World Footwear

Companies

Steve Madden: revenue up by 0.5%

May 3, 2021 United States
Steve Madden: revenue up by 0.5%
The New York-based designer and marketer of fashion-forward footwear, accessories and apparel for women, men and children, announced financial results for the first quarter ended on the 31st of March 2021. Revenue increased by 0.5%
“We are off to a good start to 2021, with first quarter results that significantly exceeded our expectations. The on-trend product assortments created by Steve and our design teams are resonating with consumers, as evidenced by the performance in our retail segment, where first quarter revenue increased 7% compared to pre-COVID-19 first quarter 2019 on the strength of exceptional growth in our digital business. Looking ahead, while we are cautious on the near-term outlook due to the continued negative impacts of COVID-19 and supply chain disruption, we remain confident that our strong brands and proven business model will enable us to drive sustainable revenue and earnings growth over the long term”, commented Edward Rosenfeld, Chairman and Chief Executive Officer.

First Quarter Results

In the first quarter Steve Madden's revenue increased by 0.5% to 361.0 million US dollars compared to 359.2 million US dollars in the same period of 2020. Gross margin increased 130 basis points to 38.5% compared to 37.2% in the same period of 2020.
   
Net income attributable to Steven Madden, Ltd. was 21.2 million US dollars, or 0.26 US dollars per diluted share, compared to net loss attributable to Steven Madden of (17.5) million US dollars, or (0.22) US dollars per diluted share, in the same period of 2020. Adjusted net income attributable to Steven Madden was 26.9 million US dollars, or 0.33 US dollars per diluted share, compared to Adjusted net income attributable to Steven Madden of 13.0 million US dollars, or 0.16 US dollars per diluted share, in the same period of 2020.


Revenue for the wholesale business was 291.4 million US dollars, a 3.7% decrease compared to the first quarter of 2020, with a 7.8% decline in wholesale footwear partially offset by a 10.3% increase in wholesale accessories/apparel. Gross margin in the wholesale business declined to 32.3% compared to 32.5% in the first quarter of 2020 due to a shift in sales mix.

Retail revenue
totalled 67.5 million US dollars, a 27.5% increase compared to the first quarter of 2020 driven by strong performance in the e-commerce business. Retail gross margin rose to 63.5% compared to 59.8% in the first quarter of 2020, including strong increases in both the e-commerce and brick-and-mortar businesses.

Steve Madden ended the quarter with 215 company-operated retail stores, including seven internet stores, as well as 17 company-operated concessions in international markets.

Outlook

For the second quarter of 2021, the company expects revenue will be in the range of 360 million US dollars to 365 million US dollars and diluted EPS will be in the range of 0.26 US dollars to 0.28 US dollars. Given the continued disruption and uncertainty related to the COVID-19 pandemic, Steve Madden is not providing full year guidance at this time.

Related Events

  • Jun
    9
    Jun 9-Jun 10, 2021 | NYC, United States

    Footwear News CEO Summit

  • Jun
    9
    Jun 9-Jun 12, 2021 | Atlanta, United States

    Atlanta Apparel

  • Jun
    15
    Jun 15-Jun 18, 2021 | Dallas, United States

    Dallas Apparel & Accessories Market

  • Jul
    10
    Jul 10-Jul 12, 2021 | Miami, United States

    destination: miami by COTERIE

Related Organizations

  • AAFA - American Apparel & Footwear Association

    AAFA - American Apparel & Footwear Association

    United States
  • The Museum at FIT

    The Museum at FIT

    United States
  • Two Ten Footwear Foundation

    Two Ten Footwear Foundation

    United States
  • Rubber and Plastics Footwear Manufacturers Association

    Rubber and Plastics Footwear Manufacturers Association

    United States