We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Steven Madden Ltd | NASDAQ:SHOO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 39.59 | 38.00 | 42.00 | 2 | 09:05:04 |
Delaware
|
|
13-3588231
|
(State or other jurisdiction of
|
|
(I.R.S. Employer Identification No.)
|
incorporation or organization)
|
|
|
52-16 Barnett Avenue, Long Island City, New York
|
|
11104
|
(Address of principal executive offices)
|
|
(Zip Code)
|
(718) 446-1800
|
(Registrant’s telephone number, including area code)
|
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
(do not check if smaller reporting company)
|
Smaller reporting company
o
|
|
Emerging growth company
o
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2017 |
|
December 31,
2016 |
|
March 31,
2016 |
||||||
|
|
(unaudited)
|
|
|
|
(unaudited)
|
||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|||
Current assets:
|
|
|
|
|
|
|
|
|
|
|||
Cash and cash equivalents
|
|
$
|
94,261
|
|
|
$
|
126,115
|
|
|
$
|
70,905
|
|
Accounts receivable, net of allowances of $2,721, $1,622 and $2,144
|
|
47,052
|
|
|
56,790
|
|
|
28,903
|
|
|||
Factor accounts receivable, net of allowances of $18,366, $20,209 and $18,143
|
|
185,414
|
|
|
144,168
|
|
|
188,233
|
|
|||
Inventories
|
|
96,973
|
|
|
119,824
|
|
|
80,356
|
|
|||
Marketable securities – available for sale
|
|
45,682
|
|
|
39,495
|
|
|
34,419
|
|
|||
Prepaid expenses and other current assets
|
|
22,623
|
|
|
26,351
|
|
|
27,199
|
|
|||
Prepaid taxes
|
|
10,472
|
|
|
15,928
|
|
|
14,548
|
|
|||
Total current assets
|
|
502,477
|
|
|
528,671
|
|
|
444,563
|
|
|||
Note receivable – related party
|
|
2,555
|
|
|
2,644
|
|
|
2,903
|
|
|||
Property and equipment, net
|
|
74,747
|
|
|
72,381
|
|
|
72,727
|
|
|||
Deposits and other
|
|
4,753
|
|
|
4,710
|
|
|
4,748
|
|
|||
Marketable securities – available for sale
|
|
53,298
|
|
|
70,559
|
|
|
87,575
|
|
|||
Deferred taxes
|
|
1,813
|
|
|
1,813
|
|
|
594
|
|
|||
Goodwill – net
|
|
152,449
|
|
|
135,711
|
|
|
138,096
|
|
|||
Intangibles – net
|
|
151,878
|
|
|
144,386
|
|
|
150,546
|
|
|||
Total Assets
|
|
$
|
943,970
|
|
|
$
|
960,875
|
|
|
$
|
901,752
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|||
Accounts payable
|
|
$
|
70,896
|
|
|
$
|
80,584
|
|
|
$
|
86,831
|
|
Accrued expenses
|
|
63,496
|
|
|
86,635
|
|
|
47,409
|
|
|||
Contingent payment liability – current portion
|
|
8,780
|
|
|
7,948
|
|
|
16,351
|
|
|||
Accrued incentive compensation
|
|
2,224
|
|
|
7,960
|
|
|
1,774
|
|
|||
Total current liabilities
|
|
145,396
|
|
|
183,127
|
|
|
152,365
|
|
|||
Contingent payment liability
|
|
23,050
|
|
|
—
|
|
|
4,941
|
|
|||
Deferred rent
|
|
14,739
|
|
|
14,578
|
|
|
12,217
|
|
|||
Deferred taxes
|
|
19,513
|
|
|
19,466
|
|
|
26,173
|
|
|||
Other liabilities
|
|
2,450
|
|
|
2,632
|
|
|
2,390
|
|
|||
Total Liabilities
|
|
205,148
|
|
|
219,803
|
|
|
198,086
|
|
|||
Commitments, contingencies and other
|
|
|
|
|
|
|
|
|
|
|||
STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|||
