NEW YORK, Aug. 19, 2024 /PRNewswire/ -- Today, Unified Commerce Group (UCG) announces the expansion of its portfolio with the acquisition of substantially all assets of GREATS Inc., a digitally-native footwear brand specializing in premium sneakers for men and women, as well as a strategic investment in Utahbased womenswear retailer Böhme. Unified Commerce Group was founded in 2019 as a platform to enable purpose-driven lifestyle brands to scale through shared services, anchored by data-driven customer insi ...

Steven Madden, Ltd.'s (SHOO) strategic initiatives, including its focus on diversification, digital growth and international expansion, have laid a strong foundation for continued success. The company's solid financial performance in second-quarter 2024 highlights its ability to navigate challenges and seize growth opportunities, positioning it well for long-term value creation for stakeholders. The stock has outpaced the Zacks Shoes and Retail Apparel industry in the past year. Shares of this Zacks Rank #2 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________ to _____________________ Commission File Number: 0-23702 STEVEN MADDEN, LTD. (Exact name of registrant as specified in its charter) Delaware 13-35882 ...

Financial Data and Key Metrics Changes - The company reported consolidated revenue of $523.6 million, a 17.6% increase compared to Q2 2023, with adjusted diluted EPS rising 23% [4][12] - Consolidated gross margin was 41.5%, down from 42.6% in the same period last year, while direct-to-consumer gross margin increased to 64.3%, up 60 basis points year-over-year [14][15] - Operating income for the quarter was $54.5 million, or 10.4% of revenue, up from $44.5 million or 10% of revenue in the prior year [15] Business Line Data and Key Metrics Changes - Accessories and apparel revenue rose 74%, or 27% excluding the newly acquired Almost Famous business, with handbag revenue increasing more than 30% [7][12] - Direct-to-consumer revenue grew 6%, including a 4% increase on a comparable basis, with brick-and-mortar comp growth at 7% and digital at 1% [8][13] - Wholesale revenue was $385.3 million, up 22.5% compared to Q2 2023, with wholesale accessories and apparel revenue up 86% [12] Market Data and Key Metrics Changes - International revenue grew 13% in Q2, with the EMEA region expected to see over 20% growth in 2024 [5][6] - The Americas region saw a rebound in Canada and continued strong momentum in Mexico, with expectations for double-digit revenue growth [6] Company Strategy and Development Direction - The company aims to expand its international business, grow outside of footwear, and strengthen its direct-to-consumer channels [5][9] - The strategy includes diversifying revenue sources, reducing reliance on U.S. wholesale footwear, which is expected to account for less than 40% of overall business in 2024 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting financial goals for 2024 despite a challenging operating environment, with expectations for revenue growth of 11% to 13% [10][16] - The company is prepared to adapt to potential tariff increases by diversifying sourcing away from China [38][39] Other Important Information - The company has no debt and ended the quarter with $192.2 million in cash and equivalents [16] - A quarterly cash dividend of $0.21 per share was approved, payable on September 23, 2024 [16] Q&A Session Summary Question: Changes to revenue growth guidance composition - Management confirmed no changes to the revenue growth guidance composition, maintaining expectations for low-to-mid singles in wholesale and high singles in direct-to-consumer [18] Question: Organic growth rate in accessories and apparel - Management indicated a slowdown in growth for accessories and apparel in the back half of the year due to tougher comparisons [19] Question: Breakdown of direct-to-consumer revenue growth - Management clarified that brick-and-mortar comp growth was 7%, while digital was 1%, with overall DTC revenue growth at 6.4% [22][23] Question: Inventory levels in the wholesale channel - Management noted that inventory levels in the channel are reasonably controlled, with cautious sales forecasts from major wholesale customers [28] Question: Freight costs and impact on margins - Management stated that freight costs are expected to impact gross margins by about 40 basis points, with a heavier impact anticipated in the fall [32] Question: Performance of Almost Famous acquisition - Management reported that Almost Famous is tracking well, with revenue and profitability exceeding initial expectations [46] Question: Growth drivers in EMEA - Management highlighted strong growth in Continental Europe and the Middle East, with fashion sneakers and handbags being key products [48] Question: Boot business outlook for Q4 - Management expressed caution regarding the boot category, with conservative planning from wholesale customers [52] Question: Anticipated improvement in branded footwear - Management expects the branded wholesale footwear business to improve in the back half of the year, particularly in Q4 [56]

