LONG ISLAND CITY, N.Y., Nov. 05, 2025 (GLOBE NEWSWIRE) -- Steven Madden, Ltd. (NASDAQ:SHOO), a leading designer and marketer of fashion-forward footwear, accessories and apparel, today announced financial results for the third quarter ended September 30, 2025.

Amounts referred to as "Adjusted" are non-GAAP measures that exclude the items defined as "Non-GAAP Adjustments" in the "Non-GAAP Reconciliation" section.

Third Quarter 2025 Results

Revenue increased 6.9% to $667.9 million, compared to $624.7 million in the same period of 2024.
Gross profit as a percentage of revenue was 41.5%, flat to the same period of 2024. Adjusted gross profit as a percentage of revenue was 43.4%, compared to 41.6% in the same period of 2024.
Operating expenses as a percentage of revenue were 36.8%, compared to 28.6% in the same period of 2024. Adjusted operating expenses as a percentage of revenue were 36.4%, compared to 27.9% in the same period of 2024.
Income from operations totaled $31.4 million, or 4.7% of revenue, compared to $74.6 million, or 11.9% of revenue, in the same period of 2024. Adjusted income from operations totaled $46.3 million, or 6.9% of revenue, compared to $85.4 million, or 13.7% of revenue, in the same period of 2024.
Net income attributable to Steven Madden, Ltd. was $20.5 million, or $0.29 per diluted share, compared to $55.3 million, or $0.77 per diluted share, in the same period of 2024. Adjusted net income attributable to Steven Madden, Ltd. was $30.4 million, or $0.43 per diluted share, compared to $64.8 million, or $0.91 per diluted share, in the same period of 2024.

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, "As anticipated, the third quarter was challenging, driven largely by the impact of new tariffs on goods imported into the United States. That said, we are pleased with underlying demand for our brands and products. Consumers have responded favorably to our Fall assortments, particularly in our flagship Steve Madden brand. The improved trend in Steve Madden, together with our tariff mitigation strategies and the contribution from our recent acquisition Kurt Geiger, position us to deliver stronger financial results beginning in the fourth quarter."

Third Quarter 2025 Channel Results

Revenue for the wholesale business in the third quarter of 2025 was $442.7 million, a 10.7% decrease compared to the third quarter of 2024. Excluding the recently acquired Kurt Geiger, wholesale revenue declined 19.0%. Wholesale footwear revenue decreased 10.9%, or 16.7% excluding Kurt Geiger. Wholesale accessories/apparel revenue decreased 10.3%, or 22.5% excluding Kurt Geiger. Gross profit as a percentage of wholesale revenue was 32.7% in the third quarter of 2025, compared to 35.5% in the third quarter of 2024. Adjusted gross profit as a percentage of wholesale revenue was 33.6%, compared to 35.5% in the third quarter of 2024, as a result of the impact of new tariffs on goods imported into the United States.

Direct-to-consumer revenue in the third quarter of 2025 was $221.5 million, a 76.6% increase compared to the third quarter of 2024. Excluding Kurt Geiger, direct-to-consumer revenue increased 1.5%. Gross profit as a percentage of direct-to-consumer revenue was 58.3%, compared to 64.0% in the third quarter of 2024. Adjusted gross profit as a percentage of direct-to-consumer revenue was 61.9%, compared to 64.0% in the third quarter of 2024, as a result of the impact of new tariffs on goods imported into the United States and the addition of the Kurt Geiger concessions business.

The company ended the quarter with 397 company-operated brick-and-mortar retail stores, including 99 outlets, as well as seven e-commerce websites and 133 company-operated concessions in international markets.

Balance Sheet and Cash Flow Highlights

As of September 30, 2025, total debt outstanding was $293.8 million, and cash, cash equivalents and short-term investments were $108.9 million, for net debt of $185.0 million.

During the third quarter of 2025, the company did not repurchase any shares of its common stock in the open market.

Quarterly Cash Dividend

The company's Board of Directors approved a quarterly cash dividend of $0.21 per share. The dividend is payable on December 26, 2025 to stockholders of record as of the close of business on December 15, 2025.

Fourth Quarter 2025 Outlook

For the fourth quarter of 2025, the company expects revenue will increase 27% to 30% compared to the same period of 2024. The company expects diluted EPS will be in the range of $0.30 to $0.35. The company expects Adjusted diluted EPS will be in the range of $0.41 to $0.46.

