Steven Madden, Ltd. recorded revenue increase of 5.3 percent to 556.6 million dollars for the third quarter of fiscal 2022.
Gross profit for the quarter was 41.2 percent compared to 41.6 percent in the same period of 2021.
Net income attributable to the group was 61.3 million dollars or 79 cents per diluted share compared to 66.6 million dollars or 82 cents per diluted share, in the same period of 2021. Adjusted net income was 61.5 million dollars or 79 cents per diluted share, in the third quarter of 2022.
Commenting on the update, Edward Rosenfeld, the company’s chairman and CEO said: “We delivered solid results in the third quarter despite the challenging environment, with revenue increasing 5 percent and earnings in line with expectations. That said, many of our wholesale customers have pulled back on orders in the near term as they prioritise inventory control, and we have adjusted our fiscal 2022 outlook accordingly.”
Steve Madden updates outlook
Revenue for the company’s wholesale business was 434.6 million dollars, an 8.1 percent increase compared to the third quarter of 2021. Wholesale footwear revenue increased 8.7 percent and wholesale accessories/apparel revenue rose 6.2 percent.
Direct-to-consumer revenue was 118.5 million dollars, a 3.7 percent decrease compared to the third quarter of 2021 driven by a decline in the e-commerce business; brick-and-mortar revenue was approximately flat to the third quarter of 2021.
The company ended the quarter with 216 brick-and-mortar retail stores and six e-commerce websites, as well as 20 company-operated concessions in international markets.
For fiscal 2022, the company now expects revenue will increase 12.5 percent to 13.5 percent, diluted EPS to be in the range of 2.77 dollars to 2.79 dollars and adjusted diluted EPS in the range of 2.77 dollars to 2.82 dollars.
The company’s board has approved a quarterly cash dividend of 21 cents per share payable on December 30, 2022 to stockholders of record as of the close of business on December 16, 2022.