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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.52 | -1.30% | 39.59 | 38.08 | 42.00 | 40.98 | 39.33 | 40.98 | 671,859 | 22:46:33 |
Amounts referred to as “Adjusted” exclude the items defined as “Non-GAAP Adjustments” in the “Non-GAAP Reconciliation” section.
Fourth Quarter 2021 Review
Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We delivered outstanding results in the fourth quarter, with revenue increasing 38% and diluted EPS more than doubling compared to 2019 – performance that reflects the strength of our brands and the robust consumer demand for the on-trend merchandise assortments created by Steve and our design teams. The exceptional momentum in our direct-to-consumer business continued, with revenue up 63% compared to 2019, and our wholesale business accelerated significantly, with revenue increasing 31% compared to 2019.
“Overall, 2021 was a record year for Steve Madden, as we recorded the highest annual revenue and earnings in our history. Looking ahead, we are confident that, by building on the strong momentum in our business and continuing the disciplined execution of our strategic initiatives, we can drive robust top- and bottom-line growth in 2022 and beyond.”
Fourth Quarter 2021 Segment Results
Revenue for the wholesale business was $410.5 million, a 56.1% increase compared to the fourth quarter of 2020, with a 61.9% increase in wholesale footwear and a 41.7% increase in wholesale accessories/apparel. Gross profit as a percentage of wholesale revenue rose to 31.8% compared to 28.3% in the fourth quarter of 2020.
Direct-to-consumer revenue was $164.7 million, a 91.3% increase compared to the fourth quarter of 2020. Gross profit as a percentage of retail revenue declined to 63.5% compared to 66.2% in the fourth quarter of 2020. Adjusted gross profit as a percentage of direct-to-consumer revenue was 65.6% in fourth quarter of 2020.
The Company ended the quarter with 214 brick-and-mortar retail stores and 6 e-commerce websites, as well as 17 company-operated concessions in international markets.
Full Year Ended December 31, 2021 Review
For the full year ended December 31, 2021, revenue increased 55.3% to $1.9 billion from $1.2 billion in 2020.
Net income attributable to Steven Madden, Ltd. was $190.7 million, or $2.34 per diluted share, for the year ended December 31, 2021 compared to a net loss attributable to Steven Madden, Ltd. of ($18.4) million, or ($0.23) per basic share, for the year ended December 31, 2020. On an Adjusted basis, net income attributable to Steven Madden, Ltd. was $203.7 million, or $2.50 per diluted share, for the year ended December 31, 2021 compared to net income attributable to Steven Madden, Ltd. of $51.8 million, or $0.64 per diluted share, for the year ended December 31, 2020.
Balance Sheet and Cash Flow
As of December 31, 2021, cash, cash equivalents and short-term investments totaled $263.5 million.
During the fourth quarter of 2021, the Company repurchased 1,038,061 shares of the Company's common stock for approximately $48.5 million, which includes shares acquired through the net settlement of employee stock awards. For the full year ended December 31, 2021, the Company repurchased 2,841,405 shares of the Company's common stock for approximately $123.2 million, which includes shares acquired through the net settlement of employee stock awards.
Increased Quarterly Cash Dividend
The Company's Board of Directors approved a quarterly cash dividend of $0.21 per share, reflecting a 40% increase over the previous quarterly dividend. The dividend is payable on March 25, 2022 to stockholders of record as of the close of business on March 11, 2022.
Fiscal 2022 Outlook
For fiscal 2022, the Company expects revenue will increase 10% to 13% over fiscal 2021. The Company expects diluted EPS will be in the range of $2.66 to $2.76. The Company expects Adjusted diluted EPS will be in the range of $2.73 to $2.83.
Conference Call Information
Interested stockholders are invited to listen to the conference call scheduled for today, February 24, 2022 at 8:30 a.m. Eastern Time relating to fourth quarter and fiscal year 2021 earnings and fiscal 2022 outlook. The call will be broadcast live over the Internet and can be accessed by logging onto https://investor.stevemadden.com. An online archive of the broadcast will be available within two hours of the conclusion of the call and will remain available for 12 months following the live call.
