Steve Madden Announces Quarterly Dividend and Strong Q3 Financial Results

Steven Madden, Ltd. (NASDAQ: SHOO) recently declared a quarterly cash dividend of $0.21 per share on its outstanding common stock. The dividend is scheduled to be paid on December 27, 2024, to stockholders of record as of December 13, 2024.

In the same announcement, the company revealed its financial results for the third quarter, highlighting a 13.0% revenue increase to $624.7 million compared to $552.7 million in the same period in 2023. Gross profit as a percentage of revenue was reported at 41.5%, a slight decrease from 42.1% in the prior year’s third quarter. Adjusted gross profit margin for the quarter was 41.6%.

Operating expenses as a percentage of revenue saw a rise to 28.6% from 27.1% in Q3 2023. However, on an adjusted basis, operating expenses as a percentage of revenue decreased to 27.9% compared to 27.0% in the same period in the previous year.

Income from operations totaled $74.6 million for the quarter, representing 11.9% of revenue. Adjusted income from operations reached $85.4 million, making up 13.7% of revenue, a slight increase from $83.4 million, or 15.1% of revenue, in the third quarter of 2023.

Edward Rosenfeld, Chairman and Chief Executive Officer of Steven Madden, highlighted the exceptional growth in accessories and apparel categories, along with robust gains in international markets and direct-to-consumer channels. These factors contributed to the exceedance of revenue and adjusted earnings expectations. Rosenfeld also noted that the company is raising its guidance for 2024 revenue and adjusted earnings based on these results.

The company ended the quarter with 282 brick-and-mortar retail stores, five e-commerce websites, and 67 company-operated concessions in international markets. As of September 30, 2024, the company held $150.5 million in cash, cash equivalents, and short-term investments, with inventory totaling $268.7 million.

For additional details, including the full financial statement and reconciliation of GAAP to non-GAAP financial measures, investors can access the official press release on the company’s website. The report also provides insights into the company’s outlook for fiscal year 2024 and a comprehensive breakdown of financial performance across different segments.

Investors interested in further information may contact Steven Madden, Ltd.’s VP of Corporate Development & Investor Relations, Danielle McCoy, at 718-308-2611 or via email at [email protected].

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Steven Madden’s 8K filing here.

Steven Madden Company Profile

Steven Madden, Ltd. designs, sources, and markets fashion-forward branded and private label footwear, accessories, and apparel in the United States and internationally. It operates through Wholesale Footwear, Wholesale Accessories/Apparel, Direct-to- Consumer, and Licensing segments. The Wholesale Footwear segment designs, sources, and markets various products, including dress shoes, boots, booties, fashion sneakers, sandals, and casual shoes under the Steve Madden, Dolce Vita, Betsey Johnson, Blondo, GREATS, and Anne Klein brands.