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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.25 | -0.60% | 41.37 | 39.45 | 43.06 | 41.69 | 41.18 | 41.52 | 407,515 | 01:00:00 |
Amounts referred to as “Adjusted” are non-GAAP measures that exclude the items defined as “Non-GAAP Adjustments” in the “Non-GAAP Reconciliation” section.
Fourth Quarter 2023 Results
Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We are pleased to have delivered fourth quarter results that exceeded expectations on both the top and bottom lines. We saw organic revenue growth in both the wholesale and direct-to-consumer channels, supplemented by the contribution from the newly acquired Almost Famous, and also drove strong improvement in Adjusted operating margin compared to the same period in the prior year.
“As we look ahead, while the operating environment remains choppy, we believe the on-trend product assortments created by Steve and his team have us well-positioned for 2024. Looking out further, we are confident that the combination of our strong brands and proven business model will enable us to drive sustainable revenue and earnings growth for years to come.”
Fourth Quarter 2023 Channel Results
Revenue for the wholesale business was $354.8 million, a 14.9% increase compared to the fourth quarter of 2022. Wholesale footwear revenue decreased 0.4%, and wholesale accessories/apparel revenue increased 56.5%. Gross profit as a percentage of wholesale revenue increased to 31.7% compared to 30.5% in the fourth quarter of 2022 driven by increases in both the wholesale footwear and wholesale accessories/apparel businesses.
Direct-to-consumer revenue was $162.3 million, a 1.9% increase compared to the fourth quarter of 2022 driven by an increase in the brick-and-mortar business. Gross profit as a percentage of direct-to-consumer revenue was 62.7% compared to 64.0% in the fourth quarter of 2022 driven by an increase in promotional activity.
The Company ended the quarter with 255 Company-operated brick-and-mortar retail stores and five e-commerce websites, as well as 25 Company-operated concessions in international markets.
Full Year Ended December 31, 2023
For the full year ended December 31, 2023, revenue decreased 6.6% to $2.0 billion compared to $2.1 billion in 2022.
Net income attributable to Steven Madden, Ltd. was $171.6 million, or $2.30 per diluted share, for the year ended December 31, 2023 compared to net income of $216.1 million, or $2.77 per diluted share, for the year ended December 31, 2022. On an Adjusted basis, net income attributable to Steve Madden, Ltd. was $182.7 million, or $2.45 per diluted share, for the year ended December 31, 2023 compared to net income of $218.3 million, or $2.80 per diluted share, for the year ended December 31, 2022.
Balance Sheet and Cash Flow Highlights
As of December 31, 2023, cash, cash equivalents and short-term investments totaled $219.8 million. Inventory totaled $229.0 million as of the same date, approximately flat to the prior year.
During the fourth quarter and full year of 2023, the Company spent approximately $38 million and $142 million, respectively, on repurchases of its common stock, which includes shares acquired through the net settlement of employees' stock awards.
Quarterly Cash Dividend
The Company's Board of Directors approved a quarterly cash dividend of $0.21 per share. The dividend is payable on March 22, 2024 to stockholders of record as of the close of business on March 8, 2024.
2024 Outlook
For 2024, the Company expects revenue will increase 11% to 13% compared to 2023. The Company expects diluted EPS will be in the range of $2.55 to $2.65.
Conference Call Information
Interested stockholders are invited to listen to the conference call scheduled for today, February 28, 2024 at 8:30 a.m. Eastern Time, which will include a discussion of the Company's fourth quarter and fiscal year end 2023 earnings results and fiscal year 2024 outlook. The call will be webcast live on the Company’s website at https://investor.stevemadden.com. A webcast replay of the conference call will be available on the Company's website or via the following webcast link https://edge.media-server.com/mmc/p/d488xfs5 beginning today at approximately 10:00 a.m. Eastern Time.