Preferred stock – $.0001 par value, 5,000 shares authorized; none issued; Series A Junior Participating preferred stock – $.0001 par value, 60 shares authorized; none issued
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Common stock – $.0001 par value, 135,000 shares authorized, 86,655, 86,417 and 85,945 shares issued, 59,736, 60,410 and 61,983 shares outstanding
|
|
6
|
|
|
6
|
|
|
6
|
|
|||
Additional paid-in capital
|
|
360,431
|
|
|
353,443
|
|
|
337,850
|
|
|||
Retained earnings
|
|
1,037,911
|
|
|
1,017,753
|
|
|
916,801
|
|
|||
Accumulated other comprehensive loss
|
|
(29,416
|
)
|
|
(31,751
|
)
|
|
(24,725
|
)
|
|||
Treasury stock – 26,919, 26,007 and 23,962 shares at cost
|
|
(631,745
|
)
|
|
(598,584
|
)
|
|
(526,613
|
)
|
|||
Total Steven Madden, Ltd. stockholders’ equity
|
|
737,187
|
|
|
740,867
|
|
|
703,319
|
|
|||
Noncontrolling interest
|
|
1,635
|
|
|
205
|
|
|
347
|
|
|||
Total stockholders’ equity
|
|
738,822
|
|
|
741,072
|
|
|
703,666
|
|
|||
Total Liabilities and Stockholders’ Equity
|
|
$
|
943,970
|
|
|
$
|
960,875
|
|
|
$
|
901,752
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2017
|
|
2016
|
||||
Net sales
|
|
$
|
366,387
|
|
|
$
|
329,357
|
|
Cost of sales
|
|
233,669
|
|
|
213,155
|
|
||
Gross profit
|
|
132,718
|
|
|
116,202
|
|
||
|
|
|
|
|
||||
Commission and licensing fee income – net
|
|
3,927
|
|
|
2,171
|
|
||
Operating expenses
|
|
(105,865
|
)
|
|
(88,493
|
)
|
||
Income from operations
|
|
30,780
|
|
|
29,880
|
|
||
Interest and other income (expense) – net
|
|
684
|
|
|
(176
|
)
|
||
Income before provision for income taxes
|
|
31,464
|
|
|
29,704
|
|
||
Provision for income taxes
|
|
10,942
|
|
|
5,808
|
|
||
Net income
|
|
20,522
|
|
|
23,896
|
|
||
Net income attributable to noncontrolling interest
|
|
364
|
|
|
237
|
|
||
Net income attributable to Steven Madden, Ltd.
|
|
$
|
20,158
|
|
|
$
|
23,659
|
|
|
|
|
|
|
||||
|
|
|
|
|
||||
Basic net income per share
|
|
$
|
0.36
|
|
|
$
|
0.41
|
|
|
|
|
|
|
||||
Diluted net income per share
|
|
$
|
0.35
|
|
|
$
|
0.39
|
|
|
|
|
|
|
||||
Basic weighted average common shares outstanding
|
|
55,828
|
|
|
57,709
|
|
||
Effect of dilutive securities – options/restricted stock
|
|
2,375
|
|
|
2,544
|
|
||
Diluted weighted average common shares outstanding
|
|
58,203
|
|
|
60,253
|
|
|
|
Three Months Ended March 31, 2017
|
||||||||||
|
|
Pre-tax amounts
|
|
Tax benefit/(expense)
|
|
After-tax amounts
|
||||||
Net income
|
|
|
|
|
|
$
|
20,522
|
|
||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
||||
Foreign currency translation adjustment
|
|
$
|
2,411
|
|
|
$
|
—
|
|
|
2,411
|
|
|
Gain or (loss) on cash flow hedging derivatives
|
|
(307
|
)
|
|
66
|
|
|
(241
|
)
|
|||
Unrealized gain (loss) on marketable securities
|
|
260
|
|
|
(95
|
)
|
|
165
|
|
|||
Total other comprehensive income (loss)
|
|
$
|
2,364
|
|
|
$
|
(29
|
)
|
|
2,335
|
|
|
|
|
|
|
|
|
|
||||||
Comprehensive income
|
|
|
|
|
|
22,857
|
|
|||||
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
364
|
|
|||||
Comprehensive income attributable to Steven Madden, Ltd.
