{"id":1203553333,"date":"2023-11-08T08:43:52","date_gmt":"2023-11-08T13:43:52","guid":{"rendered":"https:\/\/footwearnews.com\/?p=1203553333"},"modified":"2023-11-08T08:43:53","modified_gmt":"2023-11-08T13:43:53","slug":"steve-madden-earnings-q3-outlook-2023","status":"publish","type":"post","link":"https:\/\/footwearnews.com\/business\/earnings\/steve-madden-earnings-q3-outlook-2023-1203553333\/","title":{"rendered":"Steve Madden Says Recent Sales Softness Prompted Downgraded Outlook for 2023"},"content":{"rendered":"


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Steve Madden shares dipped a little more than 1 percent in pre-market trading after the company reported earnings for the third quarter and downgraded its full-year outlook.<\/p>\n

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In the third quarter, the company reported revenues of $552.7 million, down 0.7 percent compared to the same quarter in 2022. Adjusted net income was $65.1 million, or $0.88 per diluted share, compared to $61.5 million and $0.79 per diluted share the prior year. Sales and profits were ahead of what analysts surveyed by Yahoo were looking for: $549.32 million in revenues and $0.86 in EPS.<\/p>\n

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Steve Madden<\/a> chairman and CEO Edward Rosenfeld said that “softer trends across the industry since September” pushed the company to adopt a more cautious near-term outlook but said the Q3 earnings growth reflects the strength of the company’s business model during “challenging operating environments.” <\/p>\n

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By channel, wholesale<\/a> revenue declined 0.3 percent to $433.5 million. Wholesale footwear revenue decreased 7.5 percent, while accessories and apparel revenue in the segment increased 22.7 percent. Direct-to-consumer revenue declined 1.8 percent to $116.4 million year over year, driven by e-commerce decline. Lower freight costs and diminished promotional activity drove gross profit as a percentage of direct-to-consumer revenue to 63.7 percent in Q3. <\/p>\n

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Inventories, a pain point for shoe brands like Steve Madden in the first half of the year, have gotten under control, and were down 15.8 percent to $205.7 million.<\/p>\n

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Steve Madden<\/a> downgraded its 2023 outlook and now expects revenue to decline about 7 percent compared to 2022, a reduction from the highest end of its prior outlook of down between 6.5 percent and 8.0 percent. The company expects adjusted diluted EPS to be approximately $2.40, down from its previously expected range of between $2.40 and $2.50.<\/p>\n

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Steve Madden CEO Edward Rosenfeld said that \u201csofter trends across the industry since September\u201d pushed the company to adopt a more cautious near-term outlook.<\/p>\n","protected":false},"author":378248914,"featured_media":1203548331,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"authors":[],"contributors":[],"styled_by":[],"_image_credit":"","_wp_attachment_image_alt":"","pmc_selected_wwd_video_media":"","pmc_top_video_source":"","pmc_top_video_duration":"","wwd_top_video_source":"","wwd_top_video_duration":"","pmc_selected_featured_media":"","pmc_selected_video_media":"","pmc_selected_variety_video_media":"","variety_top_video_source":"","variety_top_video_duration":"","pmc_featured_media_has_alt_text":true,"_pmc_featured_animated_media_id":0,"_pmc_featured_video_override_data":"","_pmc_featured_video_override_url":"","pmc-gallery-linked-gallery":{},"pmc_list_item_description":"","primary_category":"","primary_vertical":"","_mt_pmc_exclude_from_seo":"","pmc-gallery":[],"categories":179,"subcategories":84144,"mt_seo_title":"Steve Madden Said a Softer September Prompted Downgraded Outlook","mt_seo_description":"Steve Madden\u00a0shares dipped in pre-market trading after the company reported earnings for the third quarter and downgraded its full-year outlook.","mt_pmc_exclude_from_seo":"off","_pmc_canonical_override":"","instant_articles_should_submit_post":false,"_sailthru_selected_alerts":[],"_sailthru_send_override":false,"_sailthru_alert_subject":"","_sailthru_breaking_news_meta_data":[],"experimental_features_inline_styles":"","linked_video_id":"","pmc_hubs_hide_header":false,"override_post_title":"","override_post_excerpt":"","apple_news_api_created_at":"2023-11-08T13:44:14Z","apple_news_api_id":"4a5baf0d-cede-4ca5-9b7d-5517d37ea31d","apple_news_api_modified_at":"2023-11-08T13:44:14Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/ASluvDc7eTKWbfVUX036jHQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"[]","_pmc_automated_related_links":{"settings":{"module_name":"Related","hide_box":0},"data":[{"url":"","id":"","title":"","automated":true},{"url":"","id":"","title":"","automated":true},{"url":"","id":"","title":"","automated":true}]},"overlay_text_placement":[],"overlay_text_one":[],"overlay_text_two":[],"kicker_meta_block_field":[],"_pmc_kicker":[],"pmc_multiple_products_title":"","_jetpack_memberships_contains_paid_content":false,"jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[179,84144],"tags":[378240031,378240032,378247310],"post_format":[],"_post-options":[],"pmc_ads_suppression":[],"editorial":[378246937,378246938],"ep_custom_result":[],"coauthors":[378248914],"jetpack_publicize_connections":[],"apple_news_notices":[],"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Steve Madden Says Recent Sales Softness Prompted Downgraded Outlook for 2023","url":"http:\/\/footwearnews.com\/business\/earnings\/steve-madden-earnings-q3-outlook-2023-1203553333\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/footwearnews.com\/business\/earnings\/steve-madden-earnings-q3-outlook-2023-1203553333\/"},"thumbnailUrl":"https:\/\/footwearnews.com\/wp-content\/uploads\/2023\/10\/steve-madden-2.jpg?w=150","image":{"@type":"ImageObject","url":"https:\/\/footwearnews.com\/wp-content\/uploads\/2023\/10\/steve-madden-2.jpg"},"articleSection":"Earnings","author":[{"@type":"Person","name":"Shoshy Ciment"}],"creator":["Shoshy Ciment"],"publisher":{"@type":"Organization","name":"Footwear News","logo":"https:\/\/footwearnews.com\/wp-content\/uploads\/2018\/04\/cropped-fn_favicon2.png"},"keywords":["earnings","steve madden","wholesale","business","daily headlines","featured story \u2013 daily"],"dateCreated":"2023-11-08T13:43:52Z","datePublished":"2023-11-08T13:43:52Z","dateModified":"2023-11-08T13:43:53Z","pmc-gallery-linked-gallery":{}},"rendered":"