About Steve Madden
Steve Madden designs, sources and markets fashion-forward footwear, accessories and apparel for women, men and children. In addition to marketing products under its own brands including Steve Madden®, Dolce Vita®, Betsey Johnson®, Blondo®, GREATS®, BB Dakota® and Mad Love®, Steve Madden is a licensee of various brands, including Anne Klein® and Superga®. 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 operates retail stores and e-commerce websites. Steve Madden licenses certain of its brands to third parties for the marketing and sale of certain products, including outerwear, eyewear, hosiery, jewelry, hair accessories, sunglasses, swimwear, activewear, fragrance, luggage, bedding and bath products as well as other select product categories. For local store information and the latest Steve Madden boots, booties, dress shoes, fashion sneakers, sandals, slippers and more, please visit www.stevemadden.com.
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. As such, investors should not rely upon them. Important risk factors include:
The Company does not undertake 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 STATEMENT OF OPERATIONS DATA | ||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
Net sales | $ | 575,137 | $ | 349,066 | $ | 1,853,902 | $ | 1,188,943 | ||||||||
Commission and licensing fee income | 3,344 | 3,901 | 12,240 | 12,871 | ||||||||||||
Total revenue | 578,481 | 352,967 | 1,866,142 | 1,201,814 | ||||||||||||
Cost of sales | 340,141 | 217,655 | 1,098,645 | 737,273 | ||||||||||||
Gross profit | 238,340 | 135,312 | 767,497 | 464,541 | ||||||||||||
Operating expenses | 155,960 | 112,224 | 519,848 | 414,978 | ||||||||||||
Impairment of intangibles | 2,620 | 1,745 | 2,620 | 44,273 | ||||||||||||
Impairment of lease right-of-use assets and fixed assets | 343 | — | 1,432 | 36,895 | ||||||||||||
Income / (loss) from operations | 79,417 | 21,343 | 243,597 | (31,605 | ) | |||||||||||
Interest and other (expense) / income, net | (513 | ) | 129 | (1,529 | ) | 1,620 | ||||||||||
Income / (loss) before provision / (benefit) for income taxes | 78,904 | 21,472 | 242,068 | (29,985 | ) | |||||||||||
Provision / (benefit) for income taxes | 12,781 | (2,338 | ) | 49,609 | (11,704 | ) | ||||||||||
Net income / (loss) | 66,123 | 23,810 | 192,459 | (18,281 | ) | |||||||||||
Less: net income attributable to noncontrolling interest | 136 | 1,219 | 1,781 | 116 | ||||||||||||
Net income / (loss) attributable to Steven Madden, Ltd. | $ | 65,987 | $ | 22,591 | $ | 190,678 | $ | (18,397 | ) | |||||||
Basic income / (loss) per share | $ | 0.85 | $ | 0.29 | $ | 2.43 | $ | (0.23 | ) | |||||||
Diluted income / (loss) per share | $ | 0.81 | $ | 0.28 | $ | 2.34 | $ | (0.23 | ) | |||||||
Basic weighted average common shares outstanding | 77,718 | 78,588 | 78,442 | 78,635 | ||||||||||||
Diluted weighted average common shares outstanding | 81,207 | 81,414 | 81,628 | 78,635 | ||||||||||||
Cash dividends declared per common share | $ | 0.15 | $ | — | $ | 0.60 | $ | 0.15 |
STEVEN MADDEN, LTD. AND SUBSIDIARIES | ||||||
CONDENSED CONSOLIDATED BALANCE SHEET DATA | ||||||
(In thousands) | ||||||
As of | ||||||
December 31, 2021 | December 31, 2020 | |||||
(Unaudited) | ||||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 219,499 | $ | 247,864 | ||
Short-term investments | 44,037 | 39,302 | ||||
Accounts receivable, net of allowances | 26,546 | 25,044 | ||||
Factor accounts receivable | 364,982 | 252,671 | ||||
Inventories | 255,213 | 101,420 | ||||
Prepaid expenses and other current assets | 20,845 | 17,415 | ||||
Income tax receivable and prepaid income taxes | 13,538 | 14,525 | ||||
Total current assets | 944,660 | 698,241 | ||||
Note receivable – related party | 794 | 1,180 | ||||
Property and equipment, net | 35,790 | 43,268 | ||||
Operating lease right-of-use asset | 85,449 | 101,379 | ||||