|
|
|
|
|
|
$
|
22,493
|
|
||||
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended March 31, 2016
|
||||||||||
|
|
Pre-tax amounts
|
|
Tax benefit/(expense)
|
|
After-tax amounts
|
||||||
Net income
|
|
|
|
|
|
$
|
23,896
|
|
||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
||||||
Foreign currency translation adjustment
|
|
$
|
5,153
|
|
|
$
|
—
|
|
|
5,153
|
|
|
Gain or (loss) on cash flow hedging derivatives
|
|
663
|
|
|
(242
|
)
|
|
421
|
|
|||
Unrealized gain (loss) on marketable securities
|
|
1,754
|
|
|
(640
|
)
|
|
1,114
|
|
|||
Total other comprehensive income (loss)
|
|
$
|
7,570
|
|
|
$
|
(882
|
)
|
|
6,688
|
|
|
|
|
|
|
|
|
|
||||||
Comprehensive income
|
|
|
|
|
|
30,584
|
|
|||||
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
237
|
|
|||||
Comprehensive income attributable to Steven Madden, Ltd.
|
|
|
|
|
|
$
|
30,347
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
|
||
Net income
|
|
$
|
20,522
|
|
|
$
|
23,896
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Stock-based compensation
|
|
5,176
|
|
|
4,927
|
|
||
Depreciation and amortization
|
|
5,221
|
|
|
5,201
|
|
||
Loss on disposal of fixed assets
|
|
930
|
|
|
—
|
|
||
Deferred taxes
|
|
(962
|
)
|
|
(3,202
|
)
|
||
Accrued interest on note receivable - related party
|
|
(14
|
)
|
|
(16
|
)
|
||
Deferred rent expense
|
|
161
|
|
|
204
|
|
||
Realized (gain) loss on sale of marketable securities
|
|
(20
|
)
|
|
779
|
|
||
Changes in fair value on contingent liability
|
|
832
|
|
|
—
|
|
||
Bad debt expense from bankruptcy
|
|
7,500
|
|
|
—
|
|
||
Changes, net of acquisitions, in:
|
|
|
|
|
||||
Accounts receivable
|
|
13,549
|
|
|
14,270
|
|
||
Factor accounts receivable
|
|
(41,246
|
)
|
|
(33,022
|
)
|
||
Notes receivable - related party
|
|
103
|
|
|
103
|
|
||
Inventories
|
|
35,549
|
|
|
21,724
|
|
||
Prepaid expenses, prepaid taxes, deposits and other
|
|
12,907
|
|
|
1,501
|
|
||
Accounts payable and accrued expenses
|
|
(45,777
|
)
|
|
(17,655
|
)
|
||
Accrued incentive compensation
|
|
(5,736
|
)
|
|
(4,367
|
)
|
||
Other liabilities
|
|
(182
|
)
|
|
902
|
|
||
Net cash provided by operating activities
|
|
8,513
|
|
|
15,245
|
|
||
|
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
|||
Acquisitions, net of cash acquired
|
|
(17,396
|
)
|
|
—
|
|
||
Capital expenditures
|
|
(3,293
|
)
|
|
(4,384
|
)
|
||
Purchases of marketable securities
|
|
(5,301
|
)
|
|
(3,497
|
)
|
||
Maturity/sale of marketable securities
|
|
16,593
|
|
|
4,534
|
|
||
Net cash used in investing activities
|
|
(9,397
|
)
|
|
(3,347
|
)
|
||
|
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|||
Proceeds from exercise of stock options
|
|
1,812
|
|
|
3,678
|
|
||
Payment of contingent liability
|
|
—
|
|
|
(3,483
|
)
|
||
Common stock purchased for treasury
|
|
(33,161
|
)
|
|
(14,034
|
)
|
||
Net cash used in financing activities
|
|
(31,349
|
)
|
|
(13,839
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
|
379
|
|
|
432
|
|
||
Net (decrease) in cash and cash equivalents
|
|
(31,854
|
)
|
|
(1,509
|
)
|
||
Cash and cash equivalents – beginning of period
|
|
126,115
|
|
|
72,414
|
|
||
Cash and cash equivalents – end of period
|
|
$
|
94,261
|
|
|
$
|
70,905
|
|
|
Maturities as of
March 31, 2017 |
|
Maturities as of
December 31, 2016 |
||||||||||||
|
1 Year or Less
|
|
1 to 4 Years
|
|
1 Year or Less
|
|
1 to 4 Years
|
||||||||
Corporate bonds
|
$
|
17,438
|
|
|
$
|
53,298
|
|
|
$
|
11,527
|
|
|
$
|
70,559
|
|
Certificates of deposit
|
28,244
|
|
|
—
|
|
|
27,968
|
|
|
—
|
|
||||
Total
|
$
|
45,682
|
|
|
$
|
53,298
|
|
|
$
|
39,495
|
|
|
$
|
70,559
|
|
•
|
Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.
