99.1 Steve Madden Announces Third Quarter 2024 Results LONG ISLAND CITY, N.Y., November 7, 2024 – Steven Madden, Ltd. (Nasdaq: SHOO), a leading designer and marketer of fashion-forward footwear, accessories and apparel, today announced financial results for the third quarter ended September 30, 2024. Amounts referred to as “Adjusted” are non-GAAP measures that exclude the items defined as “Non-GAAP Adjustments” in the “Non-GAAP Reconciliation” section. Third Quarter 2024 Results ● Revenue increased 13.0% to $624.7 million, compared to $552.7 million in the same period of 2023. ● Gross profit as a percentage of revenue was 41.5%, compared to 42.1% in the same period of 2023. Adjusted gross profit as a percentage of revenue was 41.6% in the third quarter of 2024. ● Operating expenses as a percentage of revenue were 28.6%, compared to 27.1% in the same period of 2023. Adjusted operating expenses as a percentage of revenue were 27.9%, compared to 27.0% in the same period of 2023. ● Income from operations totaled $74.6 million, or 11.9% of revenue, compared to $82.7 million, or 15.0% of revenue, in the same period of 2023. Adjusted income from operations totaled $85.4 million, or 13.7% of revenue, compared to $83.4 million, or 15.1% of revenue, in the same period of 2023. ● Net income attributable to Steven Madden, Ltd. was $55.3 million, or $0.77 per diluted share, compared to $64.4 million, or $0.87 per diluted share, in the same period of 2023. Adjusted net income attributable to Steven Madden, Ltd. was $64.8 million, or $0.91 per diluted share, compared to $65.1 million, or $0.88 per diluted share, in the same period of 2023. Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We delivered strong results in the third quarter, with revenue and Adjusted earnings exceeding expectations. This performance was driven by outstanding growth in the accessories and apparel categories – including another quarter of exceptional performance in Steve Madden handbags and a strong contribution from newly acquired Almost Famous – and robust top line gains in international markets and direct-to-consumer channels, demonstrating our team’s strong execution of our key strategic initiatives. Based on these results, we are raising our guidance for 2024 revenue and Adjusted earnings.” Third Quarter 2024 Channel Results Revenue for the wholesale business was $495.7 million, a 14.4% increase compared to the third quarter of 2023. Excluding the newly acquired Almost Famous, wholesale revenue increased 4.8%. Wholesale footwear revenue decreased 2.2%. Wholesale accessories/apparel revenue increased 54.2%, or 21.6% excluding Almost Famous. Gross profit as a percentage of wholesale revenue was 35.5%, compared to 35.9% in the third quarter of 2023, driven by the impact of Almost Famous. Direct-to-consumer revenue was $125.5 million, a 7.8% increase compared to the third quarter of 2023. Gross profit as a percentage of direct-to-consumer revenue increased to 64.0%, compared to 63.7% in the third quarter of 2023, driven by reduced promotional activity. The Company ended the quarter with 282 brick-and-mortar retail stores and five e-commerce websites, as well as 67 company-operated concessions in international markets. Balance Sheet and Cash Flow Highlights As of September 30, 2024, cash, cash equivalents and short-term investments totaled $150.5 million. Inventory totaled $268.7 million, compared to $205.7 million at the end of the third quarter of 2023. During the third quarter of 2024, the Company spent $20.2 million on repurchases of its common stock, which includes shares acquired through the net settlement of employees’ stock awards. Quarterly Cash Dividend The Company’s Board of Directors approved a quarterly cash dividend of $0.21 per share. The dividend is payable on December 27, 2024 to stockholders of record as of the close of business on December 13, 2024. Updated 2024 Outlook For fiscal 2024, the Company now expects revenue will increase 13% to 14% compared to 2023. The Company now expects diluted EPS will be in the range of $2.36 to $2.41. The Company now expects Adjusted diluted EPS will be in the range of $2.62 to $2.67. Conference Call Information Interested stockholders are invited to listen to the conference call scheduled for today, November 7, 2024, at 8:30 a.m. Eastern Time, which will include a discussion of the Company’s third quarter 2024 earnings results and 2024 outlook. The call will be webcast live on the Company’s website at https://investor.stevemadden.com . A webcast replay of the conference call will be available on the Company’s website or via the following webcast link https://edge.media-server.com/mmc/p/ktw3zrco beginning today at approximately 10:00 a.m. Eastern Time. About Steve Madden Steve Madden designs, sources