Footwear, accessories and apparel retailer Steve Madden has recorded a marginal revenue increase in the first quarter (Q1) of fiscal year 2025 (FY25), reaching $553.53m compared to $552.38m in the corresponding quarter of the previous year.
The company’s wholesale segment saw a 0.2% uptick in revenue, while direct-to-consumer revenues experienced a 0.2% drop.
In the quarter ending 31 March 2025, Steve Madden maintained a physical presence with 314 retail stores and five e-commerce platforms. The brand operated 61 concessions internationally.
The company’s gross profit witnessed an increase to $226.27m in Q1 FY25, from $224.82m in the same quarter of the previous year. Its gross profit margin also saw a slight improvement, reaching 40.9% compared to 40.7% in Q1 FY24.
However, operating expenses as a percentage of revenue rose to 32.0%, from 29.8% in the same period of 2024.
Steve Madden suffered a decline in income from operations to $53.49m from $56.75m reported in Q1 FY24.
Net income attributable to the company also decreased to $40.42m, or $0.57 per diluted share, compared to $43.94m, or $0.60 per diluted share, recorded in the same period of the previous year.
Steve Madden chairman and chief executive officer Edward Rosenfeld stated: “We were pleased with our performance in the first quarter, as our team’s strong execution of our strategy enabled us to deliver earnings results that significantly exceeded expectations.”
In light of economic uncertainties and new tariffs affecting imports into the US, Steve Madden has withdrawn its financial guidance for 2025 initially issued on 26 February 2025, and refrained from providing current guidance.
“Looking ahead, we face meaningful near-term headwinds and heightened uncertainty due to the impact of new tariffs on goods imported into the United States. We are moving swiftly to adapt to the changing landscape, with a focus on mitigating near-term impacts while positioning the company for long-term growth,” Rosenfeld added.
Steve Madden recently completed its previously announced acquisition of UK-based Kurt Geiger, for an enterprise value of £289m.
“Steve Madden reports revenue up in Q1 FY25 and withdraws guidance” was originally created and published by Retail Insight Network, a GlobalData owned brand.
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