Steven Madden — Jul 30, 2025 release

Exhibit 99.1   Steve Madden Announces Second Quarter 2025 Results   LONG ISLAND CITY, N.Y., July 30, 2025 – Steven Madden, Ltd. (Nasdaq: SHOO), a leading designer and marketer of fashion-forward footwear, accessories and apparel, today announced financial results for the second quarter ended June 30, 2025.   Amounts referred to as “Adjusted” are non-GAAP measures that exclude the items defined as “Non-GAAP Adjustments” in the “Non-GAAP Reconciliation” section.   Second Quarter 2025 Results   ● Revenue increased 6.8% to $559.0 million, compared to $523.6 million in the same period of 2024. ● Gross profit as a percentage of revenue was 40.4%, compared to 41.5% in the same period of 2024. Adjusted gross profit as a percentage of revenue was 41.9% in the second quarter of 2025. ● Operating expenses as a percentage of revenue were 47.2%, compared to 31.3% in the same period of 2024. Adjusted operating expenses as a percentage of revenue were 37.9%, compared to 31.1% in the same period of 2024. ● Loss from operations totaled ($40.3) million, or (7.2%) of revenue, compared to income from operations of $46.9 million, or 9.0% of revenue, in the same period of 2024. Adjusted income from operations totaled $22.6 million, or 4.0% of revenue, compared to Adjusted income from operations of $54.5 million, or 10.4% of revenue, in the same period of 2024. ● Net loss attributable to Steven Madden, Ltd. was ($39.5) million, or ($0.56) per diluted share, compared to net income attributable to Steven Madden, Ltd. of $35.4 million, or $0.49 per diluted share, in the same period of 2024. Adjusted net income attributable to Steven Madden, Ltd. was $13.9 million, or $0.20 per diluted share, compared to Adjusted net income attributable to Steven Madden, Ltd. of $41.2 million, or $0.57 per diluted share, in the same period of 2024.   Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “As anticipated, the second quarter was challenging, driven largely by the impact of new tariffs on goods imported into the United States. Our team continues to act with agility to mitigate near-term impacts while remaining focused on positioning the company for long-term growth by executing our strategy to deepen consumer connections through the combination of compelling product and effective marketing. The integration of Kurt Geiger is proceeding smoothly, and we are more confident than ever in its potential to be a significant driver of growth for the company in the years ahead. While tariffs have created near-term pressure and added uncertainty, we believe our key strengths — powerful brands, a robust balance sheet and a proven business model — position us well to navigate the current environment and deliver sustainable growth over time.”   Second Quarter 2025 Channel Results   Revenue for the wholesale business was $360.6 million, a 6.4% decrease compared to the second quarter of 2024. Excluding the newly acquired Kurt Geiger, wholesale revenue declined 12.8%. Wholesale footwear revenue decreased 7.1%, or 11.7% excluding Kurt Geiger. Wholesale accessories/apparel revenue decreased 5.3%, or 14.6% excluding Kurt Geiger. Gross profit as a percentage of wholesale revenue was 30.0%, compared to 33.1% in the second quarter of 2024. Adjusted gross profit as a percentage of wholesale revenue was 30.9%, compared to 33.1% in the second quarter of 2024, as a result of the impact of new tariffs on goods imported into the United States.         Direct-to-consumer revenue was $195.5 million, a 43.3% increase compared to the second quarter of 2024. Excluding Kurt Geiger, direct-to-consumer revenue decreased 3.0%, with declines in both brick-and-mortar and e-commerce channels. Gross profit as a percentage of direct-to-consumer revenue was 58.7%, compared to 64.3% in the second quarter of 2024. Adjusted Gross profit as a percentage of direct-to-consumer revenue was 61.3%, compared to 64.3% in the second quarter of 2024, driven primarily by the addition of the Kurt Geiger concessions business and the impact of new tariffs on goods imported into the United States.   The company ended the quarter with 392 company-operated brick-and-mortar retail stores, including 98 outlets, as well as seven e-commerce websites and 130 company-operated concessions in international markets. This includes 73 company-operated brick-and-mortar retail stores, including 27 outlets, as well as two e-commerce websites and 72 concessions related to Kurt Geiger.   Balance Sheet and Cash Flow Highlights   As of June 30, 2025, total debt outstanding was $293.5 million, and cash, cash equivalents and short-term investments were $111.9 million, for net debt of $181.6 million.   During the second quarter of 2025, the company did not repurchase any shares of its common stock in the open market.   