Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2025 was $667.9 million, a 6.9% increase compared to Q3 2024. Excluding Kurt Geiger, revenue decreased by 14.8% [9] - Wholesale revenue was $442.7 million, down 10.7% compared to Q3 2024, with a 19% decrease when excluding Kurt Geiger [9] - Direct-to-consumer revenue increased by 76.6% to $221.5 million, with a 1.5% increase when excluding Kurt Geiger [9] - Net income attributable to Steve Madden Ltd. was $30.4 million, or $0.43 per diluted share, compared to $64.8 million, or $0.91 per diluted share in Q3 2024 [13] Business Line Data and Key Metrics Changes - Wholesale footwear revenue was $266.5 million, a 10.9% decrease from Q3 2024, or down 16.7% excluding Kurt Geiger [9] - Wholesale accessories and apparel revenue was $176.2 million, down 10.3% compared to the prior year, or down 22.5% excluding Kurt Geiger [9] - Direct-to-consumer gross margin was 61.9%, down from 64% in the comparable period in 2024 due to tariff pressures and the addition of Kurt Geiger [11] Market Data and Key Metrics Changes - Comp sales for Kurt Geiger London were up mid-teens in Q3 2025, indicating strong consumer response [6] - The company operated 397 retail stores, including 99 outlets, and 7 e-commerce websites as of the end of the quarter [10] Company Strategy and Development Direction - The company is focused on deepening consumer connections through compelling products and effective marketing, particularly for the Steve Madden brand [5] - Strategic pricing actions and sourcing initiatives are being implemented to mitigate gross margin pressure [5] - The integration of Kurt Geiger is on track, with progress on revenue synergies and cost savings opportunities [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by new tariffs but expressed confidence that the worst is behind them [4] - There is optimism for improved financial performance in Q4 2025, with expectations of revenue growth of 27%-30% compared to Q4 2024 [14] - Management believes they have the brands and strategy to drive sustainable revenue and earnings growth over the long term [8] Other Important Information - The company declared a quarterly cash dividend of $0.21 per share, payable on December 26, 2025 [14] - Inventory at the end of the quarter was $476 million, compared to $268.7 million in Q3 2024 [13] Q&A Session Summary Question: How is the fashion developing this fall and what are the inventory levels in the wholesale channel? - Management noted strong performance in the core Steve Madden women's shoe business, particularly in boots, and expressed confidence in spring prospects [17][18] Question: What is the expected revenue contribution from Kurt Geiger in Q4? - Management expects Kurt Geiger's revenue contribution to be between $182 million and $187 million, with over 70% coming from DTC [20][21] Question: How is the margin structure expected to recover? - Management believes all margin erosion is recoverable over time, with expectations to return to pre-tariff margins eventually [64][65] Question: What is the performance outlook for wholesale channels? - Strongest performance is seen in regular price channels, while value price channels have faced more pressure [85] Question: How is the international growth outlook for Steve Madden and Kurt Geiger? - Steve Madden is expected to see high single-digit revenue growth internationally, while Kurt Geiger is anticipated to achieve strong double-digit growth [73]

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2025 was $667.9 million, a 6.9% increase compared to Q3 2024. Excluding the newly acquired Kurt Geiger, consolidated revenue decreased by 14.8% [9] - Net income attributable to Steve Madden Ltd. for the quarter was $30.4 million, or $0.43 per diluted share, compared to $64.8 million, or $0.91 per diluted share in Q3 2024 [12] - Operating income for the quarter was $46.3 million, or 6.9% of revenue, compared to $85.4 million, or 13.7% of revenue in the comparable period in the prior year [11] Business Line Data and Key Metrics Changes - Wholesale revenue was $442.7 million, down 10.7% compared to Q3 2024. Excluding Kurt Geiger, wholesale revenue decreased by 19% [9] - Direct-to-consumer (DTC) revenue increased by 76.6% to $221.5 million. Excluding Kurt Geiger, DTC revenue increased by 1.5% [9] - Wholesale footwear revenue was $266.5 million, a 10.9% decrease from the comparable period in 2024, or down 16.7% excluding Kurt