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Jun 30, 2023
Steve Madden Q2 2023 Earnings Report
Delivered earnings results in line with expectations for the second quarter despite the challenging operating environment.
Key Takeaways
Steve Madden announced its Q2 2023 earnings, reporting results in line with expectations despite a challenging operating environment. The company's performance reflects disciplined inventory and expense control, with continued investment in product innovation and long-term growth initiatives.
Wholesale revenue decreased by 20.8% compared to Q2 2022, with footwear down 19.4% and accessories/apparel down 24.6%.
Direct-to-consumer revenue decreased by 5.4% compared to Q2 2022, driven by declines in both brick-and-mortar and e-commerce businesses.
Gross profit as a percentage of wholesale revenue increased to 33.6% compared to 31.6% in Q2 2022 due to margin improvement in wholesale accessories/apparel.
Gross profit as a percentage of direct-to-consumer revenue was 63.7% compared to 66.4% in Q2 2022 due to increased promotional activity.
Steve Madden
Steve Madden
Steve Madden Revenue by Segment
Revenue by Segment
Direct-to-Consumer Revenue
CapyFin.com Forward Guidance
The Company continues to expect revenue will decrease 6.5% to 8.0% compared to 2022. The Company expects diluted EPS will be in the range of $2.38 to $2.48. The Company continues to expect Adjusted diluted EPS will be in the range of $2.40 to $2.50.