth and resilience in a competitive industry landscape.
