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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.52 | -1.30% | 39.59 | 38.08 | 42.00 | 40.98 | 39.33 | 40.98 | 671,859 | 22:46:33 |
Delaware
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13-3588231
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(State or other jurisdiction of
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(I.R.S. Employer Identification No.)
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incorporation or organization)
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52-16 Barnett Avenue, Long Island City, New York
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11104
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(Address of principal executive offices)
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(Zip Code)
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(718) 446-1800
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(Registrant’s telephone number, including area code)
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Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
(do not check if smaller reporting company)
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Smaller reporting company
o
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Emerging growth company
o
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September 30,
2018 |
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December 31,
2017 |
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September 30,
2017 |
||||||
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(unaudited)
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(unaudited)
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||||||
ASSETS
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|
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|||
Current assets:
|
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Cash and cash equivalents
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$
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172,537
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$
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181,214
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$
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92,080
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Accounts receivable, net of allowances of $1,380, $1,973, and $1,328
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49,260
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39,473
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49,266
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|||
Factor accounts receivable
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282,789
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201,436
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287,934
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|||
Inventories
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147,491
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110,324
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124,117
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|||
Marketable securities – available for sale
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57,896
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64,027
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50,976
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|||
Prepaid expenses and other current assets
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24,056
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19,538
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26,061
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Prepaid taxes
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19,910
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29,506
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18,560
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Total current assets
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753,939
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645,518
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648,994
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|||
Note receivable – related party
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|
2,018
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2,289
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2,378
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|
|||
Property and equipment, net
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65,472
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71,498
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73,922
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|||
Deposits and other
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1,980
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2,121
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4,835
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|||
Marketable securities – available for sale
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—
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29,523
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33,839
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|||
Deferred taxes
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6,381
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6,370
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1,813
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Goodwill – net
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148,956
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148,538
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153,974
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Intangibles – net
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146,313
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151,304
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151,648
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Total Assets
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$
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1,125,059
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$
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1,057,161
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$
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1,071,403
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LIABILITIES
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Current liabilities:
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Accounts payable
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$
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94,636
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$
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66,955
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$
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102,906
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Accrued expenses
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113,325
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120,624
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97,088
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Income taxes payable
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—
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1,566
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—
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Contingent payment liability – current portion
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—
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7,000
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1,889
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Accrued incentive compensation
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8,569
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10,467
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9,397
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|||
Total current liabilities
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216,530
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206,612
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211,280
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Contingent payment liability
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3,000
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3,000
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21,161
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Deferred rent
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15,707
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16,033
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15,998
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Deferred taxes
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3,602
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3,602
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18,740
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Other liabilities
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19,023
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18,982
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1,223
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Total Liabilities
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257,862
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248,229
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268,402
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Commitments, contingencies and other (Note N)
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STOCKHOLDERS’ EQUITY
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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
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—
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—
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—
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Common stock – $.0001 par value, 135,000 shares authorized, 131,875, 130,959 and 130,551 shares issued, 87,407, 88,047 and 88,599 shares outstanding
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6
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6
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6
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Additional paid-in capital
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418,864
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390,723
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380,435
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Retained earnings
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1,217,200
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1,135,701
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1,111,105
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Accumulated other comprehensive loss
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(27,424
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)
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(25,613
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)
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(22,675
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)
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Treasury stock 44,468, 42,912 and 41,952 shares at cost
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(748,876
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)
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(697,996
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)
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(671,810
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)
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Total Steven Madden, Ltd. stockholders’ equity
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859,770
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802,821
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797,061
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Noncontrolling interest
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7,427
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6,111
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5,940
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Total stockholders’ equity
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867,197
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808,932
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803,001
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Total Liabilities and Stockholders’ Equity
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$
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1,125,059
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$
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1,057,161
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$
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1,071,403
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Three Months Ended September 30,
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Nine Months Ended September 30,
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||||||||||||
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2018
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2017
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2018
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2017
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||||||||
Net sales
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$
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458,482
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$
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441,193
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$
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1,243,249
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$
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1,181,728
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Cost of sales
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283,265
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275,302
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779,525
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743,723
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||||
Gross profit
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175,217
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165,891
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463,724
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438,005
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||||
Commission and licensing fee income – net
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4,994
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4,746
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10,897
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10,838
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||||
Operating expenses
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110,007
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105,194
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326,276
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310,725
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||||
Income from operations
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70,204
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65,443
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148,345
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138,118
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||||
Interest and other income – net
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872
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|
564
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2,502
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1,956
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||||
Income before provision for income taxes
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71,076
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66,007
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150,847
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140,074
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||||
Provision for income taxes (Note J)
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14,757
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21,181
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32,885
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45,703
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|
||||
Net income
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56,319
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44,826
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117,962
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|
94,371
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||||
Less: net income attributable to noncontrolling interest
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756
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|
596
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1,316
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1,019
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||||
Net income attributable to Steven Madden, Ltd.
