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Steven Madden — Nov 5, 2025 release

Fiscal 2025 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001493152-25-020804
Open on SEC.gov ↗
Showing in the filing
Adjusted diluted EPS
“$0.41 to $0.46”
Period
Q4 FY2025
Measure
Company-defined measure
Source
Prose
All guidance in this release · 4
Quarterly cash dividend for FY2025
“$0.21 per share”
Revenue for Q4 FY2025
“27% to 30%”
Diluted EPS for Q4 FY2025
“$0.30 to $0.35”
Adjusted diluted EPS for Q4 FY2025
“$0.41 to $0.46”
Exhibit 99.1 · full document
99.1   Steve Madden Announces Third Quarter 2025 Results   ~ Provides Fourth Quarter 2025 Guidance ~   LONG ISLAND CITY, N.Y., November 5, 2025 – 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, 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.   Third Quarter 2025 Results   ● Revenue increased 6.9% to $667.9 million, compared to $624.7 million in the same period of 2024.     ● Gross profit as a percentage of revenue was 41.5%, flat to the same period of 2024. Adjusted gross profit as a percentage of revenue was 43.4%, compared to 41.6% in the same period of 2024.     ● Operating expenses as a percentage of revenue were 36.8%, compared to 28.6% in the same period of 2024. Adjusted operating expenses as a percentage of revenue were 36.4%, compared to 27.9% in the same period of 2024.     ● Income from operations totaled $31.4 million, or 4.7% of revenue, compared to $74.6 million, or 11.9% of revenue, in the same period of 2024. 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.     ● Net income attributable to Steven Madden, Ltd. was $20.5 million, or $0.29 per diluted share, compared to $55.3 million, or $0.77 per diluted share, in the same period of 2024. Adjusted net income attributable to Steven Madden, Ltd. was $30.4 million, or $0.43 per diluted share, compared to $64.8 million, or $0.91 per diluted share, in the same period of 2024.   Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “As anticipated, the third quarter was challenging, driven largely by the impact of new tariffs on goods imported into the United States. That said, we are pleased with underlying demand for our brands and products. Consumers have responded favorably to our Fall assortments, particularly in our flagship Steve Madden brand. The improved trend in Steve Madden, together with our tariff mitigation strategies and the contribution from our recent acquisition Kurt Geiger, position us to deliver stronger financial results beginning in the fourth quarter.”   Third Quarter 2025 Channel Results   Revenue for the wholesale business in the third quarter of 2025 was $442.7 million, a 10.7% decrease compared to the third quarter of 2024. Excluding the recently acquired Kurt Geiger, wholesale revenue declined 19.0%. Wholesale footwear revenue decreased 10.9%, or 16.7% excluding Kurt Geiger. Wholesale accessories/apparel revenue decreased 10.3%, or 22.5% excluding Kurt Geiger. Gross profit as a percentage of wholesale revenue was 32.7% in the third quarter of 2025, compared to 35.5% in the third quarter of 2024. Adjusted gross profit as a percentage of wholesale revenue was 33.6%, compared to 35.5% in the third quarter of 2024, as a result of the impact of new tariffs on goods imported into the United States.   Direct-to-consumer revenue in the third quarter of 2025 was $221.5 million, a 76.6% increase compared to the third quarter of 2024. Excluding Kurt Geiger, direct-to-consumer revenue increased 1.5%. Gross profit as a percentage of direct-to-consumer revenue was 58.3%, compared to 64.0% in the third quarter of 2024. Adjusted gross profit as a percentage of direct-to-consumer revenue was 61.9%, compared to 64.0% in the third quarter of 2024, as a result of the impact of new tariffs on goods imported into the United States and the addition of the Kurt Geiger concessions business.   The company ended the quarter with 397 company-operated brick-and-mortar retail stores, including 99 outlets, as well as seven e-commerce websites and 133 company-operated concessions in international markets.         Balance Sheet and Cash Flow Highlights   As of September 30, 2025, total debt outstanding was $293.8 million, and cash, cash equivalents and short-term investments were $108.9 million, for net debt of $185.0 million.   During the third 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 December 26, 2025 to stockholders of record as of the close of business on December 15, 2025.   Fourth Quarter 2025 Outlook   For the fourth quarter of 2025, the company expects revenue will increase 27% to 30% compared to the same period of 2024. The company expects diluted EPS will be in the range of $0.30 to $0.35. The company expects Adjusted diluted EPS will be in the range of $0.41 to $0.46.   Conference Call Information   Interested stockholders are invited to listen to the conference call scheduled for today, November 5, 2025, at 8:30 a.m. Eastern Time, which will include a discussion of the company’s third quarter 2025 earnings results and fourth quarter 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/f3725r4k 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     Nine Months Ended       September 30, 2025     September 30, 2024     September 30, 2025     September 30, 2024                             Net sales   $ 664,200     $ 621,170     $ 1,771,672     $ 1,693,446   Licensing fee income     3,675       3,505       8,737       7,163   Total revenue     667,875       624,675       1,780,409       1,700,609   Cost of sales     390,500       365,131       1,050,740       999,121   Gross profit     277,375       259,544       729,669       701,488   Operating expenses     246,017       178,915       687,145       507,343   Change in valuation of contingent payment liability     —       (2,584 )     (2,075 )     5,616   Impairment of intangibles     —       8,635       —       10,335   Income from operations     31,358       74,578       44,599       178,194   Gain on derivative     —       —       9,252       —   Interest and other (expense) / income, net     (4,947 )     1,400       (7,913 )     4,309   Income before provision for income taxes     26,411       75,978       45,938       182,503   Provision for income taxes     4,593       19,390       21,572       44,404   Net income     21,818       56,588       24,366       138,099   Less: net income attributable to noncontrolling interest     1,290       1,310       2,892       3,510   Net income attributable to Steven Madden, Ltd.   $ 20,528     $ 55,278     $ 21,474     $ 134,589                                     Basic income per share   $ 0.29     $ 0.78     $ 0.30     $ 1.88                                     Diluted income per share   $ 0.29     $ 0.77     $ 0.30     $ 1.87                                     Basic weighted average common shares outstanding     70,906       70,806       70,850       71,516                                     Diluted weighted average common shares outstanding     71,157       71,569       71,022       72,135                                     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, 2025     December 31, 2024     September 30, 2024       (Unaudited)           (Unaudited)   ASSETS                         Current assets:                         Cash and cash equivalents   $ 108,722     $ 189,924     $ 139,414   Short-term investments     140       13,484       11,064   Accounts receivable, net of allowances     91,285       45,653       56,297   Factor accounts receivable     333,198       348,659       426,408   Inventories     476,027       257,625       268,669   Prepaid expenses and other current assets     56,760       34,463       28,041   Income tax receivable and prepaid income taxes     26,582       4,887       14,950   Total current assets     1,092,714       894,695       944,843   Property and equipment, net     112,301       57,388       52,906   Operating lease right-of-use asset     220,656       139,695       148,391   Deposits and other     21,363       22,214       20,166   Deferred tax assets     1,389       610       609   Goodwill     273,836       183,737       181,905   Intangibles, net     277,268       113,432       108,308   Total Assets   $ 1,999,527     $ 1,411,771     $ 1,457,128   LIABILITIES                         Current liabilities:                         Accounts payable   $ 254,346     $ 206,889     $ 225,586   Accrued expenses and other current liabilities     237,736       142,452       150,067   Operating leases - current portion     55,957       43,172       43,812   Income taxes payable     16,351       6,147       12,435   Contingent payment liability - current portion     3,221       —       7,716   Accrued incentive compensation     4,591       15,061       13,347   Total current liabilities     572,202       413,721       452,963   Contingent payment liability - long-term portion     15,164       7,565       11,200   Operating leases - long-term portion     190,459       109,816       118,674   Long-term debt     293,828       —       —   Deferred tax liabilities     39,867       4,628       8,777   Other liabilities     1,872       44       5,448   Total Liabilities     1,113,392       535,774       597,062                             STOCKHOLDERS’ EQUITY                         Total Steven Madden, Ltd. stockholders’ equity     850,841       847,719       833,923   Noncontrolling interest     35,294       28,278       26,143   Total stockholders’ equity     886,135       875,997       860,066   Total Liabilities and Stockholders’ Equity   $ 1,999,527     $ 1,411,771     $ 1,457,128           STEVEN MADDEN, LTD. AND SUBSIDIARIES   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS   (In thousands) (Unaudited)       Nine Months Ended       September 30, 2025     September 30, 2024                 Cash flows from operating activities:                 Net income   $ 24,366     $ 138,099   Adjustments to reconcile net income to net cash provided by operating activities:                 Stock-based compensation     22,175       19,531   Depreciation and amortization     25,108       14,736   Amortization of debt issuance costs     725       —   Loss on disposal of fixed assets     180       112   Impairment of intangibles     —       10,335   Loss on divestiture of business     —       3,199   Change in valuation of contingent payment liability     (2,075 )     5,616   Other operating activities     (413 )     (48 ) Changes, net of acquisitions, in:                 Accounts receivable     (10,962 )     (15,794 ) Factor accounts receivable     17,184       (108,276 ) Inventories     1,943       (39,064 ) Prepaid expenses, income tax receivables, prepaid taxes, and other assets     (46,097 )     (864 ) Accounts payable, accrued expenses, and other current liabilities     48,906       66,853   Accrued incentive compensation     (10,574 )     1,382   Leases and other liabilities     (2,836 )     (1,572 ) Net cash provided by operating activities     67,630       94,245                     Cash flows from investing activities:                 Capital expenditures     (29,079 )     (16,642 ) Purchases of short-term investments     —       (12,840 ) Maturity / sale of short-term investments     13,410       16,654   Acquisition of businesses, net of cash acquired     (371,554 )     (4,259 ) Other investing activities     (2,196 )     372   Net cash