|
•
|
Level 3: Significant unobservable inputs.
|
|
|
|
|
March 31, 2017
|
||||||||||||
|
|
|
|
Fair Value Measurements
|
||||||||||||
|
|
Fair value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents
|
|
$
|
3,311
|
|
|
$
|
3,311
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Current marketable securities – available for sale
|
|
45,682
|
|
|
45,682
|
|
|
—
|
|
|
—
|
|
||||
Long-term marketable securities – available for sale
|
|
53,298
|
|
|
53,298
|
|
|
—
|
|
|
—
|
|
||||
Forward contracts
|
|
12
|
|
|
—
|
|
|
12
|
|
|
—
|
|
||||
Total assets
|
|
$
|
102,303
|
|
|
$
|
102,291
|
|
|
$
|
12
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Contingent consideration
|
|
$
|
31,830
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
31,830
|
|
Total liabilities
|
|
$
|
31,830
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
31,830
|
|
|
|
|
|
December 31, 2016
|
||||||||||||
|
|
|
|
Fair Value Measurements
|
||||||||||||
|
|
Fair value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents
|
|
$
|
3,309
|
|
|
$
|
3,309
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Current marketable securities – available for sale
|
|
39,495
|
|
|
39,495
|
|
|
—
|
|
|
—
|
|
||||
Long-term marketable securities – available for sale
|
|
70,559
|
|
|
70,559
|
|
|
—
|
|
|
—
|
|
||||
Forward contracts
|
|
191
|
|
|
—
|
|
|
191
|
|
|
—
|
|
||||
Total assets
|
|
$
|
113,554
|
|
|
$
|
113,363
|
|
|
$
|
191
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Contingent consideration
|
|
$
|
7,948
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,948
|
|
Total liabilities
|
|
$
|
7,948
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,948
|
|
|
Balance at January 1,
|
|
Payments
|
|
Acquisitions
|
|
Change in estimate
|
|
Balance at
March 31,
|
|||||||
2017
|
|
|
|
|
|
|
|
|
|
|||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|||||||
Contingent consideration
|
$
|
7,948
|
|
|
—
|
|
|
23,050
|
|
|
832
|
|
|
$
|
31,830
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Balance at January 1,
|
|
Payments
|
|
Acquisitions
|
|
Change in estimate
|
|
Balance at December 31,
|
|||||||
2016
|
|
|
|
|
|
|
|
|
|
|||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|||||||
Contingent consideration
|
$
|
24,775
|
|
|
(16,402
|
)
|
|
—
|
|
|
(425
|
)
|
|
$
|
7,948
|
|
Common stock authorized
|
23,466,000
|
|
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled
|
(21,528,000
|
)
|
Common stock available for grant of stock-based awards as of March 31, 2017
|
1,938,000
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Proceeds from stock options exercised
|
$
|
1,812
|
|
|
$
|
3,678
|
|
Intrinsic value of stock options exercised
|
$
|
1,011
|
|
|
$
|
11,030
|
|
|
|
2017
|
|
2016
|
Volatility
|
|
23.2% to 26.4%
|
|
22.2% to 26.2%
|
Risk free interest rate