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$
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55,563
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$
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44,230
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$
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116,646
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$
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93,352
|
|
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||||||||
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||||||||
Basic net income per share
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$
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0.68
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$
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0.54
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$
|
1.43
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|
$
|
1.13
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||||||||
Diluted net income per share
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|
$
|
0.64
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|
$
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0.51
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|
$
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1.35
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|
$
|
1.07
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|
|
|
|
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||||||||
Basic weighted average common shares outstanding
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|
81,727
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|
|
82,356
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|
|
81,832
|
|
|
82,935
|
|
||||
Effect of dilutive securities – options/restricted stock
|
|
4,847
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|
|
4,271
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|
|
4,441
|
|
|
3,906
|
|
||||
Diluted weighted average common shares outstanding
|
|
86,574
|
|
|
86,627
|
|
|
86,273
|
|
|
86,841
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|
||||
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|
|
|
|
|
|
|
|
||||||||
Cash dividends declared per common share
|
|
$
|
0.13
|
|
|
$
|
—
|
|
|
$
|
0.40
|
|
|
$
|
—
|
|
|
|
Three Months Ended September 30, 2018
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||||
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Pre-tax amounts
|
|
Tax benefit/(expense)
|
|
After-tax amounts
|
|
Pre-tax amounts
|
|
Tax (expense)
|
|
After-tax amounts
|
||||||||||||
Net income
|
|
|
|
|
|
$
|
56,319
|
|
|
|
|
|
|
$
|
117,962
|
|
||||||||
Other comprehensive income/(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency translation adjustment
|
|
$
|
1,585
|
|
|
$
|
—
|
|
|
1,585
|
|
|
$
|
(2,697
|
)
|
|
$
|
—
|
|
|
(2,697
|
)
|
||
(Loss)/gain on cash flow hedging derivatives
|
|
(476
|
)
|
|
114
|
|
|
(362
|
)
|
|
1,062
|
|
|
(255
|
)
|
|
807
|
|
||||||
Unrealized gain on marketable securities
|
|
29
|
|
|
(7
|
)
|
|
22
|
|
|
104
|
|
|
(25
|
)
|
|
79
|
|
||||||
Total other comprehensive income/(loss)
|
|
$
|
1,138
|
|
|
$
|
107
|
|
|
1,245
|
|
|
$
|
(1,531
|
)
|
|
$
|
(280
|
)
|
|
(1,811
|
)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
|
|
|
|
|
57,564
|
|
|
|
|
|
|
116,151
|
|
||||||||||
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
756
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|
|
|
|
|
|
1,316
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|
||||||||||
Comprehensive income attributable to Steven Madden, Ltd.
|
|
|
|
|
|
$
|
56,808
|
|
|
|
|
|
|
$
|
114,835
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
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Three Months Ended September 30, 2017
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||||
|
|
Pre-tax amounts
|
|
Tax benefit/(expense)
|
|
After-tax amounts
|
|
Pre-tax amounts
|
|
Tax benefit/(expense)
|
|
After-tax amounts
|
||||||||||||
Net income
|
|
|
|
|
|
$
|
44,826
|
|
|
|
|
|
|
$
|
94,371
|
|
||||||||
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustment
|
|
$
|
3,708
|
|
|
$
|
—
|
|
|
3,708
|
|
|
$
|
9,545
|
|
|
$
|
—
|
|
|
9,545
|
|
||
(Loss) on cash flow hedging derivatives
|
|
(362
|
)
|
|
134
|
|
|
(228
|
)
|
|
(1,102
|
)
|
|
408
|
|
|
(694
|
)
|
||||||
Unrealized gain on marketable securities
|
|
46
|
|
|
(17
|
)
|
|
29
|
|
|
357
|
|
|
(132
|
)
|
|
225
|
|
||||||
Total other comprehensive income
|
|
$
|
3,392
|
|
|
$
|
117
|
|
|
3,509
|
|
|
$
|
8,800
|
|
|
$
|
276
|
|
|
9,076
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
|
|
|
|
|
48,335
|
|
|
|
|
|
|
103,447
|
|
||||||||||
Comprehensive income attributable to noncontrolling interests
|
|
|
|
|
|
596
|
|
|
|
|
|
|
1,019
|
|
||||||||||
Comprehensive income attributable to Steven Madden, Ltd.
