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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.11 | -0.26% | 41.66 | 41.28 | 42.05 | 41.875 | 41.49 | 41.83 | 400,452 | 22:43:23 |
Amounts referred to as “Adjusted” are non-GAAP measures that exclude the items defined as “Non-GAAP Adjustments” in the “Non-GAAP Reconciliation” section.
Second Quarter 2023 Results
Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We were pleased to deliver earnings results in line with expectations for the second quarter despite the challenging operating environment. Our performance in the quarter reflects our disciplined control of inventory and expenses, even as we continue to invest in product innovation, consumer engagement and our long-term growth initiatives. While the retail environment remains choppy, we are confident that the power of our brands and the strength of our business model position us for sustainable growth and value creation over the long term.”
Second Quarter 2023 Channel Results
Revenue for the wholesale business was $314.6 million, a 20.8% decrease compared to the second quarter of 2022, including a 19.4% decrease in wholesale footwear revenue and a 24.6% decrease in wholesale accessories/apparel revenue. Gross profit as a percentage of wholesale revenue increased to 33.6% compared to 31.6% in the second quarter of 2022 driven by margin improvement in the wholesale accessories/apparel segment.
Direct-to-consumer revenue was $128.2 million, a 5.4% decrease compared to the second quarter of 2022 driven by declines in both the brick-and-mortar and e-commerce businesses. Gross profit as a percentage of direct-to-consumer revenue was 63.7% compared to 66.4% in the second quarter of 2022 driven by increased promotional activity.
The Company ended the quarter with 242 brick-and-mortar retail stores and five e-commerce websites, as well as 22 company-operated concessions in international markets.
Balance Sheet and Cash Flow Highlights
As of June 30, 2023, cash, cash equivalents and short-term investments totaled $274.4 million. Inventory totaled $207.8 million, a 32.2% decrease compared to the second quarter of 2022.
During the second quarter of 2023, the Company spent approximately $25.8 million 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 September 25, 2023 to stockholders of record as of the close of business on September 15, 2023.
2023 Outlook
For 2023, the Company continues to expect revenue will decrease 6.5% to 8.0% compared to 2022. The Company expects diluted EPS will be in the range of $2.38 to $2.48. The Company continues to expect Adjusted diluted EPS will be in the range of $2.40 to $2.50.
Conference Call Information
Interested stockholders are invited to listen to the conference call scheduled for today, August 2, 2023, at 8:30 a.m. Eastern Time, which will include a discussion of the Company's second quarter 2023 earnings results and 2023 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/oqycft6w 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 for women, men and children. 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 sandals, dress shoes, fashion sneakers, boots, booties 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 STATEMENTS OF INCOME(In thousands, except per share amounts)(Unaudited) | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||||
Net sales | $ | 442,837 | $ | 532,680 | $ | 904,574 | $ | 1,090,024 | ||||||
Commission and licensing fee income | 2,465 | 2,309 | 4,562 | 4,699 | ||||||||||
Total revenue | 445,302 | 534,989 | 909,136 | 1,094,723 | ||||||||||
Cost of sales | 255,432 | 317,224 | 524,174 | 649,060 | ||||||||||
Gross profit | 189,870 | 217,765 | 384,962 | 445,663 | ||||||||||
Operating expenses | 145,830 | 152,526 | 294,411 | 282,528 | ||||||||||
Income from operations | 44,040 | 65,239 | 90,551 | 163,135 | ||||||||||
Interest and other income/(expense) – net | 1,956 | (1,291 | ) | 3,976 | (1,234 | ) | ||||||||
Income before provision for income taxes | 45,996 | 63,948 | 94,527 | 161,901 | ||||||||||
