World Footwear

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Steve Madden reports annual revenue growth

Mar 2, 2023 United States
Steve Madden reports annual revenue growth
Despite a full year revenue growth of 13.7% last year over 2021, the US-based company adopted a more cautious near term outlook thanks to the “increasingly challenging backdrop” as well as more “conservative initial Spring orders”
“We are pleased to have delivered earnings results in line with our expectations for the fourth quarter and full year 2022 despite an increasingly challenging backdrop. 2022 was a record year for the Company, with double-digit percentage growth in both revenue and earnings, reflecting the power of our brands, the strength of our business model and the successful execution of our strategic initiatives”, commented Edward Rosenfeld, Chairman and Chief Executive Officer of Steve Madden.

Fourth Quarter Results

In the last quarter of 2022, Steve Madden's revenue declined by 18.6%, totalling 470.6 million US dollars, on a comparable basis to the same period of the previous year.

The wholesale business revenue in this period was 308.8 million US dollars, down by 24.8%, whereas the Direct-to-Consumer revenue amounted to 159.3 million US dollars, down by 3.2%, year-over-year.

In the three months to the past 31st of December, net income attributable to Steven Madden amounted to 31.8 million US dollars, or 0.42 US dollars per diluted share, as compared to 66.0 million US dollars, or 0.81 US dollars per diluted share, in the same period of 2021. Adjusted net income in this period totalled then 33.7 million US dollars, or 0.44 US dollars per diluted share, on a comparable basis to 70.4 million US dollars, or 0.87 US dollars per diluted share, in the fourth quarter of 2021.


Full Year 2022

Last year, the company's revenue reached 2.12 billion US dollars, increasing by 13.7% as compared to the prior year.

As of the 31st of December 2022, net income attributable to Steven Madden amounted to 216.1 million US dollars, or 2.77 US dollars per diluted share, on a comparable basis to 190.7 million US dollars, or 2.34 US dollars per diluted share, in 2021. Instead, the full year’s adjusted net income attributable to the company was 218.3 million US dollars, or 2.80 US dollars per diluted share, as compared to 203.7 million US dollars, or 2.50 US dollars per diluted share, in the previous year.


2023 Outlook

“Looking ahead, we are cautious on the near-term outlook due to the challenging operating environment and conservative initial Spring orders from our wholesale customers as they prioritize inventory control”, added Edward Rosenfeld. “That said, we have a proven ability to navigate difficult market conditions with our agile business model, which combines our test-and-react strategy and industry-leading speed-to-market capability. Looking out further, we are confident that our unique competitive advantages and the continued execution of our strategy will enable us to drive sustainable growth and value creation over the long term”, he concluded.

For fiscal 2023, Steve Madden is expecting revenue to decline by 6.5% to 8.0%, as compared to 2022, and diluted earnings per share in the range of 2.40 US dollars to 2.50 US dollars.


Image Credits: numeromag.nl

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