Geiger [9] Market Data and Key Metrics Changes - Comp sales for the new brand, Kurt Geiger London, were up mid-teens in Q3 2025, indicating strong consumer response [6] - The company ended the quarter with 397 company-operated retail stores, including 99 outlets, and 7 e-commerce websites [10] Company Strategy and Development Direction - The company is focused on deepening consumer connections through compelling products and effective marketing, particularly for the Steve Madden brand [5] - The acquisition integration of Kurt Geiger is on track, with progress on revenue synergies and cost savings opportunities [7] - The company plans to open a handful of stores in the U.S. for Kurt Geiger next year and is working on expanding its international presence [28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in Q3 due to new tariffs on imports but expressed confidence that the worst is behind them [4] - The company expects revenue to increase by 27%-30% in Q4 2025 compared to Q4 2024, with earnings per share projected to be in the range of $0.41-$0.46 [13][14] - Management believes that the underlying consumer demand for their brands remains strong despite tariff-related challenges [5] Other Important Information - The company declared a quarterly cash dividend of $0.21 per share, payable on December 26, 2025 [13] - Inventory at the end of the quarter was $476 million, compared to $268.7 million in Q3 2024 [12] Q&A Session Summary Question: How is the fashion developing this fall and what are the inventory levels in the wholesale channel? - Management noted strong performance in the core Steve Madden women's shoe business, particularly in boots, and expressed confidence in spring prospects [16][18] Question: What is the expected revenue contribution from Kurt Geiger in Q4? - Management expects Kurt Geiger's revenue contribution to be between $182 million and $187 million, with over 70% coming from DTC [19][20] Question: How is the handbag business performing and what are the expectations for apparel? - The handbag business is expected to stabilize as demand improves, while apparel has been a growth story with good sell-throughs in key accounts [46][47] Question: What is the outlook for wholesale performance by channel? - Strongest performance is seen in regular price channels, while value price channels like off-price and mass have faced more pressure [82] Question: How is the company addressing margin recovery? - Management believes that all margin erosion is recoverable over time, with expectations to return to pre-tariff margins in the core business [64]

Core Insights - Steven Madden reported quarterly earnings of $0.43 per share, missing the Zacks Consensus Estimate of $0.44 per share, and down from $0.91 per share a year ago, representing an earnings surprise of -2.27% [1] - The company posted revenues of $667.88 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 4.44%, compared to $624.67 million in the same quarter last year [2] - Steven Madden shares have declined approximately 22.8% year-to-date, contrasting with the S&P 500's gain of 15.1% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.27 on revenues of $690.07 million, and for the current fiscal year, it is $1.51 on revenues of $2.5 billion [7] - The estimate revisions trend for Steven Madden was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Shoes and Retail Apparel industry, to which Steven Madden belongs, is currently ranked in the bottom 28% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

Revenue Performance - Third quarter 2025 revenue increased by 6.9% to $667.9 million compared to $624.7 million in the same period of 2024[7] - Direct-to-consumer revenue surged by 76.6% to $221.5 million compared to the third quarter of 2024, while wholesale revenue decreased by 10.7% to $442.7 million[4][5] - The company expects fourth quarter 2025 revenue to increase by 27% to 30% compared to the same period of 2024, with diluted EPS projected in the range of $0.30 to $0.35[11] Profitability - Net income attributable to Steven Madden, Ltd. was $20.5 million, or $0.29 per diluted share, down from $55.3 million, or $0.77 per diluted share, in the same period of 2024[7] - Adjusted income from operations totaled $46.3 million, or 6.9% of revenue, compared to $85.4 million, or 13.7% of revenue, in the same period of 2024[7] - For the nine months ended September 30, 2025, net income was $24,366,000, a decrease from $138,099,000 in the same period of 2024[20] - The adjusted diluted net income per share for the nine months ended September 30, 2025, was $1.22, compared to $2.12 for the same period in 2024, reflecting a decrease of approximately 42.5%[25] - The company expects GAAP diluted net income per share for Q4 2025 to be between $0.30 and $0.35, with adjusted diluted net income per share projected between $0.41 and $0.46[25] Expenses and Debt - Operating expenses as a percentage of revenue increased to 36.8% from 28.6% in the same period of 2024[7] - GAAP operating expenses for the nine months ended September 30, 2025, were $687,145,000, up from $507,343,000 in 2024, indicating a significant increase of about 35.4%[23] - Total debt outstanding as of September 30, 2025, was $293.8 million, with cash and cash equivalents totaling $108.9 million, resulting in net debt of $185.0 million[8] Cash Flow and Investments - The company reported a net cash provided by operating activities of $67,630,000 for the nine months ended September 30, 2025, down from $94,245,000 in the prior year[20] - Capital expenditures for the nine months ended September 30, 2025, totaled $29,079,000, compared to $16,642,000 in 2024, representing an increase of approximately 74.5%[20] - The company experienced a net cash used in investing activities of $389,419,000 for the nine months ended September 30, 2025, compared to $16,715,000 in the same period of 2024[20] - The company reported a significant acquisition activity with a net cash outflow of $371,554,000 for the acquisition of businesses during the nine months ended September 30, 2025[20] Store Operations - The company ended the quarter with 397 company-operated retail stores, including 99 outlets, and seven e-commerce websites[6] Dividends - A quarterly cash dividend of $0.21 per share was approved, payable on December 26, 2025[10] Gross Profit - Gross profit as a percentage of revenue was 41.5%, unchanged from the same period of 2024, while adjusted gross profit increased to 43.4% from 41.6%[7]

Core Insights - The company reported challenging third-quarter results primarily due to new tariffs impacting imported goods, but underlying demand for its brands remains strong, particularly for the Steve Madden brand [3][4] - The company anticipates stronger financial performance in the fourth quarter, expecting revenue growth of 27% to 30% compared to the same period in 2024 [11] Financial Performance - Total revenue for the third quarter of 2025 was $667.9 million, a 6.9% increase from $624.7 million in the same period of 2024 [8] - Gross profit as a percentage of revenue was 41.5%, unchanged from the same period in 2024, while adjusted gross profit increased to 43.4% from 41.6% [8] - Net income attributable to Steven Madden, Ltd. was $20.5 million, or $0.29 per diluted share, down from $55.3 million, or $0.77 per diluted share, in the same period of 2024 [8] Revenue Breakdown - Wholesale revenue decreased by 10.7% to $442.7 million compared to the third quarter of 2024, with a 19.0% decline when excluding the recently acquired Kurt Geiger [4] - Direct-to-consumer revenue surged by 76.6% to $221.5 million, with a 1.5% increase when excluding Kurt Geiger [5] Operational Highlights - The company operated 397 retail stores, including 99 outlets, and maintained seven e-commerce websites and 133 concessions in international markets [6] - As of September 30, 2025, total debt was $293.8 million, with cash and short-term investments totaling $108.9 million, resulting in net debt of $185.0 million [7] Future Outlook - For the fourth quarter of 2025, the company expects diluted EPS to be in the range of $0.30 to $0.35, with adjusted diluted EPS projected between $0.41 and $0.46 [11]

Core Viewpoint - Steven Madden, Ltd. is set to release its third quarter 2025 earnings results on November 5, 2025, with a management conference call scheduled for 8:30 a.m. Eastern Time [1]. Company Overview - Steven Madden, Ltd. designs, sources, and markets fashion-forward footwear, accessories, and apparel under various brands including Steve Madden, Kurt Geiger London, and Dolce Vita [4]. - The company also licenses products for the Anne Klein brand and operates under private label brand names for various retailers [4]. - Its distribution network includes department stores, mass merchants, online retailers, and specialty retailers, alongside direct operations of retail stores and e-commerce websites [4].

