Steve Madden Reports Strong Q3 2024 Results and Plans to Diversify Sourcing

Steve Madden, Ltd. (Nasdaq: SHOO), a leading designer and marketer of fashion-forward footwear, accessories, and apparel, announced strong financial results for the third quarter ended September 30, 2024. The company reported a 13.0% increase in revenue, reaching $624.7 million, driven primarily by significant growth in its wholesale business and international expansion.

The wholesale revenue grew by 14.4% to $495.7 million, while direct-to-consumer revenue increased by 7.8% to $125.5 million. Despite the revenue growth, the gross profit margin slightly decreased to 41.5% from 42.1% year-over-year. Net income for the quarter was $55.3 million, or $0.77 per diluted share, compared to $64.4 million, or $0.87 per diluted share in Q3 2023.

The company also raised its 2024 guidance, expecting revenue growth of 13-14% and adjusted diluted EPS of $2.62-$2.67. This positive outlook is supported by the acquisition of Almost Famous, which has significantly boosted wholesale accessories and apparel revenue.

In addition to the financial performance, Steve Madden is taking steps to diversify its sourcing due to tariff concerns. Following recent comments from Donald Trump, the company is working to shift product sourcing out of China to other countries to mitigate potential tariff impacts.