|
|
1.48% to 1.99%
|
|
1.20% to 1.73%
|
Expected life in years
|
|
3.4 to 5.0
|
|
3.8 to 5.0
|
Dividend yield
|
|
0.00%
|
|
0.00%
|
Weighted average fair value
|
|
$8.97
|
|
$7.26
|
|
|
Number of Shares
|
|
Weighted Average Exercise Price
|
|
Weighted Average Remaining Contractual Term
|
|
Aggregate Intrinsic Value
|
|||||
Outstanding at January 1, 2017
|
|
1,499,000
|
|
|
$
|
29.72
|
|
|
|
|
|
|
|
Granted
|
|
899,000
|
|
|
37.06
|
|
|
|
|
|
|
||
Exercised
|
|
(74,000
|
)
|
|
24.29
|
|
|
|
|
|
|
||
Forfeited
|
|
(1,000
|
)
|
|
36.59
|
|
|
|
|
|
|
||
Outstanding at March 31, 2017
|
|
2,323,000
|
|
|
$
|
32.73
|
|
|
4.6 years
|
|
$
|
13,513
|
|
Exercisable at March 31, 2017
|
|
1,058,000
|
|
|
$
|
28.44
|
|
|
2.6 years
|
|
$
|
10,702
|
|
|
|
2017
|
|
2016
|
||||||||||
|
|
Number of Shares
|
|
Weighted Average Fair Value at Grant Date
|
|
Number of Shares
|
|
Weighted Average Fair Value at Grant Date
|
||||||
Non-vested at January 1,
|
|
4,191,000
|
|
|
$
|
25.93
|
|
|
4,055,000
|
|
|
$
|
25.32
|
|
Granted
|
|
166,000
|
|
|
36.61
|
|
|
273,000
|
|
|
34.06
|
|
||
Vested
|
|
(125,000
|
)
|
|
33.15
|
|
|
(126,000
|
)
|
|
29.51
|
|
||
Forfeited
|
|
(3,000
|
)
|
|
34.77
|
|
|
—
|
|
|
—
|
|
||
Non-vested at March 31,
|
|
4,229,000
|
|
|
$
|
26.13
|
|
|
4,202,000
|
|
|
$
|
25.81
|
|
Inventory
|
$
|
12,698
|
|
Accounts receivable
|
11,311
|
|
|
Trademarks
|
4,000
|
|
|
Customer relations
|
3,900
|
|
|
Fixed assets
|
3,281
|
|
|
Prepaids and other assets
|
2,694
|
|
|
Accounts payable
|
(8,281
|
)
|
|
Accrued expenses
|
(4,669
|
)
|
|
Total fair value excluding goodwill
|
24,934
|
|
|
Goodwill
|
15,512
|
|
|
|
|
||
Net assets acquired
|
$
|
40,446
|
|
|
|
Wholesale
|
|
|
|
|
Net Carrying Amount
|
|||||||||
|
|
Footwear
|
|
Accessories
|
|
Retail
|
|
|||||||||
Balance at January 1, 2017
|
|
$
|
72,261
|
|
|
$
|
49,324
|
|
|
$
|
14,126
|
|
|
$
|
135,711
|
|
Acquisitions
|
|
15,512
|
|
|
—
|
|
|
—
|
|
|
15,512
|
|
||||
Purchase accounting adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Translation and other
|
|
697
|
|
|
—
|
|
|
529
|
|
|
1,226
|
|
||||
Balance at March 31, 2017
|
|
$
|
88,470
|
|
|
$
|
49,324
|
|
|
$
|
14,655
|
|
|
$
|
152,449
|
|
|
|
Estimated Lives
|
|
Cost Basis
|
|
Accumulated Amortization (1)
|
|
Impairment (2)
|
|
Net Carrying Amount
|
||||||||
Trade names
|
|
6–10 years
|
|
$
|
8,590
|
|
|
$
|
3,999
|
|
|
$
|
—
|
|
|
$
|
4,591
|
|
Customer relationships
|
|
10 years
|
|
45,409
|
|
|
21,707
|
|
|
—
|
|
|
23,702
|
|
||||
License agreements
|
|
3–6 years
|
|
5,600
|
|
|
5,600
|
|
|
—
|
|
|
—
|
|
||||
Non-compete agreement
|
|
5 years
|
|
2,440
|
|
|
2,336
|
|
|
—
|
|
|
104
|
|
||||
Re-acquired right
|
|
2 years
|
|
4,200
|
|
|
4,200
|
|
|
—
|
|
|
—
|
|
||||
Other
|
|
3 years
|
|
14
|
|
|
14
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
