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Jun 30
Steve Madden Q2 2025 Earnings Report
Steven Madden, Ltd. announced financial results for the second quarter ended June 30, 2025, with revenue increasing by 6.8% to $559.0 million, but reported a net loss attributable to Steven Madden, Ltd. of ($39.5) million, or ($0.56) per diluted share.
Key Takeaways
Steven Madden, Ltd. experienced a challenging second quarter in 2025, primarily due to the impact of new tariffs on imported goods. Despite a 6.8% increase in total revenue to $559.0 million, the company reported a net loss of $39.5 million and a loss from operations of $40.3 million. The wholesale business saw a decline, while direct-to-consumer revenue significantly increased, largely driven by the acquisition of Kurt Geiger.
Total revenue increased by 6.8% to $559.0 million in Q2 2025, up from $523.6 million in Q2 2024.
The company reported a net loss attributable to Steven Madden, Ltd. of ($39.5) million, or ($0.56) per diluted share, compared to net income of $35.4 million, or $0.49 per diluted share, in Q2 2024.
Loss from operations totaled ($40.3) million, or (7.2%) of revenue, a significant decline from income from operations of $46.9 million, or 9.0% of revenue, in Q2 2024.
Direct-to-consumer revenue surged by 43.3% to $195.5 million, primarily due to the Kurt Geiger acquisition, while wholesale business revenue decreased by 6.4% to $360.6 million.
Steve Madden
Steve Madden
Steve Madden Revenue by Segment
Revenue by Segment
Wholesale Revenue
CapyFin.comDirect-to-Consumer Revenue
CapyFin.com Forward Guidance
Due to continued macroeconomic uncertainty related to the impact of new tariffs on goods imported into the United States, the company is not providing 2025 financial guidance at this time.
Positive Outlook
- Integration of Kurt Geiger is proceeding smoothly and is expected to be a significant driver of growth.
- The company possesses powerful brands, a robust balance sheet, and a proven business model.
- Management is acting with agility to mitigate near-term impacts of tariffs.
- Continued focus on deepening consumer connections through compelling product and effective marketing.
- Belief that key strengths position the company well to navigate the current environment and deliver sustainable growth over time.
Challenges Ahead
- The second quarter was challenging, largely due to the impact of new tariffs on goods imported into the United States.
- Tariffs have created near-term pressure and added uncertainty.
- The company is not providing 2025 financial guidance due to macroeconomic uncertainty.
- Wholesale revenue declined, even excluding the newly acquired Kurt Geiger.
- Direct-to-consumer revenue, excluding Kurt Geiger, also saw declines in both brick-and-mortar and e-commerce channels.
Revenue & Expenses
Visualization of income flow from segment revenue to net income