|
|
|
|
|
|
$
|
47,739
|
|
|
|
|
|
|
$
|
102,428
|
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
|
||
Net income
|
|
$
|
117,962
|
|
|
$
|
94,371
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Stock-based compensation
|
|
15,340
|
|
|
15,680
|
|
||
Depreciation and amortization
|
|
17,169
|
|
|
15,688
|
|
||
Loss on disposal of fixed assets
|
|
24
|
|
|
924
|
|
||
Deferred taxes
|
|
1,960
|
|
|
(190
|
)
|
||
Accrued interest on note receivable - related party
|
|
(35
|
)
|
|
(41
|
)
|
||
Deferred rent (benefit)/expense
|
|
(326
|
)
|
|
1,420
|
|
||
Realized loss/(gain) on sale of marketable securities
|
|
182
|
|
|
(52
|
)
|
||
Changes in fair value on contingent liability
|
|
—
|
|
|
(589
|
)
|
||
Bad debt expense from bankruptcy of a customer
|
|
—
|
|
|
7,970
|
|
||
Changes, net of acquisitions, in:
|
|
|
|
|
||||
Accounts receivable
|
|
(9,787
|
)
|
|
10,819
|
|
||
Factor accounts receivable
|
|
(81,353
|
)
|
|
(143,766
|
)
|
||
Notes receivable - related party
|
|
307
|
|
|
307
|
|
||
Inventories
|
|
(37,167
|
)
|
|
8,405
|
|
||
Prepaid expenses, prepaid taxes, deposits and other
|
|
5,234
|
|
|
4,211
|
|
||
Accounts payable and accrued expenses
|
|
18,816
|
|
|
19,825
|
|
||
Accrued incentive compensation
|
|
(1,898
|
)
|
|
1,437
|
|
||
Other liabilities
|
|
39
|
|
|
(1,409
|
)
|
||
Net cash provided by operating activities
|
|
46,467
|
|
|
35,010
|
|
||
|
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
|||
Acquisitions, net of cash acquired
|
|
—
|
|
|
(17,396
|
)
|
||
Capital expenditures
|
|
(8,164
|
)
|
|
(11,710
|
)
|
||
Purchases of marketable securities
|
|
(42,531
|
)
|
|
(39,142
|
)
|
||
Repayment of notes receivable
|
|
—
|
|
|
221
|
|
||
Maturity/sale of marketable securities
|
|
76,373
|
|
|
67,432
|
|
||
Net cash provided by/(used in) investing activities
|
|
25,678
|
|
|
(595
|
)
|
||
|
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|||
Proceeds from exercise of stock options
|
|
12,801
|
|
|
11,312
|
|
||
Payment of contingent liability
|
|
(7,000
|
)
|
|
(7,359
|
)
|
||
Common stock purchased for treasury
|
|
(50,881
|
)
|
|
(73,226
|
)
|
||
Cash dividends paid on common stock
|
|
(35,147
|
)
|
|
—
|
|
||
Net cash (used in) financing activities
|
|
(80,227
|
)
|
|
(69,273
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
|
(595
|
)
|
|
823
|
|
||
Net (decrease) in cash and cash equivalents
|
|
(8,677
|
)
|
|
(34,035
|
)
|
||
Cash and cash equivalents – beginning of period
|
|
181,214
|
|
|
126,115
|
|
||
Cash and cash equivalents – end of period
|
|
$
|
172,537
|
|
|
$
|
92,080
|
|
|
Maturities as of
September 30, 2018 |
|
Maturities as of
December 31, 2017 |
||||||||||||
|
1 Year or Less
|
|
1 to 4 Years
|
|
1 Year or Less
|
|
1 to 4 Years
|
||||||||
Corporate bonds
|
$
|
26,451
|
|
|
$
|
—
|
|
|
$
|
11,979
|
|
|
$
|
29,523
|
|
Certificates of deposit
|
31,445
|
|
|
—
|
|
|
52,048
|
|
|
—
|
|
||||
Total
|
$
|
57,896
|
|
|
$
|
—
|
|
|
$
|
64,027
|
|
|
$
|
29,523
|
|
•
|
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.
|
|
|
|
|
September 30, 2018
|
||||||||||||
|
|
|
|
Fair Value Measurements
|
||||||||||||
|
|
Fair value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents
|
|
$
|
89,782
|
|
|
$
|
89,782
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Current marketable securities – available for sale
|
|
57,896
|
|
|
57,896
|
|
|
—
|
|
|
—
|
|
||||
Forward contracts
|
|
262
|
|
|
—
|
|
|
262
|
|
|
—
|
|
||||
Total assets
|
|
$
|
147,940
|
|
|
$
|
147,678
|
|
|
$
|
262
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Contingent consideration
|
|
$
|
3,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,000
|
|
Total liabilities
|
|
$
|
3,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,000
|
|
|
|
|
|
December 31, 2017
|
||||||||||||
|
|
|
|
Fair Value Measurements
|
||||||||||||
|
|
Fair value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents
|
|
$
|
58,436
|
|
|
$
|
58,436
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Current marketable securities – available for sale
|
|
64,027
|
|
|
64,027
|
|
|
—
|
|
|
—
|
|
||||
Long-term marketable securities – available for sale
|
|
29,523
|
|
|
29,523
|
|
|
—
|
|
|
—
|
|
||||
Total assets
|
|
$
|
151,986
|
|
|
$
|
151,986
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Contingent consideration
|
|
$
|
10,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,000
|
|
Forward contracts
|
|
783
|
|
|
—
|
|
|
783
|
|
|
—
|
|
||||
Total liabilities