66,253
|
|
|
37,856
|
|
|
—
|
|
|
28,397
|
|
||||
Re-acquired right
|
|
indefinite
|
|
35,200
|
|
|
9,007
|
|
|
—
|
|
|
26,193
|
|
||||
Trademarks
|
|
indefinite
|
|
100,333
|
|
|
—
|
|
|
3,045
|
|
|
97,288
|
|
||||
|
|
|
|
$
|
201,786
|
|
|
$
|
46,863
|
|
|
$
|
3,045
|
|
|
$
|
151,878
|
|
2017 (remaining nine months)
|
$
|
3,329
|
|
2018
|
4,379
|
|
|
2019
|
4,306
|
|
|
2020
|
3,500
|
|
|
2021
|
1,852
|
|
|
Thereafter
|
11,031
|
|
|
|
$
|
28,397
|
|
As of and for the three months ended,
|
|
Wholesale Footwear
|
|
Wholesale Accessories
|
|
Total Wholesale
|
|
Retail
|
|
First Cost
|
|
Licensing
|
|
Consolidated
|
||||||||||||||
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net sales to external customers
|
|
$
|
261,364
|
|
|
$
|
51,952
|
|
|
$
|
313,316
|
|
|
$
|
53,071
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
366,387
|
|
Gross profit
|
|
85,448
|
|
|
16,113
|
|
|
101,561
|
|
|
31,157
|
|
|
—
|
|
|
—
|
|
|
132,718
|
|
|||||||
Commissions and licensing fees – net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,533
|
|
|
2,394
|
|
|
3,927
|
|
|||||||
Income (loss) from operations
|
|
30,695
|
|
|
2,370
|
|
|
33,065
|
|
|
(6,212
|
)
|
|
1,533
|
|
|
2,394
|
|
|
30,780
|
|
|||||||
Segment assets
|
|
$
|
764,386
|
|
|
$
|
59,019
|
|
|
823,405
|
|
|
109,955
|
|
|
10,610
|
|
|
—
|
|
|
943,970
|
|
|||||
Capital expenditures
|
|
|
|
|
|
|
|
$
|
1,391
|
|
|
$
|
1,902
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,293
|
|
||
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net sales to external customers
|
|
$
|
228,920
|
|
|
$
|
46,879
|
|
|
$
|
275,799
|
|
|
$
|
53,558
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
329,357
|
|
Gross profit
|
|
70,922
|
|
|
15,205
|
|
|
86,127
|
|
|
30,075
|
|
|
—
|
|
|
—
|
|
|
116,202
|
|
|||||||
Commissions and licensing fees – net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
585
|
|
|
1,586
|
|
|
2,171
|
|
|||||||
Income (loss) from operations
|
|
28,930
|
|
|
1,914
|
|
|
30,844
|
|
|
(3,135
|
)
|
|
585
|
|
|
1,586
|
|
|
29,880
|
|
|||||||
Segment assets
|
|
$
|
744,007
|
|
|
$
|
49,223
|
|
|
793,230
|
|
|
104,526
|
|
|
3,996
|
|
|
—
|
|
|
901,752
|
|
|||||
Capital expenditures
|
|
|
|
|
|
|
|
$
|
1,417
|
|
|
$
|
2,967
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,384
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
•
|
net sales
|
•
|
gross profit margin
|
•
|
operating expenses
|
•
|
income from operations
|
•
|
adjusted EBITDA
|
•
|
adjusted EBIT
|
•
|
same store sales
|
•
|
inventory turnover
|
•
|
accounts receivable average collection days
|
•
|
cash flow and liquidity determined by the Company’s working capital and free cash flow
|
•
|
store metrics such as sales per square foot, average unit retail, conversion, average units per transaction, and contribution margin.