Group 1 - Piper Sandler upgraded Steven Madden from Neutral to Overweight and raised its price target from $25 to $40, resulting in a 3% increase in shares [1] - The firm noted that Steven Madden's fast inventory turnover had amplified tariff impacts more than its peers, but the company is now positioned for a stronger recovery [1] - Piper Sandler forecasts EBIT margins of 6% for this year, with potential to return to 11-12% over time [1] Group 2 - The firm highlighted the Kurt Geiger brand, expecting it to become a mid-teens margin business, which would provide further upside [2] - Piper Sandler estimated earnings power of more than $4 per share for Steven Madden, arguing that 2026 Street forecasts are too low [2]

Core Insights - Steven Madden, Ltd. (SHOO) reported second-quarter fiscal 2025 results, indicating ongoing tariff impacts on profitability despite solid consumer demand for the brand [1][10] - Order cancellations and shipment delays, particularly in mass and off-price channels, negatively affected performance, pushing deliveries into later periods and creating pressure on earnings [1][5] Financial Performance - Gross margin remained at 41.9%, an increase of 40 basis points year over year, but tariffs reduced profitability by approximately 230 basis points after supplier discounts [2][10] - Wholesale gross margin decreased to 31% from 33.1%, while direct-to-consumer margin fell to 61.3% from 64.3%, influenced by higher landed costs and the lower-margin Kurt Geiger concessions business [2][10] - Operating income dropped to 4% of revenues compared to over 10% a year ago, leading to adjusted quarterly earnings declining 64.9% from $0.57 to $0.20 per share [2][10] Supply Chain Management - To address supply-chain pressures, the company diversified production to countries like Vietnam and Cambodia while shifting some orders back to China to ensure timely delivery and maintain quality [3][10] - Global trade uncertainty continues to inflate inventory costs and lengthen transit times, making sourcing diversification an ongoing process [3] Pricing Strategy - The company implemented average price increases of about 10% to counter rising costs, with early consumer acceptance being encouraging in categories like boots and dress shoes [4] - Price-sensitive items, such as sandals and sneakers, remain under pressure, and the full impact of pricing strategies is expected to be clearer in the fall season [4] Future Outlook - Management anticipates margin pressure to persist through the fiscal third quarter, with potential easing later in the year if trade conditions stabilize [5] - Until the tariff environment becomes clearer, EBIT margins are unlikely to return to historical double-digit levels, but the company remains confident in brand strength and consumer demand for new assortments [5] Stock Performance and Valuation - Shares of the company have gained 13.6% in the past six months, outperforming the industry's 5.5% growth [8] - From a valuation perspective, Steven Madden is trading at a forward 12-month price-to-sales ratio of 0.87X, significantly lower than the industry average of 1.96X [9]

PART I – FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements](index=3&type=section&id=ITEM%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Steven Madden reported a Q2 2025 net loss of $39.5 million despite 6.8% revenue growth to $559.0 million, driven by the Kurt Geiger acquisition which also increased operating expenses and expanded the balance sheet [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $1.90 billion and liabilities to $1.03 billion by June 30, 2025, primarily due to the Kurt Geiger acquisition and related long-term debt Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$1,895,078** | **$1,411,771** | **+34.2%** | | Cash and cash equivalents | $111,714 | $189,924 | -41.2% | | Inventories | $436,968 | $257,625 | +69.6% | | Goodwill | $266,602 | $183,737 | +45.1% | | Intangibles, net | $282,372 | $113,432 | +148.9% | | **Total Liabilities** | **$1,031,715** | **$535,774** | **+92.6%** | | Long-term debt | $287,865 | $0 | N/A | | **Total Stockholders' Equity** | **$863,363** | **$875,997** | **-1.4%** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 total revenue grew 6.8% to $559.0 million, but a 61.2% surge in operating expenses, mainly from the Kurt Geiger acquisition, led to a net loss of $39.5 million Q2 2025 vs. Q2 2024 Statement of Operations (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | $559,000 | $523,553 | +6.8% | | Gross Profit | $226,027 | $217,129 | +4.1% | | (Loss) / Income from Operations | ($40,258) | $46,870 | N/A | | Net (Loss) / Income Attributable to Steven Madden, Ltd. | ($39,477) | $35,376 | N/A | | Diluted (Loss) / Income Per Share | ($0.56) | $0.49 | N/A | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2025, cash from operations decreased to $47.6 million, while investing activities used $377.9 million for the Kurt Geiger acquisition, resulting in a $78.2 million net decrease in cash Six Months Ended June 30 Cash Flow Summary (in thousands) | Cash Flow Category | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $47,635 | $93,801 | | Net cash used in investing activities | ($377,856) | ($10,185) | | Net cash provided by / (used in) financing activities | $249,466 | ($105,508) | | **Net decrease in cash and cash equivalents** | **($78,210)** | **($24,183)** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the May 6, 2025 Kurt Geiger acquisition for $405.3 million, funded by new debt, which contributed $88.0 million in revenue and a $45.7 million net loss, alongside mixed segment performance and other financial disclosures - On May 6, 2025, the Company acquired Kurt Geiger (MATL) for a preliminary purchase price of **$405.3 million**, funded by a combination of debt and cash. This acquisition is intended to expand the company's international footprint and direct-to-consumer business[28](index=28&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - For the period from the acquisition date to June 30, 2025, the acquired Kurt Geiger business contributed **$88.0 million** in revenue and a net loss of **$45.7 million**[32](index=32&type=chunk) - In connection with the acquisition, the company entered into a new credit agreement on May 6, 2025, which includes a **$300 million** term loan facility and a **$250 million** revolving credit facility[101](index=101&type=chunk) Q2 2025 Revenue by Segment (in thousands) | Segment | Q2 2025 Revenue | Q2 2024 Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Wholesale Footwear | $220,139 | $237,024 | -7.1% | | Wholesale Accessories/Apparel | $140,449 | $148,276 | -5.3% | | Direct-to-Consumer | $195,502 | $136,409 | +43.3% | | Licensing | $2,910 | $1,844 | +57.8% | | **Total** | **$559,000** | **$523,553** | **+6.8%** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 6.8% Q2 revenue increase to $559.0 million to the Kurt Geiger acquisition, which offset organic declines, resulting in a $39.5 million net loss due to acquisition costs and a reduced gross margin, while maintaining strong liquidity [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Q2 2025 consolidated revenue rose 6.8% to $559.0 million due to the Kurt Geiger acquisition, but gross margin declined and operating expenses surged, leading to an operating loss, with Direct-to-Consumer growth offsetting wholesale declines - Q2 2025 total revenue increased **6.8%** YoY, primarily due to incremental revenue from the newly acquired Kurt Geiger business, which was partially offset by declines in the organic business attributed to tariff-related impacts[147](index=147&type=chunk) - Operating expenses increased significantly to **47.2%** of revenue in Q2 2025, up from **31.3%** in Q2 2024. This was mainly due to acquisition-related costs, including **$38.8 million** in compensation expense from reallocated seller proceeds[149](index=149&type=chunk) - Direct-to-Consumer segment revenue increased **43.3%** in Q2 2025, driven by the Kurt Geiger acquisition. In contrast, Wholesale Footwear and Wholesale Accessories/Apparel revenues decreased by **7.1%** and **5.3%** respectively, primarily due to tariff impacts[152](index=152&type=chunk)[156](index=156&type=chunk)[160](index=160&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is supported by cash from operations and a new credit facility, with $111.9 million in cash and equivalents as of June 30, 2025, following the Kurt Geiger acquisition funded by a $300 million term loan and $250 million revolving facility - As of June 30, 2025, the company had **$111.9 million** in cash, cash equivalents, and short-term investments, and working capital of **$501.2 million**[189](index=189&type=chunk)[190](index=190&type=chunk) - To fund the Kurt Geiger acquisition, the company entered into a new credit agreement on May 6, 2025, with a **$300 million** term loan and a **$250 million** revolving credit facility[192](index=192&type=chunk) - Subsequent to the quarter end, on August 1, 2025, the company made a voluntary early repayment of **$7.5 million** on its term loan facility[196](index=196&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces increased interest rate risk from its new $300 million variable-rate term loan and heightened foreign currency risk, particularly with the British pound, following the Kurt Geiger acquisition, partially mitigated by forward contracts - The company has **$300 million** in outstanding borrowings under a variable-rate term loan. A hypothetical **100 basis point** increase in interest rates would increase annual interest expense by approximately **$3.0 million**[207](index=207&type=chunk) - The acquisition of UK-based Kurt Geiger significantly increases the company's exposure to foreign currency exchange rate risk, particularly fluctuations in the British pound sterling (GBP)[210](index=210&type=chunk) - As of June 30, 2025, the company held forward foreign exchange contracts with notional amounts totaling **$112.9 million** to mitigate currency risk[212](index=212&type=chunk) [Item 4. Controls and Procedures](index=51&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of June 30, 2025, with the assessment of internal control over financial reporting excluding the recently acquired Kurt Geiger business due to