|
|
$
|
10,783
|
|
|
$
|
—
|
|
|
$
|
783
|
|
|
$
|
10,000
|
|
|
Balance at January 1,
|
|
Payments
|
|
Acquisitions
|
|
Change in estimate
|
|
Balance at September 30,
|
|||||||
2018
|
|
|
|
|
|
|
|
|
|
|||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|||||||
Contingent consideration
|
$
|
10,000
|
|
|
(7,000
|
)
|
|
—
|
|
|
—
|
|
|
$
|
3,000
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Balance at January 1,
|
|
Payments
|
|
Acquisitions
|
|
Change in estimate
|
|
Balance at December 31,
|
|||||||
2017
|
|
|
|
|
|
|
|
|
|
|||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|||||||
Contingent consideration
|
$
|
7,948
|
|
|
(7,359
|
)
|
|
20,617
|
|
|
(11,206
|
)
|
|
$
|
10,000
|
|
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
2018
|
|
2017
|
||||||||
Income before provision for income taxes
|
$
|
71,076
|
|
|
$
|
66,007
|
|
$
|
150,847
|
|
|
$
|
140,074
|
|
Provision for income taxes
|
$
|
14,757
|
|
|
$
|
21,181
|
|
$
|
32,885
|
|
|
$
|
45,703
|
|
Effective tax rate
|
20.8
|
%
|
|
32.1
|
%
|
21.8
|
%
|
|
32.6
|
%
|
Common stock authorized
|
35,199,000
|
|
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled
|
(33,861,447
|
)
|
Common stock available for grant of stock-based awards as of September 30, 2018
|
1,337,553
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Restricted stock
|
$
|
3,937
|
|
|
$
|
3,902
|
|
|
$
|
12,075
|
|
|
$
|
12,540
|
|
Stock options
|
1,168
|
|
|
1,005
|
|
|
3,265
|
|
|
3,140
|
|
||||
Total
|
$
|
5,105
|
|
|
$
|
4,907
|
|
|
$
|
15,340
|
|
|
$
|
15,680
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Proceeds from stock options exercised
|
$
|
1,686
|
|
|
$
|
5,663
|
|
|
$
|
12,801
|
|
|
$
|
11,312
|
|
Intrinsic value of stock options exercised
|
$
|
1,258
|
|
|
$
|
1,220
|
|
|
$
|
6,737
|
|
|
$
|
4,729
|
|
|
|
2018
|
|
2017
|
Volatility
|
|
25.1% to 27.2%
|
|
23.0% to 26.4%
|
Risk free interest rate
|
|
2.1% to 2.7%
|
|
1.5% to 2.0%
|
Expected life in years
|
|
3.4 to 4.9
|
|
3.4 to 5.0
|
Dividend yield
|
|
1.7%
|
|
0.0%
|
Weighted average fair value
|
|
$6.52
|
|
$5.94
|
|
|
Number of Shares
|
|
Weighted Average Exercise Price
|
|
Weighted Average Remaining Contractual Term
|
|
Aggregate Intrinsic Value
|
|||||
Outstanding at January 1, 2018
|
|
2,848,000
|
|
|
$
|
23.87
|
|
|
|
|
|
|
|
Granted
|
|
576,000
|
|
|
32.40
|
|
|
|
|
|
|
||
Exercised
|
|
(581,000
|
)
|
|
22.03
|
|
|
|
|
|
|
||
Forfeited
|
|
(23,000
|
)
|
|
22.59
|
|
|
|
|
|
|
||
Outstanding at September 30, 2018
|
|
2,820,000
|
|
|
$
|
26.00
|
|
|
4.9 years
|
|
$
|
26,128
|
|
Exercisable at September 30, 2018
|
|
1,101,000
|
|
|
$
|
24.72
|
|
|
4.0 years
|
|
$
|
11,607
|
|
|
|
2018
|
|
2017
|
||||||||||
|
|
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,
|
|
5,873,000
|
|
|
$
|
17.37
|
|
|
6,287,000
|
|
|
$
|
17.29
|
|
Granted
|
|
372,000
|
|
|
31.47
|
|
|
389,000
|
|
|
24.92
|
|
||
Vested
|
|
(294,000
|
)
|
|
23.79
|
|
|
(320,000
|
)
|
|
22.17
|
|
||
Forfeited
|
|
(71,000
|
)
|
|
25.61
|
|
|
(51,000
|
)
|
|
23.39
|
|
||
Non-vested at September 30,
|
|
5,880,000
|
|
|
$
|
17.84
|
|
|
6,305,000
|
|
|
$
|
17.46
|
|
|
|
Wholesale
|
|
|
|
|
Net Carrying Amount
|
|||||||||
|
|
Footwear
|
|
Accessories
|
|
Retail
|
|
|||||||||
Balance at January 1, 2018
|
|
$
|
84,862
|
|
|
$
|
49,324
|
|
|
$
|
14,352
|
|
|
$
|
148,538
|
|
Translation and other
|
|
220
|
|
|
—
|
|
|
198
|
|
|
418
|
|
||||
Balance at September 30, 2018
|
|
$
|
85,082
|
|
|
$
|
49,324
|
|
|
$
|
14,550
|
|
|
$
|
148,956
|
|
|
|
Estimated Lives
|
|
Cost Basis
|
|
Accumulated Amortization (1)
|
|
Impairment (2)
|
|
Net Carrying Amount
|
||||||||
Trade names
|
|
6–10 years
|
|
$
|
9,220
|
|
|
$
|
5,942
|
|
|
$
|
—
|
|
|
$
|
3,278
|
|
Customer relationships
|
|
10 years
|
|
47,019
|
|
|
27,053
|
|
|
—
|
|
|
19,966
|
|
||||
License agreements
|
|
3–6 years
|
|
5,600
|
|
|
5,600
|
|
|
—
|
|
|
—
|
|
||||
Non-compete agreement
|
|
5 years
|
|
2,440
|
|
|
2,440
|
|
|
—
|
|
|
—
|
|
||||
Re-acquired right
|
|
2 years
|
|
4,200
|
|
|
4,200
|
|
|
—
|
|
|
—
|
|
||||
Other
|
|
3 years
|
|
14
|
|
|
14
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
68,493
|
|
|
45,249
|
|
|
—
|
|
|
23,244
|
|
||||
Re-acquired right
|
|
indefinite
|
|
35,200
|
|
|
8,419
|
|
|
—
|
|
|
26,781
|
|
||||
Trademarks
|
|
indefinite
|
|
100,333
|
|
|
—
|
|
|
4,045
|
|
|
96,288
|
|
||||
|
|
|
|
$
|
204,026
|
|
|
$
|
53,668
|
|
|
$
|
4,045
|
|
|
$
|
146,313
|
|
2018 (remaining three months)
|
$
|
1,126
|
|
2019
|
4,432
|
|
|