About Steve Madden
Steve Madden designs, sources and markets fashion-forward footwear, accessories and apparel. In addition to marketing products under its own brands including Steve Madden®, Dolce Vita®, Betsey Johnson®, Blondo® and GREATS®, Steve Madden licenses footwear and handbag categories for the Anne Klein® brand. Steve Madden also designs and sources products under private label brand names for various retailers. Steve Madden’s wholesale distribution includes department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers and independent stores. Steve Madden also directly operates brick-and-mortar retail stores and e-commerce websites. Steve Madden also licenses certain of its brands to third parties for the marketing and sale of certain products in the apparel, accessory and home categories. For local store information and the latest boots, booties, fashion sneakers, dress shoes, sandals, and more, please visit www.stevemadden.com, www.dolcevita.com and our other branded websites.
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, and disclaims, any obligation to publicly update any forward-looking statement, including, without limitation, any guidance regarding revenue or earnings, whether as a result of new information, future developments, or otherwise.
STEVEN MADDEN, LTD. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENT OF OPERATIONS DATA(In thousands, except per share amounts) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
Net sales | $ | 517,054 | $ | 468,152 | $ | 1,971,474 | $ | 2,111,296 | |||||||
Commission and licensing fee income | 2,660 | 2,491 | 10,108 | 10,713 | |||||||||||
Total revenue | 519,714 | 470,643 | 1,981,582 | 2,122,009 | |||||||||||
Cost of sales | 304,887 | 271,946 | 1,149,168 | 1,248,173 | |||||||||||
Gross profit | 214,827 | 198,697 | 832,414 | 873,836 | |||||||||||
Operating expenses | 168,374 | 158,940 | 612,672 | 592,192 | |||||||||||
Impairment of intangibles | 6,520 | — | 6,520 | — | |||||||||||
Income from operations | 39,933 | 39,757 | 213,222 | 281,644 | |||||||||||
Interest and other income, net | 1,494 | 570 | 7,392 | 676 | |||||||||||
Income before provision for income taxes | 41,427 | 40,327 | 220,614 | 282,320 | |||||||||||
Provision for income taxes | 4,420 | 8,375 | 46,639 | 65,103 | |||||||||||
Net income | 37,007 | 31,952 | 173,975 | 217,217 | |||||||||||
Less: net income attributable to noncontrolling interest | 1,126 | 161 | 2,421 | 1,156 | |||||||||||
Net income attributable to Steven Madden, Ltd. | $ | 35,881 | $ | 31,791 | $ | 171,554 | $ | 216,061 | |||||||
Basic income per share | $ | 0.50 | $ | 0.43 | $ | 2.34 | $ | 2.84 | |||||||
Diluted income per share | $ | 0.49 | $ | 0.42 | $ | 2.30 | $ | 2.77 | |||||||
Basic weighted average common shares outstanding | 72,321 | 74,710 | 73,337 | 76,021 | |||||||||||
Diluted weighted average common shares outstanding | 73,491 | 76,575 | 74,565 | 78,069 | |||||||||||
Cash dividends declared per common share | $ | 0.21 | $ | 0.21 | $ | 0.84 | $ | 0.84 | |||||||
STEVEN MADDEN, LTD. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEET DATA(In thousands) | |||||||
As of | |||||||
December 31, 2023 | December 31, 2022 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 204,640 | $ | 274,713 | |||
Short-term investments | 15,173 | 15,085 | |||||
Accounts receivable, net of allowances | 40,246 | 37,937 | |||||
Factor accounts receivable | 320,723 | 248,228 | |||||
Inventories | 228,990 | 228,752 | |||||
Prepaid expenses and other current assets | 29,009 | 22,989 | |||||
Income tax receivable and prepaid income taxes | 16,051 | 15,853 | |||||
Total current assets | 854,832 | 843,557 | |||||
Note receivable - related party | — | 401 | |||||
Property and equipment, net | 47,199 | 40,664 | |||||
Operating lease right-of-use asset | 122,783 | 90,264 | |||||
Deferred tax assets | 609 | 1,755 | |||||
Deposits and other | 16,250 | 12,070 | |||||
Goodwill | 180,003 | 168,085 | |||||
Intangibles, net | 126,267 | 101,192 | |||||
Total Assets | $ | 1,347,943 | $ | 1,257,988 | |||
LIABILITIES | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 161,140 | $ | 130,542 | |||
Accrued expenses | 154,751 | 138,523 | |||||
