Steve Madden posts 30.9 percent drop in Q3 sales

Steve Madden revenue decreased 30.9 percent to 346.9 million dollars compared to 502.1 million dollars in the same period of 2019. The company’s gross margin increased 130 basis points to 40.3 percent, while net loss attributable to Steven Madden, Ltd. was 6.9 million dollars or 9 cents per diluted share, compared to net income of 52.5 million dollars or 63 cents per diluted share, in the same period of 2019, while adjusted net income attributable to Steven Madden, Ltd. was 31.8 million dollars or 39 cents per diluted share compared to adjusted net income of 56 million dollars or 67 cents per diluted share, in the same period of 2019.

“While the Covid-19 pandemic continues to have a negative impact on our business, we were pleased to deliver third quarter revenue and earnings that significantly exceeded our expectations,” said Edward Rosenfeld, Chairman and Chief Executive Officer of Steve Madden in a statement.

Steve Maddens wholesale revenues decreased 32.7 percent to 283.8 million dollars in the third quarter including a 32.5 percent decline in wholesale footwear and a 33.3 percent decline in wholesale accessories/apparel. The company added that retail revenue decreased 22.1 percent to 59 million dollars due to a significant decline in the brick-and-mortar business, partially offset by strong growth in the e-commerce business. The company ended the quarter with 221 company-operated retail stores, including eight internet stores, as well as 17 company-operated concessions in international markets.

Picture:Facebook/Steve Madden