2020
|
3,627
|
|
|
2021
|
2,042
|
|
|
2022
|
1,523
|
|
|
Thereafter
|
10,494
|
|
|
|
$
|
23,244
|
|
As of and for the three months ended,
|
|
Wholesale Footwear
|
|
Wholesale Accessories
|
|
Total Wholesale
|
|
Retail
|
|
First Cost
|
|
Licensing
|
|
Consolidated
|
||||||||||||||
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net sales to external customers
|
|
$
|
297,266
|
|
|
$
|
91,278
|
|
|
$
|
388,544
|
|
|
$
|
69,938
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
458,482
|
|
Gross profit
|
|
103,380
|
|
|
29,806
|
|
|
133,186
|
|
|
42,031
|
|
|
—
|
|
|
—
|
|
|
175,217
|
|
|||||||
Commissions and licensing fees – net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
2,390
|
|
|
2,604
|
|
|
4,994
|
|
|||||||
Income/(loss) from operations
|
|
53,286
|
|
|
14,001
|
|
|
67,287
|
|
|
(2,077
|
)
|
|
2,390
|
|
|
2,604
|
|
|
70,204
|
|
|||||||
Segment assets
|
|
$
|
777,027
|
|
|
$
|
204,165
|
|
|
981,192
|
|
|
122,635
|
|
|
21,232
|
|
|
—
|
|
|
1,125,059
|
|
|||||
Capital expenditures
|
|
|
|
|
|
|
|
$
|
1,899
|
|
|
$
|
1,014
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,913
|
|
||
September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net sales to external customers
|
|
$
|
300,565
|
|
|
$
|
76,365
|
|
|
$
|
376,930
|
|
|
$
|
64,263
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
441,193
|
|
Gross profit
|
|
102,891
|
|
|
24,877
|
|
|
127,768
|
|
|
38,123
|
|
|
—
|
|
|
—
|
|
|
165,891
|
|
|||||||
Commissions and licensing fees – net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,028
|
|
|
2,718
|
|
|
4,746
|
|
|||||||
Income/(loss) from operations
|
|
52,366
|
|
|
10,301
|
|
|
62,667
|
|
|
(1,970
|
)
|
|
2,028
|
|
|
2,718
|
|
|
65,443
|
|
|||||||
Segment assets
|
|
$
|
790,405
|
|
|
$
|
139,852
|
|
|
930,257
|
|
|
128,198
|
|
|
12,948
|
|
|
—
|
|
|
1,071,403
|
|
|||||
Capital expenditures
|
|
|
|
|
|
|
|
$
|
1,348
|
|
|
$
|
2,690
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,038
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
As of and for the nine months ended,
|
|
Wholesale Footwear
|
|
Wholesale Accessories
|
|
Total Wholesale
|
|
Retail
|
|
First Cost
|
|
Licensing
|
|
Consolidated
|
||||||||||||||
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net sales to external customers
|
|
$
|
824,456
|
|
|
$
|
216,648
|
|
|
$
|
1,041,104
|
|
|
$
|
202,145
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,243,249
|
|
Gross profit
|
|
272,624
|
|
|
69,466
|
|
|
342,090
|
|
|
121,634
|
|
|
—
|
|
|
—
|
|
|
463,724
|
|
|||||||
Commissions and licensing fees – net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,881
|
|
|
7,016
|
|
|
10,897
|
|
|||||||
Income/(loss) from operations
|
|
120,579
|
|
|
22,927
|
|
|
143,506
|
|
|
(6,058
|
)
|
|
3,881
|
|
|
7,016
|
|
|
148,345
|
|
|||||||
Segment assets
|
|
$
|
777,027
|
|
|
$
|
204,165
|
|
|
981,192
|
|
|
122,635
|
|
|
21,232
|
|
|
—
|
|
|
1,125,059
|
|
|||||
Capital expenditures
|
|
|
|
|
|
|
|
$
|
4,671
|
|
|
$
|
3,493
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,164
|
|
||
September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net sales to external customers
|
|
$
|
799,837
|
|
|
$
|
195,804
|
|
|
$
|
995,641
|
|
|
$
|
186,087
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,181,728
|
|
Gross profit
|
|
263,368
|
|
|
62,349
|
|
|
325,717
|
|
|
112,288
|
|
|
—
|
|
|
—
|
|
|
438,005
|
|
|||||||
Commissions and licensing fees – net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,864
|
|
|
5,974
|
|
|
10,838
|
|
|||||||
Income/(loss) from operations
|
|
110,791
|
|
|
19,603
|
|
|
130,394
|
|
|
(3,114
|
)
|
|
4,864
|
|
|
5,974
|
|
|
138,118
|
|
|||||||
Segment assets
|
|
$
|
790,405
|
|
|
$
|
139,852
|
|
|
930,257
|
|
|
128,198
|
|
|
12,948
|
|
|
—
|
|
|
1,071,403
|
|
|||||
Capital expenditures
|
|
|
|
|
|
|
|
$
|
3,800
|
|
|
$
|
7,910
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11,710
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Domestic (a)
|
|
$
|
393,068
|
|
|
$
|
388,350
|
|
|
$
|
1,090,561
|
|
|
$
|
1,061,867
|
|
International
|
|
65,414
|
|
|
52,843
|
|
|
152,688
|
|
|
119,861
|
|
||||
Total
|
|
$
|
458,482
|
|
|
$
|
441,193
|
|
|
$
|
1,243,249
|
|
|
$
|
1,181,728
|
|
(a) Includes revenues of $69,078 and $259,766 for the three and nine months ended September 30, 2018, respectively, and $87,662 and $258,603 for the comparable periods in 2017 related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by our international business.
