Financial Data and Key Metrics Changes - For the fourth quarter of 2024, consolidated revenue was $582.3 million, a 12% increase compared to Q4 2023 [19] - Full year revenue for 2024 increased 15.2% to $2.3 billion compared to $2.0 billion in 2023 [22] - Diluted EPS for Q4 2024 was $0.55, down from $0.61 in Q4 2023, while full year diluted EPS increased to $2.67 from $2.45 in 2023 [22][23] - Consolidated gross margin was 40.4% in Q4 2024, down from 41.7% in Q4 2023 [21] Business Line Data and Key Metrics Changes - Wholesale revenue for Q4 2024 was $402.9 million, up 13.6% year-over-year, with footwear revenue increasing by 1% to $227.4 million [19] - Accessories and apparel revenue surged 35.4% to $175.4 million in Q4 2024, driven by strong growth across categories [19] - Direct-to-Consumer (DTC) revenue was $176 million, an 8.4% increase compared to Q4 2023, with Steve Madden DTC revenue up 6% and Dolce Vita DTC revenue growing 36% [12][20] Market Data and Key Metrics Changes - International revenue grew 12% in 2024, with EMEA region revenue increasing 18% [9] - Revenue in the Americas excluding the U.S. grew 9%, supported by a new joint venture in Latin America [9] Company Strategy and Development Direction - The company aims to expand its international presence and diversify production away from China, targeting a reduction in goods sourced from China to the low 40% range by November 2025 [14][28] - The acquisition of Kurt Geiger is expected to enhance growth in international markets and accessories categories, aligning with the company's strategic initiatives [15][44] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the outlook for 2025 due to new tariffs and inventory pressures in the handbag business [14] - The company anticipates revenue growth of 17% to 19% in 2025, including contributions from Kurt Geiger, but expects low single-digit growth excluding the acquisition [24] Other Important Information - The company returned nearly $160 million to shareholders through dividends and share repurchases [14] - Inventory at the end of 2024 was $257.6 million, up 12.5% year-over-year, attributed to longer transit times [23][96] Q&A Session Summary Question: Can you talk about gross margin pressure and plans to mitigate it? - Management acknowledged tariff pressures and outlined strategies including diversifying production and selective price increases [26][28] Question: How is the DTC business performing in January versus February? - Management noted a slow start to the year, particularly in spring product sales, attributed to weather and consumer confidence [38][40] Question: Why is now the right time for the Kurt Geiger acquisition? - The acquisition is seen as an opportunity to leverage Kurt Geiger's growth potential and align with strategic initiatives [43][44] Question: What are the expectations for organic growth in 2025? - Management expects low single-digit growth in wholesale and high single-digit growth in DTC, with specific pressures noted in the handbag segment [54][55] Question: How is inventory health and performance of boots? - Inventory is considered healthy, with a strong boot season reported, but management is focused on transitioning consumers to spring styles [94][98]