used in investing activities     (389,419 )     (16,715 )                   Cash flows from financing activities:                 Common stock repurchased and net settlements of stock awards     (8,367 )     (95,788 ) Proceeds from exercise of stock options     —       1,086   Investment of noncontrolling interest     3,500       —   Borrowings, net of repayments     300,000       —   Financing costs paid     (8,955 )     —   Cash dividends paid on common stock     (45,692 )     (45,880 ) Distribution of noncontrolling interest     (2,946 )     —   Net cash provided by / (used in) financing activities     237,540       (140,582 ) Effect of exchange rate changes on cash and cash equivalents     3,047       (2,174 ) Net decrease in cash and cash equivalents     (81,202 )     (65,226 ) Cash and cash equivalents – beginning of period     189,924       204,640   Cash and cash equivalents – end of period   $ 108,722     $ 139,414           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, 2025     September 30, 2024     September 30, 2025     September 30, 2024                             GAAP gross profit   $ 277,375     $ 259,544     $ 729,669     $ 701,488   Non-GAAP Adjustments     12,309       59       20,840       393   Adjusted gross profit   $ 289,684     $ 259,603     $ 750,509     $ 701,881     Table 2 - Reconciliation of GAAP operating expenses to Adjusted operating expenses       Three Months Ended     Nine Months Ended       September 30, 2025     September 30, 2024     September 30, 2025     September 30, 2024                             GAAP operating expenses   $ 246,017     $ 178,915     $ 687,145     $ 507,343   Non-GAAP Adjustments     (2,585 )     (4,680 )     (61,597 )     (6,301 ) Adjusted operating expenses   $ 243,432     $ 174,235     $ 625,548     $ 501,042     Table 3 - Reconciliation of GAAP income from operations to Adjusted income from operations       Three Months Ended     Nine Months Ended       September 30, 2025     September 30, 2024     September 30, 2025     September 30, 2024                             GAAP income from operations   $ 31,358     $ 74,578     $ 44,599     $ 178,194   Non-GAAP Adjustments     14,895       10,790       80,360       22,645   Adjusted income from operations     46,253     $ 85,368     $ 124,959     $ 200,839     Table 4 - Reconciliation of GAAP interest and other (expense) / income, net to Adjusted interest and other (expense) / income, net       Three Months Ended     Nine Months Ended       September 30, 2025     September 30, 2024     September 30, 2025     September 30, 2024                             GAAP interest and other (expense) / income, net   $ (4,947 )   $ 1,400     $ (7,913 )   $ 4,309   Non-GAAP Adjustments     —       —       840       —   Adjusted interest and other (expense) / income, net   $ (4,947 )   $ 1,400     $ (7,073 )   $ 4,309           Table 5 - Reconciliation of GAAP provision for income taxes to Adjusted provision for income taxes       Three Months Ended     Nine Months Ended       September 30, 2025     September 30, 2024     September 30, 2025     September 30, 2024                             GAAP provision for income taxes   $ 4,593     $ 19,390     $ 21,572     $ 44,404   Non-GAAP Adjustments     5,065       1,238       6,794       4,032   Adjusted provision for income taxes   $ 9,658     $ 20,628     $ 28,366     $ 48,436     Table 6 - 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, 2025     September 30, 2024     September 30, 2025     September 30, 2024                             GAAP net income attributable to noncontrolling interest   $ 1,290     $ 1,310     $ 2,892     $ 3,510   Non-GAAP Adjustments     —       25       —       155   Adjusted net income attributable to noncontrolling interest   $ 1,290     $ 1,335     $ 2,892     $ 3,665     Table 7 - 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, 2025     September 30, 2024     September 30, 2025     September 30, 2024                             GAAP net income attributable to Steven Madden, Ltd.   $ 20,528     $ 55,278     $ 21,474     $ 134,589   Non-GAAP Adjustments     9,830       9,527       65,155       18,459   Adjusted net income attributable to Steven Madden, Ltd.   $ 30,358     $ 64,805     $ 86,629     $ 153,048                                     GAAP diluted net income per share   $ 0.29     $ 0.77     $ 0.30     $ 1.87                                     Adjusted diluted net income per share   $ 0.43     $ 0.91     $ 1.22     $ 2.12     Table 8 - Reconciliation of GAAP diluted net income per share to Adjusted diluted net income per share in Q4 2025 outlook       Fourth Quarter 2025 Outlook       Low End     High End                 GAAP diluted net income per share   $ 0.30     $ 0.35   Non-GAAP Adjustments     0.11       0.11   Adjusted diluted net income per share   $ 0.41     $ 0.46     Non-GAAP Adjustments include the items below.   For the third quarter of 2025:   ● $12.3 million pre-tax ($9.2 million after-tax) expense in connection with the purchase accounting fair value adjustme nt of inventory from acquired businesses, included in cost of goods sold.     ● $1.1 million pre-tax ($0.8 million after-tax) expense in connection with severances and related charges, included in operating expenses.     ● $0.8 million pre-tax ($0.6 million after-tax) expense in connection with legal settlements and related fees, included in operating expenses.     ● $0.7 million pre-tax expense ($0.8 million after-tax benefit) in connection with acquisition costs and formation of joint ventures, included in operating expenses.         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.   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.