Quarterly Cash Dividend   The company’s Board of Directors approved a quarterly cash dividend of $0.21 per share. The dividend is payable on September 23, 2025 to stockholders of record as of the close of business on September 12, 2025.   2025 Outlook   Due to continued macroeconomic uncertainty related to the impact of new tariffs on goods imported into the United States, the company is not providing 2025 financial guidance at this time.   Conference Call Information   Interested stockholders are invited to listen to the conference call scheduled for today, July 30, 2025, at 8:30 a.m. Eastern Time, which will include a discussion of the company’s second quarter 2025 earnings results. 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/7ngfthjs 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 ® , Kurt Geiger London ® , Dolce Vita ® , Betsey Johnson ® , Carvela ® , Blondo ® and ATM ® , 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.   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. 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 OPERATIONS   (In thousands, except per share amounts) (Unaudited)       Three Months Ended     Six Months Ended       June 30, 2025     June 30, 2024     June 30, 2025     June 30, 2024                             Net sales   $ 556,090     $ 521,709     $ 1,107,472     $ 1,072,276   Licensing fee income     2,910       1,844       5,062       3,658   Total revenue     559,000       523,553       1,112,534       1,075,934   Cost of sales     332,973       306,424       660,240       633,990   Gross profit     226,027       217,129       452,294       441,944   Operating expenses     263,865       163,709       441,128       328,428   Change in valuation of contingent payment liability     2,420       6,550       (2,075 )     8,200   Impairment of intangibles     —       —       —       1,700   (Loss) / income from operations     (40,258 )     46,870       13,241       103,616   Gain on derivative     9,252       —       9,252       —   Interest and other (expense) / income, net     (3,795 )     1,354       (2,966 )     2,909   (Loss) / income before provision for income taxes     (34,801 )     48,224       19,527       106,525   Provision for income taxes     3,911       11,276       16,979       25,015   Net (loss) / income     (38,712 )     36,948       2,548       81,510   Less: net income attributable to noncontrolling interest     765       1,572       1,602       2,200   Net (loss) / income attributable to Steven Madden, Ltd.   $ (39,477 )   $ 35,376     $ 946     $ 79,310                                     Basic (loss) / income per share   $ (0.56 )   $ 0.50     $ 0.01     $ 1.10                                     Diluted (loss) / income per share   $ (0.56 )   $ 0.49     $ 0.01     $ 1.09                                     Basic weighted average common shares outstanding     70,870       71,458       70,822       71,875                                     Diluted weighted average common shares outstanding     70,870       72,004       70,970       72,430                                     Cash dividends declared per common share   $ 0.21     $ 0.21     $ 0.42     $ 0.42           STEVEN MADDEN, LTD. AND SUBSIDIARIES   CONDENSED CONSOLIDATED BALANCE SHEETS   (In thousands)             As of             June 30, 2025     December 31, 2024     June 30, 2024       (Unaudited)           (Unaudited)   ASSETS                         Current assets:                         Cash and cash equivalents   $ 111,714     $ 189,924     $ 180,457   Short-term investments     140       13,484       11,761   Accounts receivable, net of allowances     86,211       45,653       36,624   Factor accounts receivable     289,942       348,659       341,967   Inventories     436,968       257,625       241,643   Prepaid expenses and other current assets     54,002       34,463       28,448   Income tax receivable and prepaid income taxes     18,799       4,887       19,208   Total current assets     997,776       894,695       860,108   Property and equipment, net     104,423       57,388       49,056   Operating lease right-of-use asset     220,089       139,695       143,480   Deposits and other     21,641       22,214       15,553   Deferred tax assets     2,175       610       609   Goodwill     266,602       183,737       183,374   Intangibles, net     282,372       113,432       122,884   Total Assets   $ 1,895,078     $ 1,411,771     $ 1,375,064   LIABILITIES                         Current liabilities:                         Accounts payable   $ 235,716     $ 206,889     $ 189,772   Accrued expenses and other current liabilities     184,249       142,452       143,127   Operating leases - current portion     56,179       43,172       44,961   Income taxes payable     11,419       6,147       7,204   Current portion of long-term debt     5,625       —       —   Contingent payment liability - current portion     —       —       11,957   Accrued incentive compensation     3,404       