Business
Steve Madden Announces First Quarter 2023 Results
Increases Share Repurchase Authorization LONG ISLAND CITY, N.Y., May 09, 2023 (GLOBE NEWSWIRE) -- Steven Madden, Ltd. (Nasdaq: SHOO), a leading designer and
About this update from Steven Madden, Ltd.
[{"type":"text","content":"Increases Share Repurchase Authorization\nLONG ISLAND CITY, N.Y., May 09, 2023 (GLOBE NEWSWIRE) -- Steven Madden, Ltd. (Nasdaq: SHOO), a leading designer and marketer of fashion-forward footwear, accessories and apparel for women, men and children, today announced financial results for the first quarter ended March 31, 2023. Amounts referred to as “Adjusted” are non-GAAP measures that exclude the items defined as “Non-GAAP Adjustments” in the “Non-GAAP Reconciliation” section. First Quarter 2023 Results Revenue decreased 17.1% to $463.8 million compared to $559.7 million in the same period of 2022.Gross profit as a percentage of revenue was 42.1% compared to 40.7% in the same period of 2022.Operating expenses as a percentage of revenue were 32.0% compared to 23.2% in the same period of 2022. Adjusted operating expenses as a percentage of revenue were 31.8% compared to 23.8% in the same period of 2022.Income from operations totaled $46.5 million, or 10.0% of revenue, compared to $97.9 million, or 17.5% of revenue, in the same period of 2022. Adjusted income from operations totaled $47.7 million, or 10.3% of revenue, compared to $94.4 million, or 16.9% of revenue, in the same period of 2022.Net income attributable to Steven Madden, Ltd. was $36.7 million, or $0.48 per diluted share, compared to $74.5 million, or $0.94 per diluted share, in the same period of 2022. Adjusted net income attributable to Steven Madden, Ltd. was $37.6 million, or $0.50 per diluted share, compared to $73.4 million or $0.92 per diluted share, in the same period of 2022. Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “In light of the challenging setup we faced in the first quarter – including a choppy retail environment, conservative order patterns from our wholesale customers, and difficult comparisons with the prior year – we were pleased to deliver revenue and earnings slightly ahead of expectations. We also further reduced our inventory levels while driving strong gross margin performance despite a promotional retail landscape, demonstrating the benefits and durability of our business model in challenging operating environments. As we move forward, we remain focused on executing our strategic initiatives – most importantly, utilizing our proven model to create trend-right products and bring them to market quickly – and are confident...