“We are pleased to have delivered earnings results at the high end of our guidance range for the fourth quarter and full year 2024. For the year, revenue grew 15% and Adjusted diluted EPS increased 9% compared to 2023. Our strong performance in 2024 was driven by our team’s disciplined execution of our key strategic initiatives, with robust gains in international markets, non-footwear categories and direct-to-consumer channels, as well as a return to revenue growth in our U.S. wholesale footwear business” commented Edward Rosenfeld, Chairman and Chief Executive Officer.

Fourth Quarter Results

In the fourth quarter of fiscal 2024, the company’s revenue reached 582.3 million US dollars, an increase of 12.0%, on a comparable basis to the same period of last fiscal year.

The wholesale channel contributed 402.9 million US dollars to the total quarterly revenue, up by 13.6% year-over-year, and the direct-to-consumer channel contributed 176.0 million US dollars, up by 8.4% year-over-year.

Steve Madden’s fourth quarter gross profit margin was 40.4%, as compared to 41.3% in the same quarter of 2023, and adjusted gross profit margin was 40.4%, as compared to 41.7% in the same quarter of 2023.

In the fourth quarter of the last fiscal year, the company’s income from operations totalled 46.7 million US dollars and the adjusted income from operations totalled 52.6 million US dollars, on a comparable basis to 39.9 million US dollars and 53.0 million US dollars, respectively, in a similar period of the prior year.

Steve Madden reported a fourth quarter net income of 34.8 million US dollars, or 0.49 US dollars per diluted share, as compared to 35.9 million US dollars, or 0.49 US dollars per diluted share, in the same period of 2023. Adjusted net income was 39.3 million US dollars, or 0.55 US dollars per diluted share, as compared to 45.0 million US dollars, or 0.61 US dollars per diluted share, in the same period of 2023.

Full Year Results

The company’s full year revenue increased by 15.2% to 2.28 billion US dollars from 1.98 billion US dollars in 2023.

Net income attributable to Steve Madden in 2024 was 169 million US dollars, or 2.35 US dollars per diluted share, as compared to 171.6 million US dollars, or 2.30 US dollars per diluted share, in the previous year.

Adjusted net income was 192.4 million US dollars, or 2.67 US dollars per diluted share, as compared to 182.7 million US dollars, or 2.45 US dollars per diluted share, in the previous year.

Fiscal 2025 Outlook

“Looking ahead, we are cautious on the near-term outlook, as we face meaningful headwinds in 2025, most notably the impact of new tariffs on goods imported into the United States. That said, we have a proven ability to navigate difficult market conditions with our agile business model, and we are set to add a powerful new growth engine to the company with the pending acquisition of Kurt Geiger, which we expect to close in the second quarter of 2025.”

For 2025, the company expects revenue to increase by 17% to 19% versus 2024. Diluted earnings per share are expected to be in the range of 2.30 to 2.40 US dollars. This outlook assumes the completion of the Kurt Geiger acquisition on the 1^st of May.