World Footwear

Companies

Steve Madden posts revenue growth

Jul 31, 2022 United States
Steve Madden posts revenue growth
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
"We delivered strong results in the second quarter, with revenue and earnings growing robustly compared to the prior year and exceeding our expectations. While macro pressures have increased, making the near-term outlook more uncertain, we are confident that our core strengths – our people, brands and business model – leave us well-positioned to drive growth and create significant value for our stakeholders over the long term", commented Edward Rosenfeld, Chairman and Chief Executive Officer.

Second Quarter Results

In the second quarter of fiscal 2022, Steve Madden's revenue was up by 34.5%, reaching 535.0 million US dollars, as compared to 397.9 US dollars in the same period of 2021.

Net income attributable to the company in this period totalled 48.5 million US dollars, or 0.62 US dollars per diluted share, on a comparable basis to net income of 36.9 million US dollars, or 0.45 US dollars per diluted share in the second quarter of fiscal 2021. Adjusted net income was 49.8 million US dollars, or 0.63 US dollars per diluted share, as compared to 39.7 million US dollars, or 0.48 US dollars per diluted share in the same quarter of the prior year.


Channel Results

In the three months to the 30th of June, Steve Madden's wholesale revenue increased by 51.5%, amounting to 397.1 million US dollars, as compared to the similar period of the prior year, with a 47.1% growth in wholesale footwear sales and a 65.2% increase in wholesale accessories/apparel sales.

The company's direct-to-consumer revenue totalled 135.5 million US dollars in the second quarter of fiscal 2022, reflecting an increase of 2.2%, as compared to the same period of fiscal 2021.

Steve Madden added that it ended the quarter with 213 brick-and-mortar retail stores and six e-commerce websites, as well as 19 company-operated concessions in international markets.

Full Year Outlook

The company reiterated its prior guidance. For fiscal 2022, it expects a revenue increase of between 13% to 16% over fiscal 2021. Diluted earnings per share should be in the range of 2.87 US dollars to 2.97 US dollars, and adjusted diluted earnings per share between 2.90 US dollars to 3.00 US dollars.


Image Credits: pauseher.com

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