World Footwear

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Steve Madden announces record revenue

Feb 27, 2022 United States
Steve Madden announces record revenue
The New York-based designer and marketer of footwear, accessories and apparel has reported revenue of 1.9 billion US dollars in 2021. Revenue in the fourth quarter grew by 63.9%
“We delivered outstanding results in the fourth quarter, with revenue increasing 38% and diluted EPS more than doubling compared to 2019 – performance that reflects the strength of our brands and the robust consumer demand for the on-trend merchandise assortments created by Steve and our design teams. The exceptional momentum in our direct-to-consumer business continued, with revenue up 63% compared to 2019, and our wholesale business accelerated significantly, with revenue increasing 31% compared to 2019. Overall, 2021 was a record year for Steve Madden, as we recorded the highest annual revenue and earnings in our history. Looking ahead, we are confident that, by building on the strong momentum in our business and continuing the disciplined execution of our strategic initiatives, we can drive robust top- and bottom-line growth in 2022 and beyond”, commented Edward Rosenfeld, Chairman and Chief Executive Officer.


Fourth Quarter Results

In the fourth quarter of 2021, Steve Madden's revenue increased by 63.9%, totalling 578.5 million US dollars, as compared to 353.0 million US dollars in the same period of 2020.

Wholesale revenue grew by 56.1% in the fourth quarter of fiscal 2021, reaching 410.5 million US dollars, as compared to the fourth quarter of 2020. Concretely, wholesale footwear revenue rose by 61.9% and wholesale accessories/apparel revenue was up by 41.7%. Gross profit as a percentage of wholesale revenue increased by 31.8%, on a comparable basis to 28.3% in similar period of the previous year.

In the fourth quarter of financial 2021, direct-to-consumer revenue totalled 164.7 million euros, which reflects growth of 91.3%, as compared to the fourth quarter of 2020. Gross profit as a percentage of retail revenue declined to 63.5%, as compared to 66.2% in the fourth quarter of 2020.

The company underlined that ended the fourth quarter (on the 31st of December 2021) with 214 brick-and-mortar retail stores and 6 e-commerce websites, as well as 17 company-operated concessions in international markets.

Net income attributable to Steven Madden in the fourth quarter of 2021 amounted to 66.0 million US dollars, or 0.81 US dollars per diluted share, as compared to 22.6 million US dollars, or 0.28 US dollars per diluted share, in the same period of 2020.


Full Year 2021

In the fiscal year 2021, the company's revenue grew by 55.3%, reaching 1.9 billion US dollars, as compared to revenue of 1.2 billion US dollars in 2020.

Net income attributable to Steven Madden in 2021 totalled 190.7 million US dollars, or 2.34 US dollars per diluted share, as compared to a net loss attributable to Steve Madden of 18.4 million US dollars, or 0.23 US dollars per basic share, as compared to the prior year.

Fiscal 2022 Outlook

For fiscal 2022, the company is expecting a revenue increase of between 10% to 13% over fiscal 2021. It is also forecasting diluted earnings per share in the range of 2.66 US dollars to 2.76 US dollars.


Image Credits: yahoo.com

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