“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. 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”, commented Edward Rosenfeld, Chairman and Chief Executive Officer of Steve Madden. “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”, he concluded.

Second Quarter Results

In the second quarter of fiscal 2024, the company’s revenue reached 523.6 million US dollars, an increase of 17.6% on a comparable basis to the same period of last year. The wholesale business contributed 385.3 million US dollars to the total revenue, up by 22.5% year-over-year, and the direct-to-consumer business generated 136.4 million US dollars, up by 6.4% year-over-year.

Steve Madden recorded a gross profit margin of 41.5% in the three months to the 30^th of June, as compared to 42.6% in the same period of fiscal 2023.

In the second quarter of the current fiscal year, the company’s income from operations was 46.9 million US dollars and adjusted income from operations was 54.5 million US dollars, on a comparable basis to 44.0 million US dollars and 44.5 million US dollars, respectively, in the same quarter last year.

Steve Madden reported a second quarter net income of 35.4 million US dollars, or 0.49 US dollars per diluted share, as compared to 34.5 million US dollars, or 0.46 US dollars per diluted share, in the same period of 2023. Adjusted net income was 41.2 million US dollars, or 0.57 US dollars per diluted share, as compared to 34.9 million US dollars, or 0.47 US dollars per diluted share, in the second quarter of the prior year.

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

Full Year Outlook

For the full year 2024, the company continues to expect revenue to increase between 11% and 13% over the previous year. While now expects diluted earnings per share in the range of 2.43 to 2.53 US dollars (previously: between 2.51 and 2.61 US dollars), it continues to expect adjusted diluted earnings per share in the range of 2.55 to 2.65 US dollars.