Revenue at Steve Madden increased 63.9 percent to 578.5 million dollars compared to the same period of 2020.
For fiscal 2022, the company expects revenue will increase 10 percent to 13 percent over fiscal 2021. The company expects diluted EPS will be in the range of 2.66 dollars to 2.76 dollars and adjusted diluted EPS tol be in the range of 2.73 dollars to 2.83 dollars.
Commenting on the company’s performance, Edward Rosenfeld, chairman and chief executive officer, said: “We delivered outstanding results in the fourth quarter, with revenue increasing 38 percent and diluted EPS more than doubling compared to 2019. The exceptional momentum in our direct-to-consumer business continued, with revenue up 63 percent compared to 2019, and our wholesale business accelerated significantly, with revenue increasing 31 percent compared to 2019.”
Fourth quarter segment performance of Steve Madden
Gross profit as a percentage of revenue increased to 41.2 percent compared to 38.3 percent in the same period of 2020. Adjusted gross profit as a percentage of revenue was 38.2 percent in the fourth quarter 2020.
Net income attributable to Steven Madden, Ltd. was 66 million dollars or 81 cents per diluted share compared to 22.6 million dollars or 28 cents per diluted share, in the same period of 2020. Adjusted net income attributable to Steven Madden, Ltd. was 70.4 million dollars or 87 cents per diluted share compared to 21.8 million dollars or 27 cents per diluted share, in fourth quarter 2020.
Revenue for the wholesale business was 410.5 million dollars, a 56.1 percent increase compared to the fourth quarter of 2020, with 61.9 percent increase in wholesale footwear and a 41.7 percent increase in wholesale accessories/apparel. Gross profit as a percentage of wholesale revenue rose to 31.8% compared to 28.3% in the fourth quarter of 2020.
Direct-to-consumer revenue was 164.7 million dollars, a 91.3 percent increase compared to the fourth quarter of 2020. The company ended the quarter with 214 brick-and-mortar retail stores and six e-commerce websites, as well as 17 company-operated concessions in international markets.
Steve Madden’s full year revenue increases 55.3 percent
For the full year ended December 31, 2021, the company’s revenue increased 55.3 percent to 1.9 billion dollars from 1.2 billion dollars in 2020.
Net income attributable to Steven Madden, Ltd. was 190.7 million dollars or 2.34 dollars per diluted share, for the year ended December 31, 2021 compared to a net loss of 18.4 million dollars or 23 cents per basic share, for the year ended December 31, 2020.
On an Adjusted basis, net income attributable to Steven Madden, Ltd. was 203.7 million dollars or 2.50 dollars per diluted share, for the year ended December 31, 2021 compared to 51.8 million dollars or 64 cents per diluted share, for the year ended December 31, 2020.
The company's board of directors approved a quarterly cash dividend of 21 cents per share, reflecting a 40 percent increase over the previous quarterly dividend.