Steven Madden(SHOO) - 2024 Q4 - Annual Results

Revenue Growth - Full Year 2024 revenue increased by 15.2% to $2,282.9 million, compared to $1,981.6 million in 2023[7] - Fourth Quarter 2024 revenue rose by 12.0% to $582.3 million, compared to $519.7 million in the same period of 2023[7] - The wholesale business revenue in Q4 2024 was $402.9 million, a 13.6% increase year-over-year[8] - Direct-to-consumer revenue in Q4 2024 was $176.0 million, an 8.4% increase compared to Q4 2023[9] Earnings and Profitability - Adjusted diluted EPS for 2024 increased by 9% to $2.67, compared to $2.45 in 2023[7] - Adjusted diluted income per share for the twelve months ended December 31, 2024, was $2.67, up from $2.45 in 2023, an increase of 9.0%[28] - Net income for the twelve months ended December 31, 2024, was $175,902 thousand, a slight increase from $173,975 thousand in 2023, reflecting a growth of 1.1%[24] - Adjusted net income attributable to Steven Madden, Ltd. for the twelve months ended December 31, 2024, was $192,390 thousand, compared to $182,683 thousand in 2023, marking a 5.9% increase[28] Financial Position - As of December 31, 2024, cash and short-term investments totaled $203.4 million, with inventory at $257.6 million[11] - Total assets increased to $1,411,771 thousand as of December 31, 2024, up from $1,347,943 thousand in 2023, representing a growth of 4.7%[22] - Total stockholders' equity increased to $875,997 thousand in 2024 from $848,032 thousand in 2023, a growth of 3.3%[22] - Cash and cash equivalents decreased to $189,924 thousand at the end of 2024 from $204,640 thousand in 2023, a decline of 7.3%[24] - Total current liabilities rose to $413,721 thousand in 2024, up from $377,624 thousand in 2023, indicating an increase of 9.5%[22] Capital Expenditures - Capital expenditures for the year were $25,911 thousand, compared to $19,470 thousand in 2023, representing a 33.4% increase[24] Future Outlook - The company expects 2025 revenue to increase by 17% to 19% compared to 2024, with diluted EPS projected between $2.30 and $2.40[13] - The company plans to close the acquisition of Kurt Geiger in Q2 2025, which is expected to enhance growth in international markets and direct-to-consumer channels[6] Dividends - A quarterly cash dividend of $0.21 per share was approved, payable on March 21, 2025[12] Operating Expenses - For Q4 2024, the company incurred a pre-tax expense of $1.8 million ($1.3 million after-tax) related to severances and related charges, included in operating expenses[29] - The company reported a pre-tax expense of $3.4 million ($2.6 million after-tax) for legal settlements and related fees in Q4 2024, included in operating expenses[29] - A pre-tax expense of $3.6 million ($2.8 million after-tax) was recorded for acquisitions, joint ventures, and reorganization of foreign entities in Q4 2024, included in operating expenses[29] - The company recognized a pre-tax benefit of $2.9 million ($2.2 million after-tax) from the change in valuation of a contingent consideration liability related to the acquisition of Almost Famous[29] Historical Expenses - For the full year 2023, the company reported a pre-tax expense of $6.5 million ($5.0 million after-tax) due to trademark impairment[31] - The company incurred a pre-tax expense of $2.4 million ($1.9 million after-tax) for acquisitions and joint ventures in the full year 2023, included in operating expenses[31] - A pre-tax expense of $2.7 million ($2.3 million after-tax) was recorded for the write-off of an investment in a subsidiary in Asia during the full year 2023[31] - The company reported a pre-tax expense of $3.8 million ($2.9 million after-tax) related to severances, termination benefits, and corporate office relocation in the full year 2023[31] - A pre-tax expense of $10.3 million ($7.9 million after-tax) was incurred for trademark impairments in Q4 2023[30] - The company recognized a pre-tax expense of $2.0 million ($1.5 million after-tax) for the purchase accounting fair value adjustment of inventory acquired in the Almost Famous acquisition, included in cost of goods sold for the full year 2023[31]