Conference Call Information

Interested stockholders are invited to listen to the conference call scheduled for today, November 5, 2025, at 8:30 a.m. Eastern Time, which will include a discussion of the company's third quarter 2025 earnings results and fourth quarter outlook. The call will be webcast live on the company's website at https://investor.stevemadden.com. A webcast replay of the conference call will be available on the company's website or via the following webcast link https://edge.media-server.com/mmc/p/f3725r4k beginning today at approximately 10:00 a.m. Eastern Time.

About Steve Madden

Steve Madden designs, sources and markets fashion-forward footwear, accessories and apparel. In addition to marketing products under its own brands including Steve Madden^®, Kurt Geiger London^®, Dolce Vita^®, Betsey Johnson^®, Carvela^®, Blondo^® and ATM^®, Steve Madden licenses footwear, handbags and other accessory categories for the Anne Klein^® brand. Steve Madden also designs and sources products under private label brand names for various retailers. Steve Madden's wholesale distribution includes department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers and independent stores. Steve Madden also directly operates brick-and-mortar retail stores and e-commerce websites. In addition, Steve Madden licenses certain of its brands to third parties for the marketing and sale of certain products in the apparel, accessory and home categories.

Safe Harbor Statement Under the U.S. Private Securities Litigation Reform Act of 1995

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, among others, statements regarding revenue and earnings guidance, plans, strategies, objectives, expectations and intentions. Forward-looking statements can be identified by words such as: "may", "will", "expect", "believe", "should", "anticipate", "project", "predict", "plan", "intend", "estimate", or "confident" and similar expressions or the negative of these expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they represent the company's current beliefs, expectations, and assumptions regarding anticipated events and trends affecting its business and industry based on information available as of the time such statements are made. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which may be outside of the company's control. The company's actual results and financial condition may differ materially from those indicated in these forward-looking statements. The company does not undertake, and disclaims, any obligation to publicly update any forward-looking statement, including, without limitation, any guidance regarding revenue or earnings, whether as a result of new information, future developments, or otherwise.

STEVEN MADDEN, LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited)
	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024

Net sales	$	664,200		$	621,170		$	1,771,672		$	1,693,446
Licensing fee income		3,675			3,505			8,737			7,163
Total revenue		667,875			624,675			1,780,409			1,700,609
Cost of sales		390,500			365,131			1,050,740			999,121
Gross profit		277,375			259,544			729,669			701,488
Operating expenses		246,017			178,915			687,145			507,343
Change in valuation of contingent payment liability		—			(2,584	)		(2,075	)		5,616
Impairment of intangibles		—			8,635			—			10,335
Income from operations		31,358			74,578			44,599			178,194
Gain on derivative		—			—			9,252			—
Interest and other (expense) / income, net		(4,947	)		1,400			(7,913	)		4,309
Income before provision for income taxes		26,411			75,978			45,938			182,503
Provision for income taxes		4,593			19,390			21,572			44,404
Net income		21,818			56,588			24,366			138,099
Less: net income attributable to noncontrolling interest		1,290			1,310			2,892			3,510
Net income attributable to Steven Madden, Ltd.	$	20,528		$	55,278		$	21,474		$	134,589

Basic income per share	$	0.29		$	0.78		$	0.30		$	1.88

Diluted income per share	$	0.29		$	0.77		$	0.30		$	1.87

Basic weighted average common shares outstanding		70,906			70,806			70,850			71,516

Diluted weighted average common shares outstanding		71,157			71,569			71,022			72,135

