Steve Madden revenues creep back into growth in Q1
American footwear, accessories and apparel group Steve Madden announced on Wednesday that its revenues for the fourth quarter ended March 31, 2021, totaled $361.0 million, an increase of 0.5% from $359.2 million in the prior-year period.
The company’s wholesale revenues actually fell 3.7% year over year to $291.4 million in the quarter, reflecting a 7.8% decline in wholesale footwear and a 10.3% increase in wholesale accessories and apparel.
Retail revenues, on the other hand, rose 27.5% to $67.5 million, progress driven by a strong performance in the company’s e-commerce business. Even when compared to the pre-Covid-19 first quarter of 2019, revenue in the company’s retail segment increased 7%.
Quarterly net income at the group, which owns brands including Steve Madden, Dolce Vita, and Betsey Johnson, was $21.2 million, or $0.26 per diluted share, compared to a net loss of $17.5 million, or $0.22 per diluted share, in the same period in the previous year.
“We are off to a good start to 2021, with first quarter results that significantly exceeded our expectations. The on-trend product assortments created by Steve and our design teams are resonating with consumers,” said Steve Madden chairman and CEO Edward Rosenfeld in a release.
“Looking ahead, while we are cautious on the near-term outlook due to the continued negative impacts of Covid-19 and supply chain disruption, we remain confident that our strong brands and proven business model will enable us to drive sustainable revenue and earnings growth over the long term,” he added.
Steve Madden expects its second-quarter revenue to be in the range of $360 million to $365 million, while diluted EPS is predicted to be between $0.26 to $0.28. Due to the uncertainty surrounding the ongoing coronavirus pandemic, the group has not provided financial outlook for the full fiscal year.
As of the end of the first quarter, Steve Madden operates 215 retail stores, including seven internet stores and 17 concessions in international markets.
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