World Footwear

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Steve Madden: consumers are pulling back spend

Aug 11, 2022 United States
Steve Madden: consumers are pulling back spend
The New York-based designer and marketer of footwear, accessories and apparel for women, men and children reported a revenue growth in the second quarter of 2022, confirming its full year outlook. Despite that, there are concerns about consumption trends
Revenue for the footwear brand increased by 34.5% in the secodn quarter, totalling 535 million US dollars (compares to 397.9 million US dollars in similar period in 2021). Net income was 48.5 million US dollars, or 0.62 US dollars per diluted share. Wholesale revenue reached 397.1 million US dollars and direct-to-consumer revenue 135.5 million US dollars. More details on the article: Steve Madden posts revenue growth

Despite the strong results, the company said it is seeing a pullback in consumer spending, as prices soar at record highs.

“We have seen virtually all the customers get more cautious,” said Steve Madden chairman and CEO Edward Rosenfeld, explaining how the slowdown in sales was felt across wholesale and DTC channels, with the most impact in the channels that target low-income consumers.

Rosenfeld also noted that more consumers have opted for the company’s Buy Now, Pay Later options, which “could be reflective of inflation and how the consumer is feeling overall”, he added.


Source: Footwear News

Image credits: www.vanityteen.com

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