- Wednesday, October 16, 2024
In the fourth quarter, Steven Madden saw a significant increase in earnings driven by higher sales, particularly in its wholesale accessories and apparel business. The shoe maker reported a profit of $35.9 million, or 49 cents a share, showing growth from $31.8 million, or 42 cents a share, compared to the same quarter the previous year.
Strong Performance and Surpassing Expectations
After adjusting for one-time items, the company reported earnings of 61 cents per share, beating analysts' expectations of 57 cents per share. Revenue also experienced a notable increase to $519.7 million, up from $470.6 million in the same quarter a year ago, exceeding analyst projections of $512 million.
Growth Areas and Future Projections
While wholesale footwear sales saw a slight decrease, wholesale accessories and apparel revenue surged by an impressive 56%. Direct-to-consumer channel sales rose by around 2%, mainly due to the growth in brick-and-mortar business.
Looking ahead, Steven Madden anticipates earnings between $2.55 to $2.65 per share for the year, with revenue expected to be 11% to 13% higher than the $1.98 billion reported last year. Analysts surveyed predict a more conservative 7% revenue growth and earnings of $2.69 per share.
With a solid performance in the latest quarter and positive outlook for the future, Steven Madden continues to show strength in its market presence and financial results.
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