Operating leases - current portion | 40,342 | 29,499 | |||||
Income taxes payable | 5,998 | 9,403 | |||||
Contingent payment liability - current portion | 3,325 | 1,153 | |||||
Accrued incentive compensation | 12,068 | 11,788 | |||||
Total current liabilities | 377,624 | 320,908 | |||||
Contingent payment liability - long-term portion | 9,975 | — | |||||
Operating leases - long-term portion | 98,536 | 79,128 | |||||
Deferred tax liabilities | 8,606 | 3,923 | |||||
Other liabilities | 5,170 | 10,166 | |||||
Total Liabilities | 499,911 | 414,125 | |||||
STOCKHOLDERS’ EQUITY | |||||||
Total Steven Madden, Ltd. stockholders’ equity | 829,598 | 831,553 | |||||
Noncontrolling interest | 18,434 | 12,310 | |||||
Total stockholders’ equity | 848,032 | 843,863 | |||||
Total Liabilities and Stockholders’ Equity | $ | 1,347,943 | $ | 1,257,988 | |||
STEVEN MADDEN, LTD. AND SUBSIDIARIESCONDENSED CONSOLIDATED CASH FLOW DATA(In thousands) | |||||||
Twelve Months Ended | |||||||
December 31, 2023 | December 31, 2022 | ||||||
(Unaudited) | |||||||
Cash flows from operating activities: | |||||||
Net income | $ | 173,975 | $ | 217,217 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Stock-based compensation | 24,148 | 24,396 | |||||
Depreciation and amortization | 15,501 | 20,576 | |||||
Loss on disposal of fixed assets | 204 | 11 | |||||
Impairment of intangibles | 6,520 | — | |||||
Deferred taxes | 6,105 | 3,601 | |||||
Accrued interest on note receivable – related party | (8 | ) | (16 | ) | |||
Note receivable – related party | 409 | 409 | |||||
Change in valuation of contingent liability | — | (5,807 | ) | ||||
Other operating activities | (23 | ) | (2,716 | ) | |||
Changes, net of acquisitions, in: | |||||||
Accounts receivable | (1,308 | ) | (9,683 | ) | |||
Factor accounts receivable | (18,647 | ) | 116,141 | ||||
Inventories | 25,303 | 29,071 | |||||
Prepaid expenses, income tax receivables, prepaid taxes, and other assets | (1,060 | ) | (4,205 | ) | |||
Accounts payable and accrued expenses | 7,052 | (108,788 | ) | ||||
Accrued incentive compensation | 280 | (3,083 | ) | ||||
Leases and other liabilities | (8,061 | ) | (8,902 | ) | |||
Payment of contingent consideration | (1,153 | ) | (339 | ) | |||
Net cash provided by operating activities | 229,237 | 267,883 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (19,470 | ) | (16,351 | ) | |||
Purchases of short-term investments | (25,688 | ) | (45,130 | ) | |||
Maturity/sale of short-term investments | 25,872 | 73,998 | |||||
Acquisition of Almost Famous | (75,271 | ) | — | ||||
Purchase of a trademark | — | (2,000 | ) | ||||
Other investing activities | (5,335 | ) | (5,000 | ) | |||
Net cash (used in)/provided by investing activities | (99,892 | ) | 5,517 | ||||
Cash flows from financing activities: | |||||||
Proceeds from exercise of stock options | 1,205 | 602 | |||||
Investment of noncontrolling interest | 4,486 | 2,500 | |||||
Distributions to noncontrolling interest earnings | (1,102 | ) | (294 | ) | |||
Sale of minority interest of a subsidiary | — | 1,017 | |||||
Common stock repurchased and net settlements of stock awards | (142,348 | ) | (148,878 | ) | |||
Cash dividends paid on common stock | (63,177 | ) | (66,005 | ) | |||
Payment of contingent consideration | — | (4,770 | ) | ||||
Net cash used in financing activities | (200,936 | ) | (215,828 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | 1,518 | (2,358 | ) | ||||
Net (decrease)/increase in cash and cash equivalents | (70,073 | ) | 55,214 | ||||
Cash and cash equivalents – beginning of year | 274,713 | 219,499 | |||||
Cash and cash equivalents – end of year | $ | 204,640 | $ | 274,713 | |||
STEVEN MADDEN, LTD. AND SUBSIDIARIESNON-GAAP RECONCILIATION(In thousands, except per share amounts)(Unaudited) |
The Company uses non-GAAP financial information to evaluate its operating performance and 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. The following reconciles the Company’s reported results and outlook in accordance with GAAP with the non-GAAP information that the Company also presents. Additional information regarding Non-GAAP Adjustments is presented below.
