World Footwear

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Steve Madden with 178.6% increase in revenue

Jul 28, 2021 United States
Steve Madden with 178.6% increase in revenue
The New York-based designer and marketer of footwear, accessories and apparel for women, men and children announced financial results for the second quarter ended on the 30th of June 2021
“We are excited about the strong and accelerated recovery we are seeing in our business. Our second quarter results significantly exceeded our expectations, with earnings slightly ahead of pre-COVID-19 second quarter 2019. Our retail segment was the standout, as the exceptional performance in our e-commerce business (...) drove an increase in retail revenue of 63% compared to pre-COVID-19 second quarter 2019. Looking ahead, while the environment remains volatile, we are confident that the strength of our brands and momentum in our business position us to drive revenue and earnings growth in the back half of 2021 and beyond”, commented Edward Rosenfeld, Chairman and Chief Executive Officer.

In the second quarter of 2021, revenue increased by 178.6% to 397.9 million US dollars compared to 142.8 million US dollars in similar period of 2020. In the same period, gross margin increased to 42.7% compared to 39.1% in the second quarter of 2020.

Net income attributable to Steven Madden in the second quarter of the current fiscal year reached 36.9 million US dollars, or 0.45 US dollars per diluted share, compared to net loss (16.6) million US dollars, or (0.21) US dollars per diluted share, in similar period in the previous year.

Segment Results

Revenue for the wholesale business was 262.1 million US dollars, a 162.2% increase compared to the second quarter of 2020, with a 154.1% increase in wholesale footwear and a 190.7% increase in wholesale accessories/apparel. Gross margin in the wholesale business rose to 30.6% compared to 26.6% in the second quarter of 2020.

Retail revenue totalled 132.7 million US dollars in the second quarter, a 220.6% increase compared to similar period of 2020. Retail gross margin decreased to 65.4% compared to 67.4% in the second quarter of 2020.

Steve Madden ended the quarter with 216 company-operated retail stores, including six internet stores, as well as 15 company-operated concessions in international markets.


Fiscal 2021 Outlook

For fiscal 2021, the company expects revenue will increase 43% to 47% over fiscal 2020. Steve Madden expects diluted EPS will be in the range of 1.90 US dollars to 2.00 US dollars.

Image credits: poshmark.com

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