and markets fashion-forward footwear, accessories and apparel. In addition to marketing products under its own brands including Steve Madden®, Dolce Vita®, Betsey Johnson®, and Blondo®, Steve Madden licenses footwear, handbags and other accessory categories for the Anne Klein® brand. Steve Madden also designs and sources products under private label brand names for various retailers. Steve Madden’s wholesale distribution includes department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers and independent stores. Steve Madden also directly operates brick-and-mortar retail stores and e-commerce websites. In addition, Steve Madden licenses certain of its brands to third parties for the marketing and sale of certain products in the apparel, accessory and home categories. For local store information and the latest boots, booties, fashion sneakers, dress shoes, sandals, and more, please visit www.stevemadden.com , www.dolcevita.com and our other branded websites. Safe Harbor Statement Under the U.S. Private Securities Litigation Reform Act of 1995 This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, among others, statements regarding revenue and earnings guidance, plans, strategies, objectives, expectations and intentions. Forward-looking statements can be identified by words such as: “may”, “will”, “expect”, “believe”, “should”, “anticipate”, “project”, “predict”, “plan”, “intend”, “estimate”, or “confident” and similar expressions or the negative of these expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they represent the Company’s current beliefs, expectations, and assumptions regarding anticipated events and trends affecting its business and industry based on information available as of the time such statements are made. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which may be outside of the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in these forward-looking statements. As such, investors should not rely upon them. Important risk factors include: ● geopolitical tensions in the regions in which we operate and any related challenging macroeconomic conditions globally that may materially adversely affect our customers, vendors, and partners, and the duration and extent to which these factors may impact our future business and operations, results of operations and financial condition; ● the Company’s ability to navigate shifting macro-economic environments, including but not limited to inflation and the potential for recessionary conditions; ● the Company’s ability to accurately anticipate fashion trends and promptly respond to consumer demand; ● the Company’s ability to compete effectively in a highly competitive market; ● the Company’s ability to adapt its business model to rapid changes in the retail industry; ● supply chain disruptions to product delivery systems and logistics, and the Company’s ability to properly manage inventory; ● the Company’s reliance on independent manufacturers to produce and deliver products in a timely manner, especially when faced with adversities such as work stoppages, transportation delays, public health emergencies, social unrest, changes in local economic conditions, and political upheavals as well as their ability to meet the Company’s quality standards; ● the Company’s dependence on the hiring and retention of key personnel; ● the Company’s ability to successfully implement growth strategies and integrate acquired businesses; ● changes in trade policies and tariffs imposed by the United States government and the governments of other nations in which the Company manufactures and sells products; ● the Company’s ability to adequately protect its trademarks and other intellectual property rights; ● the Company’s ability to maintain adequate liquidity when negatively impacted by unforeseen events such as an epidemic or a pandemic, which may cause disruption to the Company’s business operations for an indeterminable period of time; ● legal, regulatory, political and economic risks that may affect the Company’s sales in international markets; ● changes in U.S. and foreign tax laws that could have an adverse effect on the Company’s financial results; ● additional tax liabilities resulting from audits by various taxing authorities; ● cybersecurity risks and costs of defending against, mitigating, and responding to data security threats and breaches impacting the Company; ● the Company’s ability to achieve operating results that are consistent with prior financial guidance; and ● other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake, and disclaims, any obligation to publicly update any forward-looking statement, including, without limitation, any guidance regarding revenue or earnings, whether as a result of new information, future developments, or