Core Viewpoint - Steven Madden, Ltd. (SHOO) reported better-than-expected second-quarter 2024 results, with revenues and earnings surpassing estimates and increasing year over year [1][4]. Financial Performance - Adjusted quarterly earnings were 57 cents per share, beating the Zacks Consensus Estimate of 51 cents, and increased 21.3% from 47 cents in the prior-year period [4]. - Total revenues rose 17.6% year over year to $523.6 million, with net revenues of $521.7 million increasing 17.8%, surpassing the consensus estimate of $507 million [4]. - Adjusted gross profit increased 14.4% year over year to $217.3 million, while the adjusted gross margin contracted 110 basis points to 41.5% [5]. - Adjusted operating expenses rose 12% year over year to $162.8 million, but as a percentage of revenues, they declined 150 basis points to 31.1% [6]. Segment Performance - Wholesale business revenues improved 22.5% year over year to $385.3 million, with wholesale accessories/apparel revenues growing 86% [7]. - Direct-to-consumer (DTC) revenues increased 6.4% year over year to $136.4 million [8]. Cash and Shareholder Returns - The company ended the quarter with cash and cash equivalents of $180.5 million and stockholders' equity of $808.3 million [9]. - SHOO repurchased $38.2 million of its common stock and declared a quarterly cash dividend of 21 cents per share [10]. Outlook - For 2024, the company anticipates an 11-13% increase in revenues from 2023, with adjusted earnings projected at $2.55-$2.65 per share, compared to $2.30 per share in 2023 [11].

Company Performance - Steven Madden reported quarterly earnings of $0.57 per share, exceeding the Zacks Consensus Estimate of $0.51 per share, and up from $0.47 per share a year ago [3] - The company has surpassed consensus EPS estimates in all of the last four quarters [4] - The latest quarterly report showed an earnings surprise of 11.76%, with a previous quarter surprise of 16.07% [8] Revenue Insights - For the quarter ended June 2024, Steven Madden posted revenues of $523.55 million, surpassing the Zacks Consensus Estimate by 3.30%, compared to $442.84 million in the same quarter last year [15] - The upcoming quarterly earnings are expected to be $1.21 per share, reflecting a year-over-year change of +23.5% [7] - The current consensus EPS estimate for the next quarter is $0.92 on revenues of $608.14 million, and for the current fiscal year, it is $2.62 on revenues of $2.22 billion [11] Industry Context - The Shoes and Retail Apparel industry, where Steven Madden operates, is currently ranked in the top 41% of over 250 Zacks industries, indicating a favorable outlook [6] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [13]

Revenue and Growth - Revenue for the second quarter of 2024 increased 17.6% to $523.6 million, compared to $445.3 million in the same period of 2023[9] - Direct-to-consumer revenue was $136.4 million, a 6.4% increase compared to the second quarter of 2023[11] - The company expects revenue to increase by 11% to 13% for fiscal 2024 compared to 2023[14] - Total revenue for the three months ended June 30, 2024, was $523,553, up from $445,302 in the same period of 2023, reflecting a 17.6% growth[34] - The company’s net sales for the six months ended June 30, 2024, reached $1,072,276, compared to $904,574 for the same period in 2023, reflecting an 18.5% increase[34] Profitability - Gross profit as a percentage of revenue was 41.5%, down from 42.6% in the same period of 2023[9] - Net income attributable to Steven Madden, Ltd. was $35.4 million, or $0.49 per diluted share, compared to $34.5 million, or $0.46 per diluted share, in the same period of 2023[9] - Adjusted net income attributable to Steven Madden, Ltd. was $41.2 million, or $0.57 per diluted share, compared to $34.9 million, or $0.47 per diluted share, in the same period of 2023[9] - GAAP net income attributable to Steven Madden, Ltd. for the three months ended June 30, 2024, was $35,376, compared to $34,529 for the same period in 2023, representing a 2.5% increase[27] - Adjusted net income attributable to Steven Madden, Ltd. for the six months ended June 30, 2024, was $88,241, compared to $72,541 for the same period in 2023, showing a 21.5% increase[27] - GAAP diluted net income per share for the three months ended June 30, 2024, was $0.49, compared to $0.46 for the same period in 2023, a 6.5% increase[27] - Adjusted diluted net income per share for the six months ended June 30, 2024, was $1.22, up from $0.96 for the same period in 2023, representing a 27.1% increase[27] - The company expects GAAP diluted net income per share for 2024 to be between $2.43 and $2.53[27] Expenses and Costs - Operating expenses as a percentage of revenue were 31.3%, down from 32.7% in the same period of 2023[9] - GAAP operating expenses for the three months ended June 30, 2024, were $163,709, an increase from $145,830 in the same period of 2023, which is a 12.2% rise[24] - The company spent $38.2 million on repurchases of its common stock during the second quarter[12] Assets and Liabilities - Cash, cash equivalents, and short-term investments totaled $192.2 million as of June 30, 2024[5] - Total current assets increased to $860,108 thousand as of June 30, 2024, compared to $827,899 thousand a year ago, reflecting a growth of 3.9%[36] - Cash and cash equivalents decreased to $180,457 thousand from $258,056 thousand year-over-year, representing a decline of 30.1%[36] - Total liabilities rose to $542,708 thousand, up from $428,528 thousand a year ago, indicating an increase of 26.7%[36] - Accounts payable increased significantly to $189,772 thousand, compared to $130,417 thousand in the same period last year, marking a rise of 45.5%[36] - Total stockholders' equity decreased to $832,356 thousand from $841,717 thousand year-over-year, a decline of 1.4%[36] Tax and Valuation - The company reported a GAAP provision for income taxes of $11,276 thousand for the three months ended June 30, 2024, compared to $10,923 thousand for the same period in 2023, an increase of 3.2%[41] - Adjusted provision for income taxes was $13,075 thousand for the three months ended June 30, 2024, up from $11,039 thousand in the prior year, reflecting a growth of 18.5%[41] Other Financial Metrics - Goodwill increased to $183,374 thousand as of June 30, 2024, compared to $168,967 thousand a year ago, showing an increase of 8.5%[36] - Operating lease right-of-use asset rose to $143,480 thousand from $116,871 thousand year-over-year, an increase of 22.8%[36] - The company incurred $6.6 million pre-tax expense related to the change in valuation of a contingent consideration from the acquisition of Almost Famous[44]