Deferred tax assets | 4,581 | 5,415 | ||||
Deposits and other | 4,180 | 4,822 | ||||
Goodwill – net | 167,995 | 168,265 | ||||
Intangibles – net | 112,093 | 115,191 | ||||
Total Assets | $ | 1,355,542 | $ | 1,137,761 | ||
LIABILITIES | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 136,766 | $ | 73,904 | ||
Accrued expenses | 243,163 | 118,083 | ||||
Operating leases - current portion | 30,759 | 34,257 | ||||
Income taxes payable | 4,522 | 5,799 | ||||
Contingent payment liability – current portion | 5,109 | — | ||||
Accrued incentive compensation | 14,871 | 3,873 | ||||
Total current liabilities | 435,190 | 235,916 | ||||
Contingent payment liability | 6,960 | 207 | ||||
Operating leases – long-term portion | 80,072 | 98,592 | ||||
Deferred tax liabilities | 3,378 | 2,562 | ||||
Other liabilities | 9,404 | 10,115 | ||||
Total Liabilities | 535,004 | 347,392 | ||||
STOCKHOLDERS’ EQUITY | ||||||
Total Steven Madden, Ltd. stockholders’ equity | 812,098 | 776,586 | ||||
Noncontrolling interest | 8,440 | 13,783 | ||||
Total stockholders’ equity | 820,538 | 790,369 | ||||
Total Liabilities and Stockholders’ Equity | $ | 1,355,542 | $ | 1,137,761 |
STEVEN MADDEN, LTD. AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED CASH FLOW DATA | ||||||||
(In thousands) | ||||||||
Twelve Months Ended | ||||||||
December 31, 2021 | December 31, 2020 | |||||||
(Unaudited) | ||||||||
Cash flows from operating activities: | ||||||||
Net income/(loss) | $ | 192,459 | $ | (18,281 | ) | |||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities | ||||||||
Stock-based compensation | 22,278 | 22,639 | ||||||
Depreciation and amortization | 15,208 | 17,360 | ||||||
Loss on disposal of fixed assets | 526 | 561 | ||||||
Impairment of intangibles | 2,620 | 44,273 | ||||||
Impairment of lease right-of-use asset and fixed assets | 1,432 | 36,895 | ||||||
Deferred taxes | 1,280 | (8,353 | ) | |||||
Accrued interest on note receivable – related party | (23 | ) | (31 | ) | ||||
Note receivable – related party | 409 | 409 | ||||||
Change in valuation of contingent liability | 11,862 | (8,917 | ) | |||||
Gain on sale of trademark | (8,000 | ) | — | |||||
Recovery of receivables, related to the Payless ShoeSource bankruptcy | (919 | ) | — | |||||
Changes, net of acquisitions, in: | ||||||||
Accounts receivable | (583 | ) | 13,122 | |||||
Factor accounts receivable | (112,311 | ) | (36,200 | ) | ||||
Inventories | (153,793 | ) | 35,476 | |||||
Prepaid expenses, income tax receivables, prepaid taxes, and other current assets | (1,899 | ) | (10,129 | ) | ||||
Accounts payable and accrued expenses | 185,741 | (34,207 | ) | |||||
Accrued incentive compensation | 10,998 | (7,061 | ) | |||||
Leases and other liabilities | (7,822 | ) | (3,350 | ) | ||||
Net cash provided by operating activities | 159,463 | 44,206 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (6,608 | ) | (6,562 | ) | ||||
Purchases of short-term investments | (68,471 | ) | (73,792 | ) | ||||
Maturity/sale of marketable securities and short-term investments | 63,867 | 75,470 | ||||||
Proceeds from sale of a trademark | 8,000 | — | ||||||
Net cash used in investing activities | (3,212 | ) | (4,884 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from exercise of stock options | 9,732 | 1,609 | ||||||
Investment of noncontrolling interest | — | 359 | ||||||
Acquisition of incremental ownership of joint ventures | (18,942 | ) | — | |||||
Distributions to noncontrolling interest earnings | (3,121 | ) | — | |||||
Common stock purchased for treasury | (123,161 | ) | (46,583 | ) | ||||
Cash dividends paid on common stock | (49,161 | ) | (12,459 | ) | ||||
Advances from factor | — | 176,784 | ||||||
Repayments of advances from factor | — | (176,784 | ) | |||||
Net cash used in financing activities | (184,653 | ) | (57,074 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | 37 | 1,515 | ||||||
