Business
Steve Madden Announces Fourth Quarter and Full Year 2022 Results
~ Provides 2023 Outlook ~ LONG ISLAND CITY, N.Y., Feb. 23, 2023 (GLOBE NEWSWIRE) -- Steve Madden (Nasdaq: SHOO), a leading designer and marketer of
About this update from Steven Madden, Ltd.
[{"type":"text","content":"~ Provides 2023 Outlook ~ LONG ISLAND CITY, N.Y., Feb. 23, 2023 (GLOBE NEWSWIRE) -- Steve Madden (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 fourth quarter and full year ended December 31, 2022 and provided its 2023 outlook. Amounts referred to as “Adjusted” are non-GAAP measures that exclude the items defined as “Non-GAAP Adjustments” in the “Non-GAAP Reconciliation” section. Full Year 2022 Results Revenue increased 13.7% to $2,122.0 million compared to $1,866.1 million in 2021.Gross profit as a percentage of revenue increased to 41.2% compared to 41.1% in 2021.Operating expenses as a percentage of revenue were 27.9%, flat to 2021. Adjusted operating expenses as a percentage of revenue were 27.9% compared to 27.1% in 2021.Income from operations was $281.6 million, or 13.3% of revenue, compared to $243.6 million, or 13.1% of revenue, in 2021. Adjusted income from operations was $282.6 million, or 13.3% of revenue, compared to $261.9 million, or 14.0% of revenue, in 2021.Net income attributable to Steven Madden, Ltd. was $216.1 million, or $2.77 per diluted share, compared to $190.7 million, or $2.34 per diluted share, in 2021. Adjusted net income attributable to Steven Madden, Ltd. was $218.3 million, or $2.80 per diluted share, compared to $203.7 million, or $2.50 per diluted share, in 2021. Fourth Quarter 2022 Results Revenue decreased 18.6% to $470.6 million compared to $578.5 million in the same period of 2021.Gross profit as a percentage of revenue increased to 42.2% compared to 41.2% in the same period of 2021.Operating expenses as a percentage of revenue were 33.8% compared to 27.0% in the same period of 2021. Adjusted operating expenses as a percentage of revenue were 33.2% compared to 26.2% in the fourth quarter of 2021.Income from operations was $39.8 million, or 8.4% of revenue, compared to $79.4 million, or 13.7% of revenue, in the same period of 2021. Adjusted income from operations was $42.2 million, or 9.0% of revenue, compared to $86.9 million, or 15.0% of revenue, in the fourth quarter of 2021.Net income attributable to Steven Madden, Ltd. was $31.8 million, or $0.42 per diluted share, compared to $66.0 million, or $0.81 per diluted share, in the same period of 2021. Adjusted net income...