Steve Madden, Ltd., a renowned footwear and accessories group based in New York, has announced an impressive recovery in its retail sector, leading to a remarkable 178.6% increase in revenue for the second quarter. Despite this encouraging rebound, the company has yet to reach pre-pandemic sales levels. In the quarter ending on June 30, 2021, Steve Madden generated $397.9 million in revenue, a substantial jump from $142.8 million during the same period last year. However, when compared to the second quarter of 2019, before the Covid-19 crisis, the company’s sales dipped by 11.3%.
The retail channel played a vital role in Steve Madden’s growth, demonstrating sales of $132.7 million for the quarter. This represents a significant surge of 220.6% compared to the same period in 2020 and a remarkable 63% increase from 2019. The company attributes this success to its outstanding performance in the e-commerce segment.
Alongside its retail channel, Steve Madden’s wholesale business also experienced substantial growth, with sales skyrocketing by 162.2% to reach $262.1 million. The wholesale footwear division observed a rise of 154.1%, while wholesale accessories and apparel enjoyed a growth rate of 190.7%.
Steve Madden reported a quarterly net income of $36.9 million, which translates to $0.45 per diluted share. This stands in stark contrast to the net loss of $16.6 million incurred during the same period in the previous year.
CEO Edward Rosenfeld expressed his enthusiasm for the company’s robust and expedited recovery, stating that second-quarter earnings even surpassed pre-Covid-19 levels from 2019. Steve Madden owns multiple brands, including Betsey Johnson, Blondo, and Dolce Vita.
During the first half of the fiscal year, Steve Madden’s revenues soared to $753.7 million, indicating an exceptional 51.6% increase from the same period in 2020. The net income for this six-month period reached $58.0 million, a significant improvement from the $34.0 million loss incurred last year.
Despite the unpredictable nature of the business environment, Steve Madden remains confident in the strength of its brands and current momentum. The company anticipates further growth in revenue and earnings during the second half of 2021 and beyond. It projects a full-year revenue increase between 43% and 47% compared to the previous year, with an annual diluted earnings per share expected to range from $1.90 to $2.00.
Useful links:
1. Steve Madden Official Website
2. Steve Madden Stock Quote and Information on MarketWatch
