Steve Madden has posted a 17.6 per cent increase in revenue for the second quarter, which ended June 30, to US $ 523.6 million. According to Chief Executive Edward Rosenfeld, the results were primarily driven by solid performance in the accessories and apparel categories.
Much of this growth was provided by last year’s acquisition of apparel brand Almost Famous, particularly in wholesale. However, excluding Almost Famous, wholesale accessories and apparel gained almost 30 per cent, contributing to an overall rise of 86 per cent in Q2.
The revenue from wholesale business rose 22.5 per cent to US $ 385.3 million and 8.2 per cent when excluding Almost Famous. Wholesale revenues for core footwear essentially remained flat, up only 0.9 per cent.
After fighting for much of 2023, the DTC segment rebounded with a 6.4 per cent gain to US $ 136.4 million in the quarter, turning around a five-quarter slide that began in the fourth quarter a year ago.
Looking ahead, Steve Madden reiterated the fiscal 2024 outlook for an 11 per cent-13 per cent year-over-year increase in revenue. Feeling very confident about the long-term growth opportunity of the business—supporting great brands and a sound business model with a great team—Rosenfeld himself was so confident.
In addition to the flagship brand, Steve Madden also operates Dolce Vita, Betsey Johnson, Blondo, and Greats. The company is further the licensee for footwear and handbags under the Anne Klein brand. Almost Famous was the licensee for Steve Madden sub-brand Madden NYC before the acquisition.