|
•
|
net sales
|
•
|
gross profit margin
|
•
|
operating expenses
|
•
|
income from operations
|
•
|
adjusted EBITDA
|
•
|
adjusted EBIT
|
•
|
same store sales
|
•
|
inventory turnover
|
•
|
accounts receivable average collection days
|
•
|
cash flow and liquidity determined by the Company’s working capital and free cash flow
|
•
|
store metrics such as sales per square foot, average unit retail, conversion, average units per transaction, and contribution margin.
|
|
|
Year-To-Date Period Ended ($ in thousands)
|
||||||||||
|
|
September 30, 2018
|
|
December 31, 2017
|
|
September 30, 2017
|
||||||
Net Income
|
|
$
|
117,962
|
|
|
$
|
119,138
|
|
|
$
|
94,371
|
|
Add back:
|
|
|
|
|
|
|
||||||
Provision for income taxes
|
|
32,885
|
|
|
53,189
|
|
|
45,703
|
|
|||
Provision for legal charges
|
|
2,837
|
|
|
6,713
|
|
|
—
|
|
|||
Provision for early lease termination charges
|
|
1,241
|
|
|
5,123
|
|
|
—
|
|
|||
Schwartz & Benjamin amendment to the equity purchase agreement
|
|
—
|
|
|
(10,215
|
)
|
|
—
|
|
|||
Bad debt expense related to the Payless ShoeSource bankruptcy
|
|
—
|
|
|
5,470
|
|
|
7,500
|
|
|||
Schwartz & Benjamin acquisition integration charges and related restructuring
|
|
1,787
|
|
|
3,639
|
|
|
1,255
|
|
|||
Charges related to preferred interest investment
|
|
—
|
|
|
2,700
|
|
|
—
|
|
|||
Impairment of Wild Pair trademark
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|||
Schwartz & Benjamin acquisition inventory fair value adjustment
|
|
—
|
|
|
591
|
|
|
1,654
|
|
|||
Deduct:
|
|
|
|
|
|
|
||||||
Other (expense)/income - net*
|
|
(51
|
)
|
|
(5
|
)
|
|
52
|
|
|||
Interest, net
|
|
2,553
|
|
|
2,548
|
|
|
1,904
|
|
|||
Adjusted EBIT
|
|
154,210
|
|
|
184,805
|
|
|
148,527
|
|
|||
Add back:
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
16,206
|
|
|
20,406
|
|
|
14,917
|
|
|||
Loss on disposal of fixed assets
|
|
24
|
|
|
1,455
|
|
|
924
|
|
|||
Adjusted EBITDA
|
|
$
|
170,440
|
|
|
$
|
206,666
|
|
|
$
|
164,368
|
|
|
|
2018
|
|
2017
|
||||||||||
CONSOLIDATED:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net sales
|
|
$
|
458,482
|
|
|
100.0
|
%
|
|
$
|
441,193
|
|
|
100.0
|
%
|
Cost of sales
|
|
283,265
|
|
|
61.8
|
%
|
|
275,302
|
|
|
62.4
|
%
|
||
Gross profit
|
|
175,217
|
|
|
38.2
|
%
|
|
165,891
|
|
|
37.6
|
%
|
||
Commission and licensing fee income – net of expenses
|
|
4,994
|
|
|
1.1
|
%
|
|
4,746
|
|
|
1.1
|
%
|
||
Operating expenses
|
|
110,007
|
|
|
24.0
|
%
|
|
105,194
|
|
|
23.8
|
%
|
||
Income from operations
|
|
70,204
|
|
|
15.3
|
%
|
|
65,443
|
|
|
14.8
|
%
|
||
Interest and other income – net
|
|
872
|
|
|
0.2
|
%
|
|
564
|
|
|
0.1
|
%
|
||
Income before income taxes
|
|
71,076
|
|
|
15.5
|
%
|
|
66,007
|
|
|
15.0
|
%
|
||
Net income attributable to Steven Madden, Ltd.
