Steve Madden’s full year revenue increased 13.7 percent to 2,122 million dollars.
Gross profit as a percentage of revenue increased to 41.2 percent, while net income attributable to Steven Madden, Ltd. increased to 216.1 million dollars or 2.77 dollars per diluted share and adjusted net income rose to 218.3 million dollars or 2.80 dollars per diluted share.
Commenting on the results, Edward Rosenfeld, chairman and chief executive officer, said: “We are pleased to have delivered earnings results in line with our expectations for the fourth quarter and full year 2022 despite an increasingly challenging backdrop. Looking ahead, we are cautious on the near-term outlook due to the challenging operating environment and conservative initial spring orders from our wholesale customers as they prioritise inventory control.”
The company’s fourth quarter revenue decreased 18.6 percent to 470.6 million dollars.
Gross profit as a percentage of revenue increased to 42.2 percent, while net income was 31.8 million dollars or 42 cents per diluted share compared to 66 million dollars or 81 cents per diluted share, in the same period of 2021. Adjusted net income was 33.7 million dollars or 44 cents per diluted share compared to 70.4 million dollars or 87 cents per diluted share, in the fourth quarter of 2021.
For 2023, the company expects revenue will decrease 6.5 percent to 8 percent compared to 2022 and diluted EPS will be in the range of 2.40 dollars to 2.50 dollars.
The company's board of directors approved a quarterly cash dividend of 21 cents per share payable on March 24, 2023 to stockholders of record as of the close of business on March 10, 2023.