Provision for income taxes | 10,923 | 15,033 | 22,668 | 38,393 | ||||||||||
Net income | 35,073 | 48,915 | 71,859 | 123,508 | ||||||||||
Less: net income attributable to noncontrolling interest | 544 | 455 | 600 | 535 | ||||||||||
Net income attributable to Steven Madden, Ltd. | $ | 34,529 | $ | 48,460 | $ | 71,259 | $ | 122,973 | ||||||
Basic net income per share | $ | 0.47 | $ | 0.63 | $ | 0.96 | $ | 1.60 | ||||||
Diluted net income per share | $ | 0.46 | $ | 0.62 | $ | 0.95 | $ | 1.55 | ||||||
Basic weighted average common shares outstanding | 73,613 | 76,556 | 74,053 | 76,902 | ||||||||||
Diluted weighted average common shares outstanding | 74,883 | 78,714 | 75,361 | 79,190 | ||||||||||
Cash dividends declared per common share | $ | 0.21 | $ | 0.21 | $ | 0.42 | $ | 0.42 |
STEVEN MADDEN, LTD. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands) | |||||||||
As of | |||||||||
June 30, 2023 | December 31, 2022 | June 30, 2022 | |||||||
(Unaudited) | (Unaudited) | ||||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 258,056 | $ | 274,713 | $ | 150,929 | |||
Short-term investments | 16,358 | 15,085 | 29,569 | ||||||
Accounts receivable, net of allowances | 41,332 | 37,937 | 31,377 | ||||||
Factor accounts receivable | 256,627 | 248,228 | 344,716 | ||||||
Inventories | 207,839 | 228,752 | 306,547 | ||||||
Prepaid expenses and other current assets | 24,282 | 22,989 | 31,047 | ||||||
Income tax receivable and prepaid income taxes | 23,405 | 15,853 | 12,225 | ||||||
Total current assets | 827,899 | 843,557 | 906,410 | ||||||
Note receivable – related party | 201 | 401 | 598 | ||||||
Property and equipment, net | 42,267 | 40,664 | 35,004 | ||||||
Operating lease right-of-use asset | 116,871 | 90,264 | 85,608 | ||||||
Deposits and other | 10,858 | 12,070 | 4,029 | ||||||
Deferred taxes | 2,135 | 1,755 | 6,517 | ||||||
Goodwill – net | 168,967 | 168,085 | 167,959 | ||||||
Intangibles – net | 101,047 | 101,192 | 107,167 | ||||||
Total Assets | $ | 1,270,245 | $ | 1,257,988 | $ | 1,313,292 | |||
LIABILITIES | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 130,417 | $ | 130,542 | $ | 105,130 | |||
Accrued expenses | 134,469 | 138,523 | 219,005 | ||||||
Operating leases – current portion | 36,593 | 29,499 | 31,074 | ||||||
Income taxes payable | 7,773 | 9,403 | 14,100 | ||||||
Contingent payment liability – current portion | 1,153 | 1,153 | 2,000 | ||||||
Accrued incentive compensation | 7,237 | 11,788 | 8,334 | ||||||
Total current liabilities | 317,642 | 320,908 | 379,643 | ||||||
Operating leases – long-term portion | 96,277 | 79,128 | 76,023 | ||||||
Deferred tax liabilities | 3,923 | 3,923 | 3,378 | ||||||
Other liabilities | 10,686 | 10,166 | 10,930 | ||||||
Total Liabilities | 428,528 | 414,125 | 469,974 | ||||||
STOCKHOLDERS’ EQUITY | |||||||||
Total Steven Madden, Ltd. stockholders’ equity | 824,516 | 831,553 | 833,534 | ||||||
Noncontrolling interest | 17,201 | 12,310 | 9,784 | ||||||
Total stockholders’ equity | 841,717 | 843,863 | 843,318 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 1,270,245 | $ | 1,257,988 | $ | 1,313,292 |
STEVEN MADDEN, LTD. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)(Unaudited) | ||||||||
Six Months Ended | ||||||||
June 30, 2023 | June 30, 2022 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 71,859 | $ | 123,508 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Stock-based compensation | 12,239 | 12,150 | ||||||
Depreciation and amortization | 7,257 | 10,471 | ||||||
Loss on disposal of fixed assets | 193 | 260 | ||||||
Impairment of lease right-of-use asset | 95 | — | ||||||
Deferred taxes | — | (1,936 | ) | |||||
Accrued interest on note receivable - related party | (4 | ) | (8 | ) | ||||
Notes receivable - related party | 204 | 204 | ||||||
Change in valuation of contingent payment liabilities | — | (4,960 | ) | |||||
Other operating activities | 26 | — | ||||||
Changes, net of acquisitions, in: | ||||||||
Accounts receivable | (3,395 | ) | (4,564 | ) | ||||
Factor accounts receivable | (6,256 | ) | 20,589 | |||||
Inventories | 22,417 | (53,222 | ) | |||||