|
|
$
|
55,563
|
|
|
12.1
|
%
|
|
$
|
44,230
|
|
|
10.0
|
%
|
|
|
|
|
|
|
|
|
|
||||||
By Segment:
|
|
|
|
|
|
|
|
|
|
|
||||
WHOLESALE FOOTWEAR SEGMENT:
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
$
|
297,266
|
|
|
100.0
|
%
|
|
$
|
300,565
|
|
|
100.0
|
%
|
Cost of sales
|
|
193,886
|
|
|
65.2
|
%
|
|
197,674
|
|
|
65.8
|
%
|
||
Gross profit
|
|
103,380
|
|
|
34.8
|
%
|
|
102,891
|
|
|
34.2
|
%
|
||
Operating expenses
|
|
50,094
|
|
|
16.9
|
%
|
|
50,525
|
|
|
16.8
|
%
|
||
Income from operations
|
|
$
|
53,286
|
|
|
17.9
|
%
|
|
$
|
52,366
|
|
|
17.4
|
%
|
|
|
|
|
|
|
|
|
|
||||||
WHOLESALE ACCESSORIES SEGMENT:
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
$
|
91,278
|
|
|
100.0
|
%
|
|
$
|
76,365
|
|
|
100.0
|
%
|
Cost of sales
|
|
61,472
|
|
|
67.3
|
%
|
|
51,488
|
|
|
67.4
|
%
|
||
Gross profit
|
|
29,806
|
|
|
32.7
|
%
|
|
24,877
|
|
|
32.6
|
%
|
||
Operating expenses
|
|
15,805
|
|
|
17.3
|
%
|
|
14,576
|
|
|
19.1
|
%
|
||
Income from operations
|
|
$
|
14,001
|
|
|
15.3
|
%
|
|
$
|
10,301
|
|
|
13.5
|
%
|
|
|
|
|
|
|
|
|
|
||||||
RETAIL SEGMENT:
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
$
|
69,938
|
|
|
100.0
|
%
|
|
$
|
64,263
|
|
|
100.0
|
%
|
Cost of sales
|
|
27,907
|
|
|
39.9
|
%
|
|
26,140
|
|
|
40.7
|
%
|
||
Gross profit
|
|
42,031
|
|
|
60.1
|
%
|
|
38,123
|
|
|
59.3
|
%
|
||
Operating expenses
|
|
44,108
|
|
|
63.1
|
%
|
|
40,093
|
|
|
62.4
|
%
|
||
Loss from operations
|
|
$
|
(2,077
|
)
|
|
(3.0
|
)%
|
|
$
|
(1,970
|
)
|
|
(3.1
|
)%
|
Number of stores
|
|
210
|
|
|
|
|
|
202
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||
FIRST COST SEGMENT:
|
|
|
|
|
|
|
|
|
|
|
||||
Other commission income – net of expenses
|
|
$
|
2,390
|
|
|
100.0
|
%
|
|
$
|
2,028
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
||||||
LICENSING SEGMENT:
|
|
|
|
|
|
|
|
|
|
|
||||
Licensing income – net of expenses
|
|
$
|
2,604
|
|
|
100.0
|
%
|
|
$
|
2,718
|
|
|
100.0
|
%
|
|
|
2018
|
|
2017
|
||||||||||
CONSOLIDATED:
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Net sales
|
|
$
|
1,243,249
|
|
|
100.0
|
%
|
|
$
|
1,181,728
|
|
|
100.0
|
%
|
Cost of sales
|
|
779,525
|
|
|
62.7
|
%
|
|
743,723
|
|
|
62.9
|
%
|
||
Gross profit
|
|
463,724
|
|
|
37.3
|
%
|
|
438,005
|
|
|
37.1
|
%
|
||
Commission and licensing fee income – net of expenses
|
|
10,897
|
|
|
0.9
|
%
|
|
10,838
|
|
|
0.9
|
%
|
||
Operating expenses
|
|
326,276
|
|
|
26.2
|
%
|
|
310,725
|
|
|
26.3
|
%
|
||
Income from operations
|
|
148,345
|
|
|
11.9
|
%
|
|
138,118
|
|
|
11.7
|
%
|
||
Interest and other income – net
|
|
2,502
|
|
|
0.2
|
%
|
|
1,956
|
|
|
0.2
|
%
|
||
Income before income taxes
|
|
150,847
|
|
|
12.1
|
%
|
|
140,074
|
|
|
11.9
|
%
|
||
Net income attributable to Steven Madden, Ltd.
