Revenue at Steve Madden increased 34.5 percent to 535 million dollars compared to the same period of 2021.
Net income attributable to Steven Madden, Ltd. was 48.5 million dollars or 62 cents per diluted share, compared to 36.9 million dollars or 45 cents per diluted share, in the same period of 2021. Adjusted net income was 49.8 million dollars or 63 cents per diluted share.
Commenting on the second quarter results, Edward Rosenfeld, the company’s chairman and CEO, said: “We delivered strong results in the second quarter, with revenue and earnings growing robustly compared to the prior year and exceeding our expectations.”
Review of Steve Madden’s Q2 performance
Revenue for the wholesale business was 397.1 million dollars, a 51.5 percent increase compared to the second quarter of 2021, with a 47.1 percent increase in wholesale footwear and a 65.2 percent increase in wholesale accessories/apparel.
Gross profit as a percentage of wholesale revenue increased to 31.6 percent compared to 30.6 percent in the second quarter of 2021.
Direct-to-consumer revenue was 135.5 million dollars, a 2.2 percent increase compared to the second quarter of 2021. Gross profit as a percentage of direct-to-consumer revenue increased to 66.4 percent compared to 65.4 percent in the second quarter of 2021.
The company ended the quarter with 213 brick-and-mortar retail stores and six e-commerce websites, as well as 19 company-operated concessions in international markets.
The company’s board of directors approved a quarterly cash dividend of 21 cents per share payable on September 26, 2022 to stockholders of record as of the close of business on September 16, 2022.
The company is reiterating its fiscal 2022 guidance and expects revenue will increase 13 percent to 16 percent over fiscal 2021. The company expects diluted EPS will be in the range of 2.87 dollars to 2.97 dollars and adjusted diluted EPS will be in the range of 2.90 dollars to 3 dollars.