timing - Management evaluated and concluded that the company's disclosure controls and procedures were **effective** as of the end of the quarter[216](index=216&type=chunk) - The assessment of internal control over financial reporting excluded the Kurt Geiger business, which was acquired on May 6, 2025. The acquired business constituted **30.8%** of consolidated total assets as of June 30, 2025[218](index=218&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=52&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, none of which are expected to materially impact its financial condition or results of operations - The company is involved in various legal proceedings but does not expect them to have a **material impact** on its financial condition, results of operations, or liquidity[222](index=222&type=chunk) [Item 1A. Risk Factors](index=52&type=page&id=ITEM%201A.%20Risk%20Factors) New and heightened risks include challenges integrating Kurt Geiger, increased financial leverage, potential impairment of goodwill and intangibles, and ongoing adverse impacts from tariffs on imported goods - The company faces significant risks related to the integration of the newly acquired Kurt Geiger business, including operational, technological, and cultural challenges[224](index=224&type=chunk)[225](index=225&type=chunk) - Increased indebtedness from financing the acquisition could limit operational flexibility and exposes the company to interest rate risk on its new variable-rate debt[227](index=227&type=chunk)[228](index=228&type=chunk) - The acquisition resulted in over **$200 million** in goodwill and identifiable intangible assets, which are subject to impairment risk if the business underperforms[230](index=230&type=chunk)[231](index=231&type=chunk) - Tariffs on goods imported into the U.S. have had, and may continue to have, a **material adverse impact** on the business by increasing costs and reducing margins[233](index=233&type=chunk)[234](index=234&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=55&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased under the share repurchase program in Q2 2025, with $85.3 million remaining available, though 18,000 shares were acquired for employee tax obligations - No shares were repurchased under the Share Repurchase Program in the three months ended June 30, 2025[237](index=237&type=chunk) - As of June 30, 2025, approximately **$85.3 million** remained available for future repurchases under the authorized program[237](index=237&type=chunk) [Item 5. Other Information](index=55&type=section&id=ITEM%205.%20Other%20Information) No directors or officers adopted, modified, or terminated any Rule 10b5-1 trading plans or non-Rule 10b5-1 trading arrangements during Q2 2025 - No directors or officers adopted, modified, or terminated any Rule 10b5-1 trading plans during the quarter[238](index=238&type=chunk) [Item 6. Exhibits](index=56&type=section&id=ITEM%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the Amended and Restated Credit Agreement, CEO and CFO certifications, and iXBRL data files

Core Insights - Steven Madden, Ltd. (SHOO) reported second-quarter 2025 results with total revenues increasing but earnings decreasing compared to the previous year, leading to a 9.3% drop in share price [1][4][9] - The company is facing challenges due to new tariffs on imported goods but remains focused on long-term growth and consumer engagement [2][3] Financial Performance - Adjusted quarterly earnings were 20 cents per share, missing the Zacks Consensus Estimate of 24 cents, and down 64.9% from 57 cents in the prior year [4][6] - Total revenues rose 6.8% year over year to $559 million, but missed the consensus estimate of $576 million; net sales grew 6.6% to $556.1 million, while licensing fee income increased 57.8% to $2.9 million [4][9] - Adjusted gross profit increased 7.8% to $234.3 million, surpassing estimates, with an adjusted gross margin of 41.9%, up 40 basis points [5] Operating Expenses and Margins - Adjusted operating expenses rose 30% year over year to $211.6 million, increasing as a percentage of revenues to 37.9%, up 680 basis points [5] - Adjusted operating income fell 58.5% to $22.6 million, with an adjusted operating margin decreasing 640 basis points to 4% [6] Segment Performance - Wholesale revenues declined 6.4% to $360.6 million, with a 12.8% drop excluding Kurt Geiger; footwear revenues decreased 7.1% and accessories and apparel revenues dropped 5.3% [7][9] - Direct-to-consumer revenues increased 43.3% to $195.5 million, but declined 3% when excluding Kurt Geiger, with a gross margin of 61.3%, down 300 basis points [8] Financial Health - At the end of the quarter, the company had cash and cash equivalents of $111.7 million and stockholders' equity of $863.4 million [12] - The company did not repurchase any shares during the quarter and announced a cash dividend of 21 cents per share [12] Guidance and Market Context - Due to macroeconomic uncertainty from new tariffs, the company has withheld financial guidance for 2025 [13] - Over the past month, SHOO shares gained 14.2%, compared to the industry’s growth of 33.6% [13]