Steve Madden's Q4 revenues decline
25 Feb 2021
For the fourth quarter revenue at Steve Madden decreased 15.9 percent to 353 million dollars. Gross margin for the quarter was 38.3 percent compared to 37.7 percent in the same period of 2019, while adjusted gross margin increased 40 basis points to 38.2 percent compared to 37.8 percent in the same period of 2019. Net income attributable to Steven Madden, Ltd. was 22.6 million dollars or 28 cents per diluted share compared to 17.8 million dollars or 21 cents per diluted share, in the same period of 2019, while adjusted net income was 21.8 million dollars or 27 cents per diluted share, compared to 32.2 million dollars or 39 cents per diluted share.
“While the Covid-19 pandemic continues to have a negative impact on our business, we were pleased with our results in the fourth quarter, which exceeded our expectations and showed strong sequential improvement from the third quarter,” said Edward Rosenfeld, Steve Madden’s Chairman and Chief Executive Officer.
Steve Madden posts revenue drop across retail channels
The company said, revenue for the wholesale business decreased 16.2 percent to 263 million dollars in the fourth quarter, including a 19.7 percent decline in wholesale footwear and a 5.9 percent decline in wholesale accessories/apparel.
Retail revenue decreased 14.9 percent to 86.1 million dollars due to a significant decline in the brick-and-mortar business, partially offset by continued strength in the e-commerce business. The company ended the quarter with 218 company-operated retail locations, including seven Internet stores, as well as 17 company-operated concessions in international markets.
For the full year ended December 31, 2020, revenue decreased 32.8 percent to 1.2 billion dollars, while net loss attributable to Steven Madden, Ltd. was 18.4 million dollars or 23 cents per basic share compared to net income of 141.3 million dollars or 1.69 dollars per diluted share, for the year ended December 31, 2019. On an Adjusted basis, net income attributable to Steven Madden, Ltd. was 51.8 million dollars or 64 cents per diluted share compared to 162.8 million dollars or 1.95 dollars per diluted share in the previous year.