Business
Steve Madden Announces Record Third Quarter 2021 Results
~ Raises Fiscal 2021 Guidance ~~ Increases Share Repurchase Authorization ~ LONG ISLAND CITY, N.Y., Nov. 03, 2021 (GLOBE NEWSWIRE) -- Steven Madden, Ltd.
About this update from Steven Madden, Ltd.
[{"type":"text","content":"~ Raises Fiscal 2021 Guidance ~~ Increases Share Repurchase Authorization ~ LONG ISLAND CITY, N.Y., Nov. 03, 2021 (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 third quarter ended September 30, 2021. Amounts referred to as “Adjusted” exclude the items that are described under the heading “Non-GAAP Adjustments.” Third Quarter 2021 Review Revenue increased 52.4% to $528.7 million compared to $346.9 million in the same period of 2020.Gross profit as a percentage of revenue increased to 41.6% compared to 40.3% in the same period of 2020.Operating expenses as a percentage of revenue decreased to 24.9% compared to 29.7% in the same period of 2020. Adjusted operating expenses as a percentage of revenue were 27.0% in third quarter 2020.Income from operations totaled $88.4 million, or 16.7% of revenue, compared to a loss from operations of ($3.0) million, or (0.9%) of revenue, in the same period of 2020. Adjusted income from operations totaled $46.2 million, or 13.3% of revenue, in the third quarter of 2020.Net income attributable to Steven Madden, Ltd. was $66.6 million, or $0.82 per diluted share, compared to net loss attributable to Steven Madden, Ltd. of ($7.0) million, or ($0.09) per diluted share, in the same period of 2020. Adjusted net income attributable to Steven Madden, Ltd. was $31.8 million, or $0.39 per diluted share, in the third quarter of 2020. Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “In the third quarter, we delivered the highest quarterly sales and earnings in our history, as the trend-right merchandise assortments created by Steve and his design teams continue to drive strong consumer demand for our brands and products. Our retail segment was again the standout, with outstanding results in both digital and brick-and-mortar channels, and our wholesale business showed strong sequential improvement and is poised to return to growth in the fourth quarter compared to 2019. Looking ahead, we are confident that – based on the strength of our brands, business model and people – we are well-positioned to drive profitable growth and enhance value for our stakeholders over the long term.” Third Quarter 2021 Segment Results Revenue for the ...