Steven Madden Q3 Earnings Top Estimates; Cuts FY22 Guidance Citing Order Pullback

  • Steven Madden Ltd SHOO reported third-quarter FY22 sales growth of 5.3% year-on-year to $556.64 million, beating the consensus of $528.72 million.
  • Revenue for the wholesale business increased 8.1% to $434.6 million, and Direct-to-consumer revenue decreased 3.7% to $118.5 million.
  • The gross profit margin contracted 40 basis points Y/Y to 41.2%.
  • The operating margin was 14.1%, and operating income for the quarter was $78.8 million.
  • Adjusted EPS of $0.79 beat the analyst consensus of $0.78.
  • Steven Madden held $148.2 million in cash and equivalents as of September 30, 2022. Cash provided by operating activities for the nine months totaled $66.7 million.
  • The company's Board approved a quarterly cash dividend of $0.21 per share, payable on December 30, 2022, to stockholders of record on December 16, 2022.
  • The company ended the quarter with 216 brick-and-mortar retail stores and six e-commerce websites.
  • Edward Rosenfeld, Chairman and CEO, commented, "Consumer demand for our brands and products remains healthy, and our direct-to-consumer business continues to trend in line with previous expectations. That said, many of our wholesale customers have pulled back on orders in the near term as they prioritize inventory control, and we have adjusted our fiscal 2022 outlook accordingly."
  • Outlook: Steven Madden lowered FY22 adjusted EPS guidance to $2.77 - $2.82 from $2.90 - $3.00 versus the consensus of $2.98.
  • The company expects FY22 revenue to increase 12.5% - 13.5% from the previous outlook of 13% - 16%.
  • Price Action: SHOO shares are trading higher by 0.74% at $30.04 on the last check Wednesday.
  • Photo Via Company
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