Steven Madden(US:SHOO)2024-07-31 11:05Revenue 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]