Cash dividends declared per common share	$	0.21		$	0.21		$	0.63		$	0.63

STEVEN MADDEN, LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
			As of
	September 30, 2025		December 31, 2024		September 30, 2024
	(Unaudited)				(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	108,722	$	189,924	$	139,414
Short-term investments		140		13,484		11,064
Accounts receivable, net of allowances		91,285		45,653		56,297
Factor accounts receivable		333,198		348,659		426,408
Inventories		476,027		257,625		268,669
Prepaid expenses and other current assets		56,760		34,463		28,041
Income tax receivable and prepaid income taxes		26,582		4,887		14,950
Total current assets		1,092,714		894,695		944,843
Property and equipment, net		112,301		57,388		52,906
Operating lease right-of-use asset		220,656		139,695		148,391
Deposits and other		21,363		22,214		20,166
Deferred tax assets		1,389		610		609
Goodwill		273,836		183,737		181,905
Intangibles, net		277,268		113,432		108,308
Total Assets	$	1,999,527	$	1,411,771	$	1,457,128
LIABILITIES
Current liabilities:
Accounts payable	$	254,346	$	206,889	$	225,586
Accrued expenses and other current liabilities		237,736		142,452		150,067
Operating leases - current portion		55,957		43,172		43,812
Income taxes payable		16,351		6,147		12,435
Contingent payment liability - current portion		3,221		—		7,716
Accrued incentive compensation		4,591		15,061		13,347
Total current liabilities		572,202		413,721		452,963
Contingent payment liability - long-term portion		15,164		7,565		11,200
Operating leases - long-term portion		190,459		109,816		118,674
Long-term debt		293,828		—		—
Deferred tax liabilities		39,867		4,628		8,777
Other liabilities		1,872		44		5,448
Total Liabilities		1,113,392		535,774		597,062

STOCKHOLDERS' EQUITY
Total Steven Madden, Ltd. stockholders' equity		850,841		847,719		833,923
Noncontrolling interest		35,294		28,278		26,143
Total stockholders' equity		886,135		875,997		860,066
Total Liabilities and Stockholders' Equity	$	1,999,527	$	1,411,771	$	1,457,128

STEVEN MADDEN, LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)
	Nine Months Ended
	September 30, 2025			September 30, 2024
Cash flows from operating activities:
Net income	$	24,366		$	138,099
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation		22,175			19,531
Depreciation and amortization		25,108			14,736
Amortization of debt issuance costs		725			—
Loss on disposal of fixed assets		180			112
Impairment of intangibles		—			10,335
Loss on divestiture of business		—			3,199
Change in valuation of contingent payment liability		(2,075	)		5,616
Other operating activities		(413	)		(48	)
Changes, net of acquisitions, in:
Accounts receivable		(10,962	)		(15,794	)
Factor accounts receivable		17,184			(108,276	)
Inventories		1,943			(39,064	)
Prepaid expenses, income tax receivables, prepaid taxes, and other assets		(46,097	)		(864	)
Accounts payable, accrued expenses, and other current liabilities		48,906			66,853
Accrued incentive compensation		(10,574	)		1,382
Leases and other liabilities		(2,836	)		(1,572	)

Net cash provided by operating activities		67,630			94,245

Cash flows from investing activities:
Capital expenditures		(29,079	)		(16,642	)
Purchases of short-term investments		—			(12,840	)
Maturity / sale of short-term investments		13,410			16,654
Acquisition of businesses, net of cash acquired		(371,554	)		(4,259	)
Other investing activities		(2,196	)		372
Net cash used in investing activities		(389,419	)		(16,715	)

Cash flows from financing activities:
Common stock repurchased and net settlements of stock awards		(8,367	)		(95,788	)
Proceeds from exercise of stock options		—			1,086
Investment of noncontrolling interest		3,500			—
Borrowings, net of repayments		300,000			—
Financing costs paid		(8,955	)		—
Cash dividends paid on common stock		(45,692	)		(45,880	)
Distribution of noncontrolling interest		(2,946	)		—
Net cash provided by / (used in) financing activities		237,540			(140,582	)
Effect of exchange rate changes on cash and cash equivalents		3,047			(2,174	)
Net decrease in cash and cash equivalents		(81,202	)		(65,226	)
Cash and cash equivalents – beginning of period		189,924			204,640

Cash and cash equivalents – end of period	$	108,722		$	139,414

STEVEN MADDEN, LTD. AND SUBSIDIARIES

NON-GAAP RECONCILIATION

(In thousands, except per share amounts)

(Unaudited)

The company uses non-GAAP financial information to evaluate its operating performance and in order to represent the manner in which the company conducts and views its business. Additionally, the company believes the information assists investors in comparing the company's performance across reporting periods on a consistent basis by excluding items that are not indicative of its core business. The non-GAAP financial information is provided in addition to, and not as an alternative to, the company's reported results prepared in accordance with GAAP.