|
|
$
|
116,646
|
|
|
9.4
|
%
|
|
$
|
93,352
|
|
|
7.9
|
%
|
|
|
|
|
|
|
|
|
|
||||||
By Segment:
|
|
|
|
|
|
|
|
|
|
|
||||
WHOLESALE FOOTWEAR SEGMENT:
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
$
|
824,456
|
|
|
100.0
|
%
|
|
$
|
799,837
|
|
|
100.0
|
%
|
Cost of sales
|
|
551,832
|
|
|
66.9
|
%
|
|
536,469
|
|
|
67.1
|
%
|
||
Gross profit
|
|
272,624
|
|
|
33.1
|
%
|
|
263,368
|
|
|
32.9
|
%
|
||
Operating expenses
|
|
152,045
|
|
|
18.4
|
%
|
|
152,577
|
|
|
19.1
|
%
|
||
Income from operations
|
|
$
|
120,579
|
|
|
14.6
|
%
|
|
$
|
110,791
|
|
|
13.9
|
%
|
|
|
|
|
|
|
|
|
|
||||||
WHOLESALE ACCESSORIES SEGMENT:
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
$
|
216,648
|
|
|
100.0
|
%
|
|
$
|
195,804
|
|
|
100.0
|
%
|
Cost of sales
|
|
147,182
|
|
|
67.9
|
%
|
|
133,455
|
|
|
68.2
|
%
|
||
Gross profit
|
|
69,466
|
|
|
32.1
|
%
|
|
62,349
|
|
|
31.8
|
%
|
||
Operating expenses
|
|
46,539
|
|
|
21.5
|
%
|
|
42,746
|
|
|
21.8
|
%
|
||
Income from operations
|
|
$
|
22,927
|
|
|
10.6
|
%
|
|
$
|
19,603
|
|
|
10.0
|
%
|
|
|
|
|
|
|
|
|
|
||||||
RETAIL SEGMENT:
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
$
|
202,145
|
|
|
100.0
|
%
|
|
$
|
186,087
|
|
|
100.0
|
%
|
Cost of sales
|
|
80,511
|
|
|
39.8
|
%
|
|
73,799
|
|
|
39.7
|
%
|
||
Gross profit
|
|
121,634
|
|
|
60.2
|
%
|
|
112,288
|
|
|
60.3
|
%
|
||
Operating expenses
|
|
127,692
|
|
|
63.2
|
%
|
|
115,402
|
|
|
62.0
|
%
|
||
Loss from operations
|
|
$
|
(6,058
|
)
|
|
(3.0
|
)%
|
|
$
|
(3,114
|
)
|
|
(1.7
|
)%
|
Number of stores
|
|
210
|
|
|
|
|
|
202
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||
FIRST COST SEGMENT:
|
|
|
|
|
|
|
|
|
|
|
||||
Other commission income – net of expenses
|
|
$
|
3,881
|
|
|
100.0
|
%
|
|
$
|
4,864
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
||||||
LICENSING SEGMENT:
|
|
|
|
|
|
|
|
|
|
|
||||
Licensing income – net of expenses
|
|
$
|
7,016
|
|
|
100.0
|
%
|
|
$
|
5,974
|
|
|
100.0
|
%
|
|
|
Payment due by period
|
||||||||||||||||||
Contractual Obligations
|
|
Total
|
|
Remainder of
2018
|
|
2019-2020
|
|
2021-2022
|
|
2023 and after
|
||||||||||
Operating lease obligations
|
|
$
|
233,472
|
|
|
$
|
12,065
|
|
|
$
|
83,438
|
|
|
$
|
63,686
|
|
|
$
|
74,283
|
|
Purchase obligations
|
|
88,556
|
|
|
88,556
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Contingent payment liabilities
|
|
3,000
|
|
|
—
|
|
|
3,000
|
|
|
—
|
|
|
—
|
|
|||||
Future minimum royalty payments
|
|
55,246
|
|
|
2,516
|
|
|
32,585
|
|
|
16,520
|
|
|
3,625
|
|
|||||
Total
|
|
$
|
380,274
|
|
|
$
|
103,137
|
|
|
$
|
119,023
|
|
|
$
|
80,206
|
|
|
$
|
77,908
|
|
•
|
administrative user access to the Company’s wholesale, retail and operating systems to ensure appropriate segregation of duties and to adequately restrict access to financial applications and data; and
|
•
|
program change management controls to ensure that information technology program and data changes affecting financial IT applications and underlying accounting records were tested, approved and implemented appropriately.
|
•
|
rationalizing access privileges for all system users;
|
•
|
documenting the assignment of access privileges and the rationale for allowing access for each authorized user;
|
•
|
implementing controls that require the periodic re-evaluation of user access privileges, including administrative access; and
|
•
|
enhancing system monitoring controls to confirm the adequacy of program change management controls.
|
Period
|
Total Number of Shares Purchased
(1)
|
|
Average Price Paid per Share
(1)
|
|
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
|
||||||
7/1/2018 - 7/31/2018
|
5,751
|
|
|
$
|
32.00
|
|
|
—
|
|
|
$
|
148,099
|
|
8/1/2018 - 8/31/2018
|
230,351
|
|
|
$
|
37.99
|
|
|
230,351
|
|
|
$
|
139,347
|
|
9/1/2018 - 9/30/2018
|
180,162
|
|
|
$
|
37.98
|
|
|
177,716
|
|
|
$
|
132,597
|
|
Total
|
416,264
|
|
|
$
|
37.91
|
|
|
408,067
|
|
|
$
|
132,597
|
|
|
|
|
|
|
|
|
|
101
|
The following materials from Steven Madden, Ltd.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, 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*
|
*
|
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
|
1 Year Steven Madden Chart |
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