Steven Madden-Steve Madden Announces Fourth Quarter and Full Year 2024 Results

Core Viewpoint - Steve Madden reported strong financial results for 2024, with a revenue increase of 15% and an adjusted diluted EPS growth of 9% compared to 2023, while providing a cautious outlook for 2025 due to anticipated headwinds from new tariffs and the pending acquisition of Kurt Geiger [5][6]. Full Year 2024 Results - Revenue for 2024 was $2,282.9 million, a 15.2% increase from$ 1,981.6 million in 2023 [7]. - Adjusted diluted EPS for 2024 was $2.67, compared to$ 2.45 in 2023 [7]. - Gross profit margin decreased to 41.0% from 42.0% in 2023 [7]. - Operating expenses as a percentage of revenue improved to 30.0% from 30.6% in 2023 [7]. Fourth Quarter 2024 Results - Fourth quarter revenue was $582.3 million, a 12.0% increase from$ 519.7 million in Q4 2023 [7]. - Net income for the fourth quarter was $34.8 million, or$ 0.49 per diluted share, compared to $35.9 million, or$ 0.49 per diluted share in Q4 2023 [7]. - Direct-to-consumer revenue increased by 8.4% in Q4 2024, driven by both brick-and-mortar and e-commerce sales [9]. Channel Performance - Wholesale revenue in Q4 2024 was $402.9 million, a 13.6% increase year-over-year, with wholesale accessories/apparel revenue up 35.4% [8]. - Direct-to-consumer gross profit margin was 62.0%, down from 62.7% in Q4 2023 due to increased promotional activity [9]. Balance Sheet and Cash Flow - As of December 31, 2024, cash and cash equivalents totaled$ 203.4 million, with inventory at $257.6 million [11]. - The company repurchased approximately$ 98.4 million of its common stock during the year [11]. 2025 Outlook - For 2025, the company expects revenue growth of 17% to 19% compared to 2024, with diluted EPS projected between $2.30 and$ 2.40 [13]. - The outlook assumes the acquisition of Kurt Geiger will close on May 1, 2025, which is expected to enhance growth opportunities [6][13].