“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”, commented Edward Rosenfeld, Chairman and Chief Executive Officer of Steve Madden.

Third Quarter Results

In the third quarter of 2021, revenue increased by 52.4%, reaching 528.7 million US dollars, as compared to revenue of 346.9 million US dollars in the same period of last year.

Net income attributable to Steven Madden in the third quarter of the current year totalled 66.6 million US dollars, or 0.82 dollars per diluted share, as compared to a net loss of 7.0 million US dollars, or a 0.09 dollars loss diluted per share, in the same period of 2020.

Segment Results

In the third quarter of the current fiscal year, wholesale revenue grew by 41.6%, totalling 402.0 million US dollars, as compared to the third quarter of fiscal 2020. Concretely, wholesale footwear revenue increased by 42.6%, and wholesale accessories/apparel revenue rose by 38.7%. Gross profit as a percentage of wholesale revenue decreased to 33.6%, as compared to 34.6% in the third quarter of 2020.

Retail revenue soared by 108.6% in in the third quarter of 2021, reaching 123.1 million US dollars, on a comparable basis to the same period of last year. Gross profit as a percentage of retail revenue increased to 65.9%, as compared to 63.8% in similar period last year.

The company underlined that it ended the quarter with 216 company-operated retail stores, including six e-commerce websites, as well as 17 company-operated concessions in international markets.

Full-year Outlook

For fiscal 2021, the company now expects revenue growth of between 50% and 52%, over fiscal 2020. Steven Madden also expects diluted EPS to be in the range of 2.21 dollars to 2.26 dollars. Adjusted diluted EPS should be in the range of 2.30 dollars to 2.35 dollars.