Steven Madden (SHOO) Q2 Earnings & Revenues Beat Estimates

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].