Steven Madden, Ltd. reported a first quarter revenue increase of 55 percent to 559.7 million dollars.
The company’s net income attributable to Steven Madden, Ltd. was 74.5 million dollars or 94 cents per diluted share compared to 21.2 million dollars or 26 cents per diluted share, in the same period of 2021. Adjusted net income was 73.4 million dollars or 92 cents per diluted share compared to 26.9 million dollars or 33 cents per diluted share, in the first quarter of 2021.
Commenting on the first quarter trading, Edward Rosenfeld, the company’s chairman and chief executive officer, said in a statement: “We got off to an outstanding start to the year, delivering the highest quarterly earnings in our history in the first quarter.”
Highlights of Steve Madden’s first quarter
Gross profit as a percentage of revenue increased to 40.7 percent compared to 38.5 percent in the same period of 2021.
Revenue for the wholesale business was 449 million dollars, a 54.1 percent increase, with a 59.9 percent increase in wholesale footwear and a 37.1 percent increase in wholesale accessories/apparel.
Direct-to-consumer revenue was 108.3 million dollars, a 60.5 percent increase compared to the first 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.
Steve Madden updates fiscal 2022 outlook
The company is raising its fiscal 2022 guidance.
For fiscal 2022, the company now expects revenue will increase 13 percent to 16 percent over fiscal 2021.
The company now 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.
The company’s board of directors approved a quarterly cash dividend of 21 cents per share payable on June 24, 2022 to stockholders of record as of the close of business on June 13, 2022.