Business
Steve Madden Announces Second Quarter 2023 Results
LONG ISLAND CITY, N.Y., Aug. 02, 2023 (GLOBE NEWSWIRE) -- Steven Madden, Ltd. (Nasdaq: SHOO), a leading designer and marketer of fashion-forward footwear,
About this update from Steven Madden, Ltd.
[{"type":"text","content":"LONG ISLAND CITY, N.Y., Aug. 02, 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 second quarter ended June 30, 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. Second Quarter 2023 Results Revenue decreased 16.8% to $445.3 million compared to $535.0 million in the same period of 2022.Gross profit as a percentage of revenue was 42.6% compared to 40.7% in the same period of 2022.Operating expenses as a percentage of revenue were 32.7% compared to 28.5% in the same period of 2022. Adjusted operating expenses as a percentage of revenue were 32.6% compared to 28.2% in the same period of 2022.Income from operations totaled $44.0 million, or 9.9% of revenue, compared to $65.2 million, or 12.2% of revenue, in the same period of 2022. Adjusted income from operations totaled $44.5 million, or 10.0% of revenue, compared to $67.0 million, or 12.5% of revenue, in the same period of 2022.Net income attributable to Steven Madden, Ltd. was $34.5 million, or $0.46 per diluted share, compared to $48.5 million, or $0.62 per diluted share, in the same period of 2022. Adjusted net income attributable to Steven Madden, Ltd. was $34.9 million, or $0.47 per diluted share, compared to $49.8 million, or $0.63 per diluted share, in the same period of 2022. Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We were pleased to deliver earnings results in line with expectations for the second quarter despite the challenging operating environment. Our performance in the quarter reflects our disciplined control of inventory and expenses, even as we continue to invest in product innovation, consumer engagement and our long-term growth initiatives. While the retail environment remains choppy, we are confident that the power of our brands and the strength of our business model position us for sustainable growth and value creation over the long term.” Second Quarter 2023 Channel Results Revenue for the wholesale business was $314.6 million, a 20.8% decrease compared to the second quarter of 2022, including a 19.4% decrease in wholesale footwear revenue and a 24.6% decrease...