Prepaid expenses, income tax receivables, prepaid taxes, and other assets | (8,572 | ) | (7,676 | ) | ||||
Accounts payable and accrued expenses | (7,316 | ) | (44,197 | ) | ||||
Accrued incentive compensation | (4,551 | ) | (6,537 | ) | ||||
Leases and other liabilities | (1,939 | ) | (3,457 | ) | ||||
Payment of contingent consideration | — | (339 | ) | |||||
Net cash provided by operating activities | 82,257 | 40,286 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (7,793 | ) | (5,263 | ) | ||||
Purchase of a trademark | — | (2,000 | ) | |||||
Purchases of short-term investments | (11,406 | ) | (38,951 | ) | ||||
Maturity/sale of short-term investments | 10,445 | 53,803 | ||||||
Net cash (used in)/provided by investing activities | (8,754 | ) | 7,589 | |||||
Cash flows from financing activities: | ||||||||
Proceeds from exercise of stock options | 870 | 415 | ||||||
Investment of noncontrolling interest | 4,582 | — | ||||||
Common stock purchased for treasury | (64,235 | ) | (77,027 | ) | ||||
Cash dividends paid on common stock | (31,895 | ) | (33,389 | ) | ||||
Payment of contingent consideration | — | (4,770 | ) | |||||
Net cash used in financing activities | (90,678 | ) | (114,771 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | 518 | (1,674 | ) | |||||
Net decrease in cash and cash equivalents | (16,657 | ) | (68,570 | ) | ||||
Cash and cash equivalents – beginning of period | 274,713 | 219,499 | ||||||
Cash and cash equivalents – end of period | $ | 258,056 | $ | 150,929 |
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 operating expenses to Adjusted operating expenses | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||
GAAP operating expenses | $ | 145,830 | $ | 152,526 | $ | 294,411 | $ | 282,528 | |||||||
Non-GAAP Adjustments | (495 | ) | (1,713 | ) | (1,676 | ) | 1,753 | ||||||||
Adjusted operating expenses | $ | 145,335 | $ | 150,813 | $ | 292,735 | $ | 284,281 |
Table 2 - Reconciliation of GAAP income from operations to Adjusted income from operations | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||
GAAP income from operations | $ | 44,040 | $ | 65,239 | $ | 90,551 | $ | 163,135 | |||||
Non-GAAP Adjustments | 495 | 1,713 | 1,676 | (1,753 | ) | ||||||||
Adjusted income from operations | $ | 44,535 | $ | 66,952 | $ | 92,227 | $ | 161,382 |
Table 3 - Reconciliation of GAAP provision for income taxes to Adjusted provision for income taxes | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||
GAAP provision for income taxes | $ | 10,923 | $ | 15,033 | $ | 22,668 | $ | 38,393 | |||||
Non-GAAP Adjustments | 116 | 399 | 394 | (1,934 | ) | ||||||||
Adjusted provision for income taxes | $ | 11,039 | $ | 15,432 | $ | 23,062 | $ | 36,459 |
Table 4 - Reconciliation of GAAP net income attributable to Steven Madden, Ltd. to Adjusted net income attributable to Steven Madden, Ltd. | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | |||||||||
GAAP net income attributable to Steven Madden, Ltd. | $ | 34,529 | $ | 48,460 | $ | 71,259 | $ | 122,973 | ||||
Non-GAAP Adjustments | 378 | 1,313 | 1,282 | 180 | ||||||||
Adjusted net income attributable to Steven Madden, Ltd. | $ | 34,907 | $ | 49,773 | $ | 72,541 | $ | 123,153 | ||||
GAAP diluted net income per share | $ | 0.46 | $ | 0.62 | $ | 0.95 | $ | 1.55 | ||||
Adjusted diluted net income per share | $ | 0.47 | $ | 0.63 | $ | 0.96 | $ | 1.56 |
Table 5 - Reconciliation of GAAP diluted net income per share to Adjusted diluted net income per share in 2023 outlook | ||||||
2023 Outlook | ||||||
Low End | High End | |||||
GAAP diluted net income per share | $ | 2.38 | $ | 2.48 | ||
Non-GAAP Adjustments | 0.02 | 0.02 | ||||
Adjusted diluted net income per share | $ | 2.40 | $ | 2.50 |
Non-GAAP Adjustments include the items below.
For the second quarter of 2023:
For the second quarter of 2022:
For the 2023 outlook:
Contact
Steven Madden, Ltd.VP of Corporate Development & Investor RelationsDanielle McCoy718-308-2611InvestorRelations@stevemadden.com
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