Revenue at Steve Madden increased 52.4 percent to 528.7 million dollars, gross profit as a percentage of revenue increased to 41.6 percent compared to 40.3 percent in the same period of 2020.
Net income attributable to Steven Madden, Ltd. was 66.6 million dollars or 82 cents per diluted share, compared to net loss of 7 million dollars or 9 cents per diluted share, in the same period of 2020. Adjusted net income was 31.8 million dollars or 39 cents per diluted share, in the third quarter of 2020.
Commenting on the third quarter results, Edward Rosenfeld, chairman and CEO of the company, said: “In the third quarter, we delivered the highest quarterly sales and earnings in our history, as the trend-right merchandise assortments created by Steve and his design teams continue to drive strong consumer demand for our brands and products.”
Highlights of Steve Madden’s third quarter segment results
The company said, revenue for the wholesale business was 402 million dollars, a 41.6 percent increase compared to the third quarter of 2020, with a 42.6 percent increase in wholesale footwear and a 38.7 percent increase in wholesale accessories/apparel. Gross profit as a percentage of wholesale revenue declined to 33.6 percent compared to 34.6 percent in the third quarter of 2020.
Retail revenue was 123.1 million dollars, a 108.6 percent increase compared to the third quarter of 2020. Gross profit as a percentage of retail revenue rose to 65.9 percent compared to 63.8 percent in the third quarter of 2020.
The company ended the quarter with 216 company-operated retail stores, including six e-commerce websites, as well as 17 company-operated concessions in international markets.
Steve Madden raises full year guidance
The company’s board of directors has approved a quarterly cash dividend of 15 cents per share payable on December 27, 2021 to stockholders of record as of the close of business on December 17, 2021.
The company is raising its fiscal 2021 guidance and now expects revenue will increase 50 percent to 52 percent over fiscal 2020. The company now expects diluted EPS will be in the range of 2.21 dollars to 2.26 dollars and adjusted diluted EPS will be in the range of 2.30 dollars to 2.35 dollars.