otherwise. STEVEN MADDEN, LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited) Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net sales $ 621,170 $ 549,846 $ 1,693,446 $ 1,454,420 Licensing fee income 3,505 2,886 7,163 7,448 Total revenue 624,675 552,732 1,700,609 1,461,868 Cost of sales 365,131 320,107 999,121 844,281 Gross profit 259,544 232,625 701,488 617,587 Operating expenses 178,915 149,887 507,343 444,298 Change in valuation of contingent payment liability (2,584 ) — 5,616 — Impairment of intangibles 8,635 — 10,335 — Income from operations 74,578 82,738 178,194 173,289 Interest and other income, net 1,400 1,922 4,309 5,898 Income before provision for income taxes 75,978 84,660 182,503 179,187 Provision for income taxes 19,390 19,552 44,404 42,219 Net income 56,588 65,108 138,099 136,968 Less: net income attributable to noncontrolling interest 1,310 695 3,510 1,295 Net income attributable to Steven Madden, Ltd. $ 55,278 $ 64,413 $ 134,589 $ 135,673 Basic income per share $ 0.78 $ 0.88 $ 1.88 $ 1.84 Diluted income per share $ 0.77 $ 0.87 $ 1.87 $ 1.81 Basic weighted average common shares outstanding 70,806 72,943 71,516 73,679 Diluted weighted average common shares outstanding 71,569 74,071 72,135 74,917 Cash dividends declared per common share $ 0.21 $ 0.21 $ 0.63 $ 0.63 STEVEN MADDEN, LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) As of September 30, 2024 December 31, 2023 September 30, 2023 (Unaudited) (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 139,414 $ 204,640 $ 191,804 Short-term investments 11,064 15,173 14,641 Accounts receivable, net of allowances 56,297 40,246 58,538 Factor accounts receivable 426,408 320,723 342,871 Inventories 268,669 228,990 205,693 Prepaid expenses and other current assets 28,041 29,009 24,334 Income tax receivable and prepaid income taxes 14,950 16,051 15,702 Total current assets 944,843 854,832 853,583 Note receivable - related party — — 100 Property and equipment, net 52,906 47,199 44,920 Operating lease right-of-use asset 148,391 122,783 113,058 Deposits and other 20,166 16,250 10,567 Deferred tax assets 609 609 1,570 Goodwill 181,905 180,003 168,612 Intangibles, net 108,308 126,267 99,817 Total Assets $ 1,457,128 $ 1,347,943 $ 1,292,227 LIABILITIES Current liabilities: Accounts payable $ 225,586 $ 161,140 $ 140,623 Accrued expenses 150,067 154,751 129,754 Operating leases - current portion 43,812 40,342 36,521 Income taxes payable 12,435 5,998 13,519 Contingent payment liability - current portion 7,716 3,325 1,153 Accrued incentive compensation 13,347 12,068 10,190 Total current liabilities 452,963 377,624 331,760 Contingent payment liability - long-term portion 11,200 9,975 — Operating leases - long-term portion 118,674 98,536 91,916 Deferred tax liabilities 8,777 8,606 3,923 Other liabilities 5,448 5,170 10,914 Total Liabilities 597,062 499,911 438,513 STOCKHOLDERS’ EQUITY Total Steven Madden, Ltd. stockholders’ equity 833,923 829,598 837,038 Noncontrolling interest 26,143 18,434 16,676 Total stockholders’ equity 860,066 848,032 853,714 Total Liabilities and Stockholders’ Equity $ 1,457,128 $ 1,347,943 $ 1,292,227 STEVEN MADDEN, LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Nine Months Ended September 30, 2024 September 30, 2023 Cash flows from operating activities: Net income $ 138,099 $ 136,968 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 19,531 18,169 Depreciation and amortization 14,736 11,138 Loss on disposal of fixed assets 112 204 Impairment of intangibles 10,335 — Loss on divestiture of business 3,199 — Impairment of lease right-of-use asset — 95 Accrued interest on note receivable - related party — (6 ) Notes receivable - related party — 307 Change in valuation of contingent payment liability 5,616 — Other operating activities (48 ) 417 Changes, net of acquisitions, in: Accounts receivable (15,794 ) (20,601 ) Factor accounts receivable (108,276 ) (93,274 ) Inventories (39,064 ) 23,541 Prepaid expenses, income tax receivables, prepaid taxes, and other assets (864 ) (264 ) Accounts payable and accrued expenses 66,853 4,991 Accrued incentive compensation 1,382 (1,598 ) Leases and other liabilities (1,572 ) (2,331 ) Net cash provided by operating activities 94,245 77,756 Cash flows from investing activities: Capital expenditures (16,642 ) (13,899 ) Purchases of short-term investments (12,840 ) (15,979 ) Maturity/sale of short-term investments 16,654 16,335 Acquisition of business (4,259 ) — Other investing activities 372 — Net cash used in investing activities (16,715 ) (13,543 ) Cash flows from financing activities: Common stock repurchased and net settlements of stock awards (95,788 ) (104,215 ) Proceeds from exercise of stock options 1,086 1,171 Investment of noncontrolling interest — 4,582 Cash dividends paid