Table 1 - Reconciliation of GAAP gross profit to Adjusted gross profit
	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024

GAAP gross profit	$	277,375	$	259,544	$	729,669	$	701,488
Non-GAAP Adjustments		12,309		59		20,840		393
Adjusted gross profit	$	289,684	$	259,603	$	750,509	$	701,881

Table 2 - Reconciliation of GAAP operating expenses to Adjusted operating expenses
	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024

GAAP operating expenses	$	246,017		$	178,915		$	687,145		$	507,343
Non-GAAP Adjustments		(2,585	)		(4,680	)		(61,597	)		(6,301	)
Adjusted operating expenses	$	243,432		$	174,235		$	625,548		$	501,042

Table 3 - Reconciliation of GAAP income from operations to Adjusted income from operations
	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024

GAAP income from operations	$	31,358	$	74,578	$	44,599	$	178,194
Non-GAAP Adjustments		14,895		10,790		80,360		22,645
Adjusted income from operations		46,253	$	85,368	$	124,959	$	200,839

Table 4 - Reconciliation of GAAP interest and other (expense) / income, net to Adjusted interest and other (expense) / income, net
	Three Months Ended					Nine Months Ended
	September 30, 2025			September 30, 2024		September 30, 2025			September 30, 2024

GAAP interest and other (expense) / income, net	$	(4,947	)	$	1,400	$	(7,913	)	$	4,309
Non-GAAP Adjustments		—			—		840			—
Adjusted interest and other (expense) / income, net	$	(4,947	)	$	1,400	$	(7,073	)	$	4,309

Table 5 - Reconciliation of GAAP provision for income taxes to Adjusted provision for income taxes
	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024

GAAP provision for income taxes	$	4,593	$	19,390	$	21,572	$	44,404
Non-GAAP Adjustments		5,065		1,238		6,794		4,032
Adjusted provision for income taxes	$	9,658	$	20,628	$	28,366	$	48,436

Table 6 - Reconciliation of GAAP net income attributable to noncontrolling interest to Adjusted net income attributable to noncontrolling interest
	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024

GAAP net income attributable to noncontrolling interest	$	1,290	$	1,310	$	2,892	$	3,510
Non-GAAP Adjustments		—		25		—		155
Adjusted net income attributable to noncontrolling interest	$	1,290	$	1,335	$	2,892	$	3,665

Table 7 - Reconciliation of GAAP net income attributable to Steven Madden, Ltd. to Adjusted net income attributable to Steven Madden, Ltd.
	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024

GAAP net income attributable to Steven Madden, Ltd.	$	20,528	$	55,278	$	21,474	$	134,589
Non-GAAP Adjustments		9,830		9,527		65,155		18,459
Adjusted net income attributable to Steven Madden, Ltd.	$	30,358	$	64,805	$	86,629	$	153,048

GAAP diluted net income per share	$	0.29	$	0.77	$	0.30	$	1.87

Adjusted diluted net income per share	$	0.43	$	0.91	$	1.22	$	2.12

Table 8 - Reconciliation of GAAP diluted net income per share to Adjusted diluted net income per share in Q4 2025 outlook
	Fourth Quarter 2025 Outlook
	Low End		High End

GAAP diluted net income per share	$	0.30	$	0.35
Non-GAAP Adjustments		0.11		0.11
Adjusted diluted net income per share	$	0.41	$	0.46

Non-GAAP Adjustments include the items below.

For the third quarter of 2025:

$12.3 million pre-tax ($9.2 million after-tax) expense in connection with the purchase accounting fair value adjustment of inventory from acquired businesses, included in cost of goods sold.
$1.1 million pre-tax ($0.8 million after-tax) expense in connection with severances and related charges, included in operating expenses.
$0.8 million pre-tax ($0.6 million after-tax) expense in connection with legal settlements and related fees, included in operating expenses.
$0.7 million pre-tax expense ($0.8 million after-tax benefit) in connection with acquisition costs and formation of joint ventures, included in operating expenses.

For the third quarter of 2024:

$3.2 million pre-tax ($3.7 million after-tax) expense in connection with a divestiture of a business, included in operating expenses.
$1.5 million pre-tax ($1.1 million after-tax) expense in connection with an acquisition and formation of joint ventures, included in operating expenses.
$8.6 million pre-tax ($6.6 million after-tax) expense in connection with a trademark impairment.
$2.6 million pre-tax ($2.0 million after-tax) benefit in connection with the change in valuation of a contingent consideration in connection with the acquisition of Almost Famous.

Contact

Steven Madden, Ltd.

VP of Corporate Development & Investor Relations

Danielle McCoy

718-308-2611

InvestorRelations@stevemadden.com

Steve Madden Announces Third Quarter 2025 Results