15,061       8,909   Total current liabilities     496,592       413,721       405,930   Contingent payment liability - long-term portion     5,490       7,565       9,543   Operating leases - long-term portion     189,404       109,816       112,988   Long-term debt     287,865       —       —   Deferred tax liabilities     38,574       4,628       9,078   Other liabilities     13,790       44       5,169   Total Liabilities     1,031,715       535,774       542,708                             STOCKHOLDERS’ EQUITY                         Total Steven Madden, Ltd. stockholders’ equity     833,230       847,719       808,279   Noncontrolling interest     30,133       28,278       24,077   Total stockholders’ equity     863,363       875,997       832,356   Total Liabilities and Stockholders’ Equity   $ 1,895,078     $ 1,411,771     $ 1,375,064           STEVEN MADDEN, LTD. AND SUBSIDIARIES   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS   (In thousands) (Unaudited)       Six Months Ended       June 30, 2025     June 30, 2024   Cash flows from operating activities:                 Net income   $ 2,548     $ 81,510   Adjustments to reconcile net income to net cash provided by operating activities:                 Stock-based compensation     14,690       12,579   Depreciation and amortization     13,926       9,569   Amortization of debt issuance costs     480       —   Loss on disposal of fixed assets     1       75   Impairment of intangibles     —       1,700   Deferred taxes     —       —   Change in valuation of contingent payment liability     (2,075 )     8,200   Other operating activities     (550 )     238   Changes, net of acquisitions, in:                 Accounts receivable     (7,197 )     2,787   Factor accounts receivable     59,110       (22,988 ) Inventories     35,004       (10,938 ) Prepaid expenses, income tax receivables, prepaid taxes, and other assets     (7,119 )     (4,700 ) Accounts payable, accrued expenses, and other current liabilities     (31,441 )     18,122   Accrued incentive compensation     (11,721 )     (3,109 ) Leases and other liabilities     (3,126 )     756   Net cash provided by operating activities     62,530       93,801   Cash flows from investing activities:                 Capital expenditures     (17,516 )     (9,272 ) Purchases of short-term investments     —       (10,510 ) Maturity / sale of short-term investments     13,410       13,485   Acquisition of businesses, net of cash acquired     (386,449 )     (4,259 ) Other investing activities     (2,196 )     371   Net cash used in investing activities     (392,751 )     (10,185 ) Cash flows from financing activities:                 Common stock repurchased and net settlements of stock awards     (8,198 )     (75,549 ) Proceeds from exercise of stock options     —       749   Borrowings, net of repayments     300,000       —   Financing costs paid     (8,955 )     —   Cash dividends paid on common stock     (30,435 )     (30,708 ) Distribution of noncontrolling interest     (2,946 )     —   Net cash provided by / (used in) financing activities     249,466       (105,508 ) Effect of exchange rate changes on cash and cash equivalents     2,545       (2,291 ) Net decrease in cash and cash equivalents     (78,210 )     (24,183 ) Cash and cash equivalents – beginning of period     189,924       204,640   Cash and cash equivalents – end of period   $ 111,714     $ 180,457           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     Six Months Ended       June 30, 2025     June 30, 2024     June 30, 2025     June 30, 2024                             GAAP gross profit   $ 226,027     $ 217,129     $ 452,294     $ 441,944   Non-GAAP Adjustments     8,251       126       8,530       333   Adjusted gross profit   $ 234,278     $ 217,255     $ 460,824     $ 442,277     Table 2 - Reconciliation of GAAP operating expenses to Adjusted operating expenses       Three Months Ended     Six Months Ended       June 30, 2025     June 30, 2024     June 30, 2025     June 30, 2024                             GAAP operating expenses   $ 263,865     $ 163,709     $ 441,128     $ 328,428   Non-GAAP Adjustments     (52,216 )     (958 )     (59,012 )     (1,623 ) Adjusted operating expenses   $ 211,649     $ 162,751     $ 382,116     $ 326,805     Table 3 - Reconciliation of GAAP (loss) / income from operations to Adjusted income from operations       Three Months Ended     Six Months Ended       June 30, 2025     June 30, 2024     June 30, 2025     June 30, 2024                             GAAP (loss) / income from operations   $ (40,258 )   $ 46,870     $ 13,241     $ 103,616   Non-GAAP Adjustments     62,887       7,633       65,467       11,855   Adjusted income from operations   $ 22,629     $ 54,503     $ 78,708     $ 115,471     Table 4 - Reconciliation of GAAP interest and other (expense) / income, net to Adjusted interest and other (expense) / income, net       Three Months Ended     Six Months Ended       June 30, 2025     June 30, 2024     June 30, 2025     June 30, 2024                             GAAP interest and other (expense) / income, net   $ (3,795 )   $ 1,354     $ (2,966 )   $ 2,909   Non-GAAP Adjustments     840       —       840       —   Adjusted interest and other (expense) / income, net   $ (2,955 )   $ 1,354     $ (2,126 )   $ 2,909     Table 5 - Reconciliation of GAAP provision for income taxes to Adjusted provision for income taxes       Three Months Ended     Six Months Ended       June 30, 2025     June 30, 2024     June 30, 2025     June 30, 2024                             GAAP provision for income taxes   $ 3,911     $ 11,276     $ 16,979     $ 25,015   Non-GAAP Adjustments     1,117       1,799       1,729       2,793   Adjusted provision for income taxes   $ 5,028     $ 13,075     $ 18,708     $ 27,808           Table 6 - Reconciliation of GAAP net income attributable to noncontrolling interest to Adjusted net income attributable to noncontrolling interest       Three Months Ended     Six Months Ended       June 30, 2025     June 30, 2024     June 30, 2025     June 30, 2024                             GAAP net income attributable to noncontrolling interest   $ 765     $ 1,572     $ 1,602     $ 2,200   Non-GAAP Adjustments     —       —       —       130   Adjusted net income attributable to noncontrolling interest   $ 765     $ 1,572     $ 1,602     $ 2,330     Table 7 - Reconciliation of GAAP net (loss) / income attributable to Steven Madden, Ltd. to Adjusted net income attributable to Steven Madden, Ltd.       Three Months Ended     Six Months Ended       June 30, 2025     June 30, 2024     June 30, 2025     June 30, 2024                             GAAP net (loss) / income attributable to Steven Madden, Ltd.   $ (39,477 )   $ 35,376     $ 946     $ 79,310   Non-GAAP Adjustments     53,357       5,835       55,326       8,931   Adjusted net income attributable to Steven Madden, Ltd.   $ 13,880     $ 41,211     $ 56,272     $ 88,241                                     GAAP diluted net (loss) / income per share   $ (0.56 )   $ 0.49     $ 0.01     $ 1.09                                     GAAP diluted weighted shares outstanding     70,870       72,004       70,900       72,340                                     Adjusted diluted net income per share   $ 0.20     $ 0.57     $ 0.79     $ 1.22                                     Adjusted diluted weighted average shares outstanding     70,911       72,004       70,970       72,430     Non-GAAP Adjustments include the items below.   For the second quarter of 2025:   ● $8.3 million pre-tax ($6.2 million after-tax) expense in connection with the purchase accounting fair value adjustment of inventory from acquired businesses, included in cost of goods sold. ● $38.8 million pre-tax ($38.8 million after-tax) expense in connection with acquisition-related compensation paid to management sellers and certain employees of Kurt Geiger, as determined by the institutional shareholders as part of the sellers’ negotiated transaction waterfall, included in operating expenses. ● $8.1 million pre-tax ($8.9 million after-tax) expense in connection with an acquisition and formation of joint ventures, included in operating expenses. ● $4.7 million pre-tax ($3.6 million after-tax) expense in connection with legal settlements and related fees, included in operating expenses. ● $0.5 million pre-tax ($0.4 million after-tax) expense in connection with severances and related charges, included in operating expenses. ● $2.4 million pre-tax ($1.8 million after-tax) net expense in connection with the change in valuation of contingent payment liabilities related to the acquisitions of Almost Famous and ATM. ● $9.3 million pre-tax ($7.1 million after-tax) benefit in connection with the settlement of a foreign exchange hedging contract entered into as part of the company’s acquisition of Kurt Geiger. ● $0.8 million pre-tax ($0.6 million after-tax) expense in connection with the write-off of unamortized debt issuance costs associated with the replacement of the company’s previous revolving credit facility, included in interest expense.         For the second quarter of 2024:   ● $0.1 million pre-tax ($0.1 million after-tax) expense in connection with the purchase accounting fair value adjustment of inventory from acquired businesses, included in cost of goods sold. ● $1.0 million pre-tax ($0.7 million after-tax) expense in connection with an acquisition and formation of joint ventures, included in operating expenses. ● $6.6 million pre-tax ($5.0 million after-tax) expense in connection with the change in valuation of a contingent consideration in connection with the acquisition of Almost Famous.   Contact   Steven Madden, Ltd. VP of Corporate Development & Investor Relations Danielle McCoy 718-308-2611 InvestorRelations@stevemadden.com