“We got off to a strong start to 2024, with first quarter revenue increasing 19% and adjusted diluted EPS rising 30% compared to the same period in 2023. We also demonstrated tangible progress on our key strategic initiatives, with double-digit percentage revenue growth in international markets, non-footwear categories and direct-to-consumer channels as well as a return to year-over-year revenue growth in the US wholesale footwear business. Looking ahead, we are confident that the continued execution of our strategy will enable us to drive sustainable revenue and earnings growth and create significant value for our stakeholders over the long term”, commented Edward Rosenfeld, Chairman and Chief Executive Officer of the company.

First Quarter Results

In the first quarter of 2024, Steve Madden’s revenue reached 552.4 million US dollars, an increase of 19.1% on a comparable basis to the same period of last year.

The wholesale business contributed 438 million US dollars to the company’s total revenue in the period, up by 21.0% over the same quarter of 2023; excluding the newly acquired Almost Famous, wholesale revenue increased by 9.7%. The footwear segment recovered in the first quarter, with wholesale sales up by 4.7% versus the prior year.

The first quarter direct-to-consumer revenue totalled 112.3 million US dollars, representing a growth of 12.8% as compared to a similar period of the previous year, “driven by increases in both the brick-and-mortar and e-commerce businesses”.  

In the first quarter of the current fiscal year, Steve Madden’s gross profit as a percentage of revenue decreased to 40.7% from 42.1% in the same period of the prior year; adjusted gross profit as a percentage of revenue was also 40.7%.

The US-based company reported a significant increase in income from operations in the first quarter of 2024. On a comparable basis to the same period of the previous year, income from operations rose by 21.9% to 56.7 million US dollars; adjusted income from operations grew by 27.8% year-over-year to 61.0 million US dollars.

Steve Madden reported a first quarter net income of 43.9 million US dollars, or 0.60 US dollars per diluted share, significantly higher than the first quarter net income of 36.7 million US dollars, or 0.48 US dollars per diluted share, recorded in the same period of the prior year. Adjusted net income also increased to 47.0 million US dollars, or 0.65 US dollars per diluted share, from 37.6 million US dollars, or 0.50 US dollars per diluted share, in a similar year-ago period.

Full Year Outlook

For fiscal 2024 the company expects sales growth of 11% to 13% as compared to 2023, diluted earnings per share in the range of 2.51 to 2.61 US dollars and adjusted diluted earnings per share in the range of 2.55 to 2.65 US dollars.