on common stock (45,880 ) (47,594 ) Distribution of noncontrolling interest — (1,102 ) Net cash used in financing activities (140,582 ) (147,158 ) Effect of exchange rate changes on cash and cash equivalents (2,174 ) 36 Net decrease in cash and cash equivalents (65,226 ) (82,909 ) Cash and cash equivalents – beginning of period 204,640 274,713 Cash and cash equivalents – end of period $ 139,414 $ 191,804 STEVEN MADDEN, LTD. AND SUBSIDIARIES NON-GAAP RECONCILIATION (In thousands, except per share amounts) (Unaudited) The Company uses non-GAAP financial information to evaluate its operating performance and in order to represent the manner in which the Company conducts and views its business. Additionally, the Company believes the information assists investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding items that are not indicative of its core business. The non-GAAP financial information is provided in addition to, and not as an alternative to, the Company’s reported results prepared in accordance with GAAP. Table 1 - Reconciliation of GAAP gross profit to Adjusted gross profit Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 GAAP gross profit $ 259,544 $ 232,625 $ 701,488 $ 617,587 Non-GAAP Adjustments 59 — 393 — Adjusted gross profit $ 259,603 $ 232,625 $ 701,881 $ 617,587 Table 2 - Reconciliation of GAAP operating expenses to Adjusted operating expenses Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 GAAP operating expenses $ 178,915 $ 149,887 $ 507,343 $ 444,298 Non-GAAP Adjustments (4,680 ) (622 ) (6,301 ) (2,298 ) Adjusted operating expenses $ 174,235 $ 149,265 $ 501,042 $ 442,000 Table 3 - Reconciliation of GAAP income from operations to Adjusted income from operations Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 GAAP income from operations $ 74,578 $ 82,738 $ 178,194 $ 173,289 Non-GAAP Adjustments 10,790 622 22,645 2,298 Adjusted income from operations $ 85,368 $ 83,360 $ 200,839 $ 175,587 Table 4 - Reconciliation of GAAP provision for income taxes to Adjusted provision for income taxes Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 GAAP provision for income taxes $ 19,390 $ 19,552 $ 44,404 $ 42,219 Non-GAAP Adjustments 1,238 (85 ) 4,032 309 Adjusted provision for income taxes $ 20,628 $ 19,467 $ 48,436 $ 42,528 Table 5 - Reconciliation of GAAP net income attributable to noncontrolling interest to Adjusted net income attributable to noncontrolling interest Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 GAAP net income attributable to noncontrolling interest $ 1,310 $ 695 $ 3,510 $ 1,295 Non-GAAP Adjustments 25 — 155 — Adjusted net income attributable to noncontrolling interest $ 1,335 $ 695 $ 3,665 $ 1,295 Table 6 - Reconciliation of GAAP net income attributable to Steven Madden, Ltd. to Adjusted net income attributable to Steven Madden, Ltd. Three Months Ended Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 GAAP net income attributable to Steven Madden, Ltd. $ 55,278 $ 64,413 $ 134,589 $ 135,673 Non-GAAP Adjustments 9,527 707 18,459 1,989 Adjusted net income attributable to Steven Madden, Ltd. $ 64,805 $ 65,120 $ 153,048 $ 137,662 GAAP diluted net income per share $ 0.77 $ 0.87 $ 1.87 $ 1.81 Adjusted diluted net income per share $ 0.91 $ 0.88 $ 2.12 $ 1.84 Table 7 - Reconciliation of GAAP diluted net income per share to Adjusted diluted net income per share in 2024 outlook Updated 2024 Outlook Low End High End GAAP diluted net income per share $ 2.36 $ 2.41 Non-GAAP Adjustments 0.26 0.26 Adjusted diluted net income per share $ 2.62 $ 2.67 Non-GAAP Adjustments include the items below. For the third quarter of 2024: ● $3.2 million pre-tax ($3.7 million after-tax) expense in connection with a divestiture of a business, included in operating expenses. ● $1.5 million pre-tax ($1.1 million after-tax) expense in connection with an acquisition and formation of joint ventures, included in operating expenses. ● $8.6 million pre-tax ($6.6 million after-tax) expense in connection with a trademark impairment. ● $2.6 million pre-tax ($2.0 million after-tax) benefit in connection with the change in valuation of a contingent consideration in connection with the acquisition of Almost Famous. For the third quarter of 2023: ● $2.7 million pre-tax ($2.3 million after-tax) expense in connection with the write-off of an investment in a subsidiary in Asia, included in operating expenses. ● $2.2 million pre-tax ($1.6 million after-tax) benefit in connection with the dissolution of an entity in Asia, included in operating expenses. Contact Steven Madden, Ltd. VP of Corporate Development & Investor Relations Danielle McCoy 718-308-2611 InvestorRelations@stevemadden.com

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other guidance in this release

Text is the filed exhibit, verbatim.