|
|
|
Year-To-Date Period Ended ($ in thousands)
|
||||||||||
|
|
March 31, 2017
|
|
December 31, 2016
|
|
March 31, 2016
|
||||||
Net Income
|
|
$
|
20,522
|
|
|
$
|
121,274
|
|
|
$
|
23,896
|
|
Add back:
|
|
|
|
|
|
|
||||||
Provision for income taxes
|
|
10,942
|
|
|
49,726
|
|
|
5,808
|
|
|||
Bad debt expense from bankruptcy
|
|
7,500
|
|
|
—
|
|
|
—
|
|
|||
Schwartz & Benjamin inventory fair value adjustment
|
|
1,240
|
|
|
—
|
|
|
—
|
|
|||
Deduct:
|
|
|
|
|
|
|
||||||
Other Income (Loss)*
|
|
19
|
|
|
(664
|
)
|
|
(779
|
)
|
|||
Interest, net
|
|
665
|
|
|
2,488
|
|
|
603
|
|
|||
Adjusted EBIT
|
|
39,520
|
|
|
169,176
|
|
|
29,880
|
|
|||
Add back:
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
4,913
|
|
|
19,868
|
|
|
4,893
|
|
|||
Loss on disposal of fixed assets
|
|
930
|
|
|
652
|
|
|
—
|
|
|||
Adjusted EBITDA
|
|
$
|
45,363
|
|
|
$
|
189,696
|
|
|
$
|
34,773
|
|
|
|
2017
|
|
2016
|
||||||||||
CONSOLIDATED:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net sales
|
|
$
|
366,387
|
|
|
100.0
|
%
|
|
$
|
329,357
|
|
|
100.0
|
%
|
Cost of sales
|
|
233,669
|
|
|
63.8
|
%
|
|
213,155
|
|
|
64.7
|
%
|
||
Gross profit
|
|
132,718
|
|
|
36.2
|
%
|
|
116,202
|
|
|
35.3
|
%
|
||
Commission and licensing fee income – net of expenses
|
|
3,927
|
|
|
1.1
|
%
|
|
2,171
|
|
|
0.7
|
%
|
||
Operating expenses
|
|
105,865
|
|
|
28.9
|
%
|
|
88,493
|
|
|
26.9
|
%
|
||
Income from operations
|
|
30,780
|
|
|
8.4
|
%
|
|
29,880
|
|
|
9.1
|
%
|
||
Interest and other income (expense) – net
|
|
684
|
|
|
0.2
|
%
|
|
(176
|
)
|
|
(0.1
|
)%
|
||
Income before income taxes
|
|
31,464
|
|
|
8.6
|
%
|
|
29,704
|
|
|
9.0
|
%
|
||
Net income attributable to Steven Madden, Ltd.
|
|
20,158
|
|
|
5.5
|
%
|
|
23,659
|
|
|
7.2
|
%
|
||
|
|
|
|
|
|
|
|
|
||||||
By Segment:
|
|
|
|
|
|
|
|
|
|
|
||||
WHOLESALE FOOTWEAR SEGMENT:
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
$
|
261,364
|
|
|
100.0
|
%
|
|
$
|
228,920
|
|
|
100.0
|
%
|
Cost of sales
|
|
175,916
|
|
|
67.3
|
%
|
|
157,998
|
|
|
69.0
|
%
|
||
Gross profit
|
|
85,448
|
|
|
32.7
|
%
|
|
70,922
|
|
|
31.0
|
%
|
||
Operating expenses
|
|
54,753
|
|
|
20.9
|
%
|
|
41,992
|
|
|
18.3
|
%
|
||
Income from operations
|
|
30,695
|
|
|
11.7
|
%
|
|
28,930
|
|
|
12.6
|
%
|
||
|
|
|
|
|
|
|
|
|
||||||
WHOLESALE ACCESSORIES SEGMENT:
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
$
|
51,952
|
|
|
100.0
|
%
|
|
$
|
46,879
|
|
|
100.0
|
%
|
Cost of sales
|
|
35,839
|
|
|
69.0
|
%
|
|
31,674
|
|
|
67.6
|
%
|
||
Gross profit
|
|
16,113
|
|
|
31.0
|
%
|
|
15,205
|
|
|
32.4
|
%
|
||
Operating expenses
|
|
13,743
|
|
|
26.5
|
%
|
|
13,291
|
|
|
28.4
|
%
|
||
Income from operations
|
|
2,370
|
|
|
4.6
|
%
|
|
1,914
|
|
|
4.1
|
%
|
||
|
|
|
|
|
|
|
|
|
||||||
RETAIL SEGMENT:
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
$
|
53,071
|
|
|
100.0
|
%
|
|
$
|
53,558
|
|
|
100.0
|
%
|
Cost of sales
|
|
21,914
|
|
|
41.3
|
%
|
|
23,483
|
|
|
43.8
|
%
|
||
Gross profit
|
|
31,157
|
|
|
58.7
|
%
|
|
30,075
|
|
|
56.2
|
%
|
||
Operating expenses
|
|
37,369
|
|
|
70.4
|
%
|
|
33,210
|
|
|
62.0
|
%
|
||
Loss from operations
|
|
(6,212
|
)
|
|
(11.7
|
)%
|
|
(3,135
|
)
|
|
(5.9
|
)%
|
||
Number of stores
|
|
190
|
|
|
|
|
|
171
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||
FIRST COST SEGMENT:
|
|
|
|
|
|
|
|
|
|
|
||||