Net decrease in cash, cash equivalents | (28,365 | ) | (16,237 | ) | ||||
Cash and cash equivalents – beginning of year | 247,864 | 264,101 | ||||||
Cash and cash equivalents – end of year | $ | 219,499 | $ | 247,864 |
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 | Twelve Months Ended | |||||||||||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||
GAAP gross profit | $ | 238,340 | $ | 135,312 | $ | 767,497 | $ | 464,541 | ||||||||
Non-GAAP Adjustments | — | (532 | ) | — | (532 | ) | ||||||||||
Adjusted gross profit | $ | 238,340 | $ | 134,780 | $ | 767,497 | $ | 464,009 |
Table 2 - Reconciliation of GAAP operating expenses to Adjusted operating expenses | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||
GAAP operating expenses | $ | 155,960 | $ | 112,224 | $ | 519,848 | $ | 414,978 | ||||||||
Non-GAAP Adjustments | (4,499 | ) | (3,038 | ) | (14,216 | ) | (15,985 | ) | ||||||||
Adjusted operating expenses | $ | 151,461 | $ | 109,186 | $ | 505,632 | $ | 398,993 |
Table 3 - Reconciliation of GAAP income / (loss) from operations to Adjusted income from operations | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||
GAAP income / (loss) from operations | $ | 79,417 | $ | 21,343 | $ | 243,597 | $ | (31,605 | ) | |||||||
Non-GAAP Adjustments | 7,462 | 4,251 | 18,267 | 96,621 | ||||||||||||
Adjusted income from operations | $ | 86,879 | $ | 25,594 | $ | 261,864 | $ | 65,016 |
Table 4 - Reconciliation of GAAP interest and other (expense) / income, net to Adjusted interest and other (expense) / income, net | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||
GAAP interest and other (expense) / income, net | $ | (513 | ) | $ | 129 | $ | (1,529 | ) | $ | 1,620 | ||||||
Non-GAAP Adjustments | — | — | 500 | — | ||||||||||||
Adjusted interest and other (expense) / income, net | $ | (513 | ) | $ | 129 | $ | (1,029 | ) | $ | 1,620 |
Table 5 - Reconciliation of GAAP provision / (benefit) for income taxes to Adjusted provision for income taxes | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||
GAAP provision / (benefit) for income taxes | $ | 12,781 | $ | (2,338 | ) | $ | 49,609 | $ | (11,704 | ) | ||||||
Non-GAAP Adjustments | 3,015 | 5,763 | 5,726 | 25,453 | ||||||||||||
Adjusted provision for income taxes | $ | 15,796 | $ | 3,425 | $ | 55,335 | $ | 13,749 |
Table 6 - Reconciliation of GAAP net income attributable to noncontrolling interest to Adjusted net income attributable to noncontrolling interest | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||
GAAP net income attributable to noncontrolling interest | $ | 136 | $ | 1,219 | $ | 1,781 | $ | 116 | ||||||||
Non-GAAP Adjustments | 13 | (698 | ) | 37 | 933 | |||||||||||
Adjusted net income attributable to noncontrolling interest | $ | 149 | $ | 521 | $ | 1,818 | $ | 1,049 |
Table 7 - Reconciliation of GAAP net income / (loss) attributable to Steve Madden, Ltd. to Adjusted net income attributable to Steve Madden, Ltd. | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||
GAAP net income / (loss) attributable to Steven Madden, Ltd. | $ | 65,987 | $ | 22,591 | $ | 190,678 | $ | (18,397 | ) | |||||||
Non-GAAP Adjustments | 4,433 | (814 | ) | 13,004 | 70,233 | |||||||||||
Adjusted net income attributable to Steven Madden, Ltd. | $ | 70,420 | $ | 21,777 | $ | 203,682 | $ | 51,836 | ||||||||
GAAP diluted income / (loss) per share | $ | 0.81 | $ | 0.28 | $ | 2.34 | $ | (0.23 | ) | |||||||
Adjusted diluted income per share | $ | 0.87 | $ | 0.27 | $ | 2.50 | $ | 0.64 |
Non-GAAP Adjustments include the items below.
For the fourth quarter 2021:
For the fourth quarter 2020:
For the fiscal year 2021:
For the fiscal year 2020:
For the fiscal year 2022 outlook:
Contact
Steven Madden, Ltd.Director of Corporate Development & Investor RelationsDanielle McCoy718-308-2611InvestorRelations@stevemadden.com
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