Table 1 - Reconciliation of GAAP gross profit to Adjusted gross profit | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||
GAAP gross profit | $ | 214,827 | $ | 198,697 | $ | 832,414 | $ | 873,836 | |||||||
Non-GAAP Adjustments | 2,023 | — | 2,023 | — | |||||||||||
Adjusted gross profit | $ | 216,850 | $ | 198,697 | $ | 834,437 | $ | 873,836 | |||||||
Table 2 - Reconciliation of GAAP operating expenses to Adjusted operating expenses | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||
GAAP operating expenses | $ | 168,374 | $ | 158,940 | $ | 612,672 | $ | 592,192 | |||||||
Non-GAAP Adjustments | (4,485 | ) | (2,476 | ) | (6,784 | ) | (924 | ) | |||||||
Adjusted operating expenses | $ | 163,889 | $ | 156,464 | $ | 605,888 | $ | 591,268 | |||||||
Table 3 - Reconciliation of GAAP income from operations to Adjusted income from operations | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||
GAAP income from operations | $ | 39,933 | $ | 39,757 | $ | 213,222 | $ | 281,644 | |||||||
Non-GAAP Adjustments | 13,029 | 2,476 | 15,327 | 924 | |||||||||||
Adjusted income from operations | $ | 52,962 | $ | 42,233 | $ | 228,549 | $ | 282,568 | |||||||
Table 4 - Reconciliation of GAAP provision for income taxes to Adjusted provision for income taxes | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||
GAAP provision for income taxes | $ | 4,420 | $ | 8,375 | $ | 46,639 | $ | 65,103 | |||||||
Non-GAAP Adjustments | 3,391 | 579 | 3,700 | (1,308 | ) | ||||||||||
Adjusted provision for income taxes | $ | 7,811 | $ | 8,954 | $ | 50,339 | $ | 63,795 | |||||||
Table 5 - 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, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||
GAAP net income attributable to noncontrolling interest | $ | 1,126 | $ | 161 | $ | 2,421 | $ | 1,156 | |||||||
Non-GAAP Adjustments | 498 | — | 498 | — | |||||||||||
Adjusted net income attributable to noncontrolling interest | $ | 1,624 | $ | 161 | $ | 2,919 | $ | 1,156 | |||||||
Table 6 - Reconciliation of GAAP net income attributable to Steven Madden, Ltd. to Adjusted net income attributable to Steven Madden, Ltd. | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||
GAAP net income attributable to Steven Madden, Ltd. | $ | 35,881 | $ | 31,791 | $ | 171,554 | $ | 216,061 | |||||||
Non-GAAP Adjustments | 9,140 | 1,897 | 11,129 | 2,232 | |||||||||||
Adjusted net income attributable to Steven Madden, Ltd. | $ | 45,021 | $ | 33,688 | $ | 182,683 | $ | 218,293 | |||||||
GAAP diluted income per share | $ | 0.49 | $ | 0.42 | $ | 2.30 | $ | 2.77 | |||||||
Adjusted diluted income per share | $ | 0.61 | $ | 0.44 | $ | 2.45 | $ | 2.80 | |||||||
Non-GAAP Adjustments include the items below.
For the fourth quarter 2023:
For the fourth quarter 2022:
For the full year 2023:
For the full year 2022:
Contact
Steven Madden, Ltd. VP of Corporate Development & Investor Relations Danielle McCoy 718-308-2611 InvestorRelations@stevemadden.com
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