Core Insights - Steven Madden, Ltd. (SHOO) is set to announce its second-quarter 2024 earnings on July 31, with investors anticipating insights into performance and strategic direction [1] - The Zacks Consensus Estimate for earnings per share is stable at 51 cents, indicating an 8.5% increase year over year [2] Revenue Growth Factors - Direct-to-consumer (DTC) channels, especially digital sales, are expected to drive revenue growth, with a projected 8.1% increase year over year in DTC revenues [4] - The consensus estimate for second-quarter revenues is $506.8 million, reflecting a 14.5% increase from the previous year [5] - The recovery in the U.S. wholesale footwear business is anticipated to contribute to revenue growth, with a forecasted 16% increase year over year in wholesale revenues [9] Strategic Initiatives - The company is focusing on expanding its international market presence, particularly in the EMEA region, which is a significant growth driver [7] - Diversification into accessories and apparel is proving to be a strong revenue driver, with robust growth in handbag and apparel segments [8] - Optimization of supply-chain operations and inventory turnover is a priority, enabling the company to meet customer demand efficiently [10] Earnings Performance - Steven Madden has a trailing four-quarter earnings surprise of 6%, with a notable 16.1% beat in the last reported quarter [6]

Company Overview - Steve Madden designs, sources, and markets fashion-forward footwear, accessories, and apparel under its own brands such as Steve Madden®, Dolce Vita®, Betsey Johnson®, Blondo®, and GREATS® [2] - The company also licenses products for the Anne Klein® brand and designs private label products for various retailers [2] - Steve Madden's distribution channels include department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, and independent stores [2] - The company operates brick-and-mortar retail stores and e-commerce websites, and licenses certain brands to third parties for marketing and sales in apparel, accessory, and home categories [2] Upcoming Earnings Announcement - Steve Madden, Ltd. plans to release its second quarter 2024 earnings results on July 31, 2024 [3] - Management will host a conference call to review the results at 8:30 a.m. Eastern Time [3]

Core Viewpoint - Steven Madden, Ltd. is set to release its second quarter 2024 earnings results on July 31, 2024, with a conference call scheduled for 8:30 a.m. Eastern Time to discuss the results [1]. Company Overview - Steven Madden, Ltd. is a prominent designer and marketer of fashion-forward footwear, accessories, and apparel, operating under various brands including Steve Madden®, Dolce Vita®, Betsey Johnson®, Blondo®, and GREATS® [6]. - The company also licenses products for the Anne Klein® brand and designs private label products for various retailers [6]. - Its distribution network includes department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, and independent stores, alongside direct operations of retail stores and e-commerce websites [6].