Other commission income – net of expenses
|
|
$
|
1,533
|
|
|
100.0
|
%
|
|
$
|
585
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
||||||
LICENSING SEGMENT:
|
|
|
|
|
|
|
|
|
|
|
||||
Licensing income – net of expenses
|
|
$
|
2,394
|
|
|
100.0
|
%
|
|
$
|
1,586
|
|
|
100.0
|
%
|
|
|
Payment due by period
|
||||||||||||||||||
Contractual Obligations
|
|
Total
|
|
Remainder of
2017
|
|
2018-2019
|
|
2020-2021
|
|
2022 and after
|
||||||||||
Operating lease obligations
|
|
$
|
257,328
|
|
|
$
|
32,218
|
|
|
$
|
78,447
|
|
|
$
|
66,821
|
|
|
$
|
79,842
|
|
Purchase obligations
|
|
199,824
|
|
|
199,824
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Contingent payment liabilities
|
|
31,830
|
|
|
8,780
|
|
|
4,266
|
|
|
6,118
|
|
|
12,666
|
|
|||||
Other long-term liabilities (future minimum royalty payments)
|
|
6,203
|
|
|
1,203
|
|
|
2,000
|
|
|
2,000
|
|
|
1,000
|
|
|||||
Total
|
|
$
|
495,185
|
|
|
$
|
242,025
|
|
|
$
|
84,713
|
|
|
$
|
74,939
|
|
|
$
|
93,508
|
|
Period
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as part of Publicly Announced Plans or Programs
|
|
Maximum Dollar Amount of Shares that May Yet Be Purchased Under the Plans or Programs
|
||||||
1/1/2017 - 1/31/2017
|
314,402
|
|
|
$
|
35.73
|
|
|
305,392
|
|
|
$
|
106,474
|
|
2/1/2017 - 2/28/2017
|
267,886
|
|
|
$
|
35.51
|
|
|
267,543
|
|
|
$
|
96,975
|
|
3/1/2017 - 3/31/2017
|
329,762
|
|
|
$
|
37.65
|
|
|
294,160
|
|
|
$
|
85,882
|
|
Total
|
912,050
|
|
|
$
|
36.36
|
|
|
867,095
|
|
|
$
|
85,882
|
|
|
|
|
|
|
|
|
|
10.1
|
Employment Agreement dated April 11, 2017 between the Company and Karla Frieders †#
|
31.1
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
|
32.2
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
|
101
|
The following materials from Steven Madden, Ltd.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 , formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Income, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Cash Flows, and (v) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text*
|
†
|
Filed herewith.
|
*
|
This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any filing, except to the extent the Company specifically incorporates it by reference.
|
STEVEN MADDEN, LTD.
|
|
/s/ EDWARD R. ROSENFELD
|
Edward R. Rosenfeld
|
Chairman and Chief Executive Officer
|
|
/s/ ARVIND DHARIA
|
Arvind Dharia
|
Chief Financial Officer and Chief Accounting Officer
|
10.1
|
Employment Agreement dated April 11, 2017 between the Company and Karla Frieders †#
|
31.1
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
31.2
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
32.1
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
|
32.2
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
|
101
|
The following materials from Steven Madden, Ltd.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, formatted in XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Income, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Cash Flows, and (v) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text*
|
†
|
Filed herewith.
|
*
|
This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any filing, except to the extent the Company specifically incorporates it by reference.
|
1 Year Steven Madden Chart |
1 Month Steven Madden Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions