Steve Madden (Nasdaq: SHOO), a leading designer and marketer of
fashion-forward footwear, accessories and apparel, today announced
financial results for the fourth quarter and full year ended
December 31, 2023 and provided its 2024 outlook.
Amounts referred to as “Adjusted” are
non-GAAP measures that exclude the items defined as “Non-GAAP
Adjustments” in the “Non-GAAP Reconciliation” section.
Fourth Quarter 2023 Results
- Revenue increased 10.4% to $519.7
million compared to $470.6 million in the same period of 2022.
- Gross profit as a percentage of
revenue was 41.3% compared to 42.2% in the same period of 2022.
Adjusted gross profit as a percentage of revenue was 41.7% in the
fourth quarter of 2023.
- Operating expenses as a percentage
of revenue were 32.4% compared to 33.8% in the same period of 2022.
Adjusted operating expenses as a percentage of revenue were 31.5%
compared to 33.2% in the same period of 2022.
- Income from operations totaled
$39.9 million, or 7.7% of revenue, compared to $39.8 million, or
8.4% of revenue, in the same period of 2022. Adjusted income from
operations totaled $53.0 million, or 10.2% of revenue, compared to
$42.2 million, or 9.0% of revenue, in the same period of 2022.
- Net income
attributable to Steven Madden, Ltd. was $35.9 million, or $0.49 per
diluted share, compared to $31.8 million, or $0.42 per diluted
share, in the same period of 2022. Adjusted net income attributable
to Steven Madden, Ltd. was $45.0 million, or $0.61 per diluted
share, compared to $33.7 million, or $0.44 per diluted share, in
the same period of 2022.
Edward Rosenfeld, Chairman and Chief Executive
Officer, commented, “We are pleased to have delivered fourth
quarter results that exceeded expectations on both the top and
bottom lines. We saw organic revenue growth in both the
wholesale and direct-to-consumer channels, supplemented by the
contribution from the newly acquired Almost Famous, and also drove
strong improvement in Adjusted operating margin compared to the
same period in the prior year.
“As we look ahead, while the operating
environment remains choppy, we believe the on-trend product
assortments created by Steve and his team have us well-positioned
for 2024. Looking out further, we are confident that
the combination of our strong brands and proven business model will
enable us to drive sustainable revenue and earnings growth for
years to come.”
Fourth Quarter
2023 Channel Results
Revenue for the wholesale business was $354.8
million, a 14.9% increase compared to the fourth quarter of 2022.
Wholesale footwear revenue decreased 0.4%, and wholesale
accessories/apparel revenue increased 56.5%. Gross profit as a
percentage of wholesale revenue increased to 31.7% compared to
30.5% in the fourth quarter of 2022 driven by increases in both the
wholesale footwear and wholesale accessories/apparel
businesses.
Direct-to-consumer revenue was $162.3 million, a
1.9% increase compared to the fourth quarter of 2022 driven by an
increase in the brick-and-mortar business. Gross profit as a
percentage of direct-to-consumer revenue was 62.7% compared to
64.0% in the fourth quarter of 2022 driven by an increase in
promotional activity.
The Company ended the quarter with 255
Company-operated brick-and-mortar retail stores and five e-commerce
websites, as well as 25 Company-operated concessions in
international markets.
Full Year Ended December 31,
2023
For the full year ended December 31, 2023,
revenue decreased 6.6% to $2.0 billion compared to $2.1 billion in
2022.
Net income attributable to Steven Madden, Ltd.
was $171.6 million, or $2.30 per diluted share, for the year ended
December 31, 2023 compared to net income of $216.1 million, or
$2.77 per diluted share, for the year ended December 31, 2022. On
an Adjusted basis, net income attributable to Steve Madden, Ltd.
was $182.7 million, or $2.45 per diluted share, for the year ended
December 31, 2023 compared to net income of $218.3 million, or
$2.80 per diluted share, for the year ended December 31, 2022.
Balance Sheet and Cash Flow
Highlights
As of December 31, 2023, cash, cash equivalents
and short-term investments totaled $219.8 million. Inventory
totaled $229.0 million as of the same date, approximately flat to
the prior year.
During the fourth quarter and full year of 2023,
the Company spent approximately $38 million and $142 million,
respectively, on repurchases of its common stock, which includes
shares acquired through the net settlement of employees' stock
awards.
Quarterly Cash Dividend
The Company's Board of Directors approved a
quarterly cash dividend of $0.21 per share. The dividend is payable
on March 22, 2024 to stockholders of record as of the close of
business on March 8, 2024.
2024 Outlook
For 2024, the Company expects revenue will
increase 11% to 13% compared to 2023. The Company expects diluted
EPS will be in the range of $2.55 to $2.65.
Conference Call Information
Interested stockholders are invited to listen to
the conference call scheduled for today, February 28, 2024 at 8:30
a.m. Eastern Time, which will include a discussion of the Company's
fourth quarter and fiscal year end 2023 earnings results and fiscal
year 2024 outlook. The call will be webcast live on the Company’s
website at https://investor.stevemadden.com. A webcast replay of
the conference call will be available on the Company's website or
via the following webcast link
https://edge.media-server.com/mmc/p/d488xfs5 beginning today at
approximately 10:00 a.m. Eastern Time.
About Steve Madden
Steve Madden designs, sources and markets
fashion-forward footwear, accessories and apparel. In addition to
marketing products under its own brands including Steve Madden®,
Dolce Vita®, Betsey Johnson®, Blondo® and GREATS®, Steve Madden
licenses footwear and handbag categories for the Anne Klein® brand.
Steve Madden also designs and sources products under private label
brand names for various retailers. Steve Madden’s wholesale
distribution includes department stores, mass merchants, off-price
retailers, shoe chains, online retailers, national chains,
specialty retailers and independent stores. Steve Madden also
directly operates brick-and-mortar retail stores and e-commerce
websites. Steve Madden also licenses certain of its brands to third
parties for the marketing and sale of certain products in the
apparel, accessory and home categories. For local store information
and the latest boots, booties, fashion sneakers, dress shoes,
sandals, and more, please visit www.stevemadden.com,
www.dolcevita.com and our other branded websites.
Safe Harbor Statement Under the U.S.
Private Securities Litigation Reform Act of 1995
This press release contains “forward-looking
statements” within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995. Examples of
forward-looking statements include, among others, statements
regarding revenue and earnings guidance, plans, strategies,
objectives, expectations and intentions. Forward-looking statements
can be identified by words such as: “may”, “will”, “expect”,
“believe”, “should”, “anticipate”, “project”, “predict”, “plan”,
“intend”, “estimate”, or “confident” and similar expressions or the
negative of these expressions. Forward-looking statements are
neither historical facts nor assurances of future performance.
Instead, they represent the Company’s current beliefs,
expectations, and assumptions regarding anticipated events and
trends affecting its business and industry based on information
available as of the time such statements are made. Investors are
cautioned that such forward-looking statements are inherently
subject to risks and uncertainties, many of which cannot be
predicted with accuracy and some of which may be outside of the
Company’s control. The Company’s actual results and financial
condition may differ materially from those indicated in these
forward-looking statements. As such, investors should not rely upon
them. Important risk factors include:
- geopolitical tensions in the
regions in which we operate and any related challenging
macroeconomic conditions globally that may materially adversely
affect our customers, vendors, and partners, and the duration and
extent to which these factors may impact our future business and
operations, results of operations and financial condition;
- the Company’s ability to navigate
shifting macro-economic environments, including but not limited to
inflation and the potential for recessionary conditions;
- the Company’s ability to accurately
anticipate fashion trends and promptly respond to consumer
demand;
- the Company’s ability to compete
effectively in a highly competitive market;
- the Company’s ability to adapt its
business model to rapid changes in the retail industry;
- supply chain disruptions to product
delivery systems and logistics, and the Company’s ability to
properly manage inventory;
- the Company’s reliance on
independent manufacturers to produce and deliver products in a
timely manner, especially when faced with adversities such as work
stoppages, transportation delays, public health emergencies, social
unrest, changes in local economic conditions, and political
upheavals as well as their ability to meet the Company’s quality
standards;
- the Company’s dependence on the
retention and hiring of key personnel;
- the Company’s ability to
successfully implement growth strategies and integrate acquired
businesses;
- changes in trade policies and
tariffs imposed by the United States government and the governments
of other nations in which the Company manufactures and sells
products;
- the Company’s ability to adequately
protect its trademarks and other intellectual property rights;
- the Company’s ability to maintain
adequate liquidity when negatively impacted by unforeseen events
such as an epidemic or a pandemic, which may cause disruption to
the Company’s business operations for an indeterminable period of
time;
- legal, regulatory, political and
economic risks that may affect the Company’s sales in international
markets;
- changes in U.S. and foreign tax
laws that could have an adverse effect on the Company’s financial
results;
- additional tax liabilities
resulting from audits by various taxing authorities;
- cybersecurity risks and costs of
defending against, mitigating, and responding to data security
threats and breaches impacting the Company;
- the Company’s ability to achieve
operating results that are consistent with prior financial
guidance; and
- other risks and uncertainties
indicated from time to time in the Company’s filings with the
Securities and Exchange Commission.
The Company does not undertake, and disclaims,
any obligation to publicly update any forward-looking statement,
including, without limitation, any guidance regarding revenue or
earnings, whether as a result of new information, future
developments, or otherwise.
|
STEVEN MADDEN, LTD. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS DATA(In thousands, except per share
amounts) |
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2023 |
|
December 31, 2022 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
Net sales |
$ |
517,054 |
|
|
$ |
468,152 |
|
|
$ |
1,971,474 |
|
|
$ |
2,111,296 |
|
Commission and licensing fee
income |
|
2,660 |
|
|
|
2,491 |
|
|
|
10,108 |
|
|
|
10,713 |
|
Total revenue |
|
519,714 |
|
|
|
470,643 |
|
|
|
1,981,582 |
|
|
|
2,122,009 |
|
Cost of sales |
|
304,887 |
|
|
|
271,946 |
|
|
|
1,149,168 |
|
|
|
1,248,173 |
|
Gross profit |
|
214,827 |
|
|
|
198,697 |
|
|
|
832,414 |
|
|
|
873,836 |
|
Operating expenses |
|
168,374 |
|
|
|
158,940 |
|
|
|
612,672 |
|
|
|
592,192 |
|
Impairment of intangibles |
|
6,520 |
|
|
|
— |
|
|
|
6,520 |
|
|
|
— |
|
Income from operations |
|
39,933 |
|
|
|
39,757 |
|
|
|
213,222 |
|
|
|
281,644 |
|
Interest and other income,
net |
|
1,494 |
|
|
|
570 |
|
|
|
7,392 |
|
|
|
676 |
|
Income before provision for
income taxes |
|
41,427 |
|
|
|
40,327 |
|
|
|
220,614 |
|
|
|
282,320 |
|
Provision for income
taxes |
|
4,420 |
|
|
|
8,375 |
|
|
|
46,639 |
|
|
|
65,103 |
|
Net income |
|
37,007 |
|
|
|
31,952 |
|
|
|
173,975 |
|
|
|
217,217 |
|
Less: net income attributable
to noncontrolling interest |
|
1,126 |
|
|
|
161 |
|
|
|
2,421 |
|
|
|
1,156 |
|
Net income attributable to
Steven Madden, Ltd. |
$ |
35,881 |
|
|
$ |
31,791 |
|
|
$ |
171,554 |
|
|
$ |
216,061 |
|
|
|
|
|
|
|
|
|
Basic income per share |
$ |
0.50 |
|
|
$ |
0.43 |
|
|
$ |
2.34 |
|
|
$ |
2.84 |
|
|
|
|
|
|
|
|
|
Diluted income per share |
$ |
0.49 |
|
|
$ |
0.42 |
|
|
$ |
2.30 |
|
|
$ |
2.77 |
|
|
|
|
|
|
|
|
|
Basic weighted average common
shares outstanding |
|
72,321 |
|
|
|
74,710 |
|
|
|
73,337 |
|
|
|
76,021 |
|
|
|
|
|
|
|
|
|
Diluted weighted average
common shares outstanding |
|
73,491 |
|
|
|
76,575 |
|
|
|
74,565 |
|
|
|
78,069 |
|
|
|
|
|
|
|
|
|
Cash dividends declared per
common share |
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.84 |
|
|
$ |
0.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STEVEN MADDEN, LTD. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEET
DATA(In thousands) |
|
|
As of |
|
December 31, 2023 |
|
December 31, 2022 |
|
(Unaudited) |
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
204,640 |
|
|
$ |
274,713 |
|
Short-term investments |
|
15,173 |
|
|
|
15,085 |
|
Accounts receivable, net of
allowances |
|
40,246 |
|
|
|
37,937 |
|
Factor accounts
receivable |
|
320,723 |
|
|
|
248,228 |
|
Inventories |
|
228,990 |
|
|
|
228,752 |
|
Prepaid expenses and other
current assets |
|
29,009 |
|
|
|
22,989 |
|
Income tax receivable and
prepaid income taxes |
|
16,051 |
|
|
|
15,853 |
|
Total current assets |
|
854,832 |
|
|
|
843,557 |
|
Note receivable - related
party |
|
— |
|
|
|
401 |
|
Property and equipment,
net |
|
47,199 |
|
|
|
40,664 |
|
Operating lease right-of-use
asset |
|
122,783 |
|
|
|
90,264 |
|
Deferred tax assets |
|
609 |
|
|
|
1,755 |
|
Deposits and other |
|
16,250 |
|
|
|
12,070 |
|
Goodwill |
|
180,003 |
|
|
|
168,085 |
|
Intangibles, net |
|
126,267 |
|
|
|
101,192 |
|
Total Assets |
$ |
1,347,943 |
|
|
$ |
1,257,988 |
|
LIABILITIES |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
161,140 |
|
|
$ |
130,542 |
|
Accrued expenses |
|
154,751 |
|
|
|
138,523 |
|
Operating leases - current
portion |
|
40,342 |
|
|
|
29,499 |
|
Income taxes payable |
|
5,998 |
|
|
|
9,403 |
|
Contingent payment liability -
current portion |
|
3,325 |
|
|
|
1,153 |
|
Accrued incentive
compensation |
|
12,068 |
|
|
|
11,788 |
|
Total current liabilities |
|
377,624 |
|
|
|
320,908 |
|
Contingent payment liability -
long-term portion |
|
9,975 |
|
|
|
— |
|
Operating leases - long-term
portion |
|
98,536 |
|
|
|
79,128 |
|
Deferred tax liabilities |
|
8,606 |
|
|
|
3,923 |
|
Other liabilities |
|
5,170 |
|
|
|
10,166 |
|
Total Liabilities |
|
499,911 |
|
|
|
414,125 |
|
STOCKHOLDERS’
EQUITY |
|
|
|
Total Steven Madden, Ltd.
stockholders’ equity |
|
829,598 |
|
|
|
831,553 |
|
Noncontrolling interest |
|
18,434 |
|
|
|
12,310 |
|
Total stockholders’
equity |
|
848,032 |
|
|
|
843,863 |
|
Total Liabilities and
Stockholders’ Equity |
$ |
1,347,943 |
|
|
$ |
1,257,988 |
|
|
|
|
|
|
|
|
|
STEVEN MADDEN, LTD. AND
SUBSIDIARIESCONDENSED CONSOLIDATED CASH FLOW
DATA(In thousands) |
|
|
Twelve Months Ended |
|
December 31, 2023 |
|
December 31, 2022 |
|
(Unaudited) |
|
|
Cash flows from
operating activities: |
|
|
|
Net income |
$ |
173,975 |
|
|
$ |
217,217 |
|
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
|
Stock-based compensation |
|
24,148 |
|
|
|
24,396 |
|
Depreciation and amortization |
|
15,501 |
|
|
|
20,576 |
|
Loss on disposal of fixed assets |
|
204 |
|
|
|
11 |
|
Impairment of intangibles |
|
6,520 |
|
|
|
— |
|
Deferred taxes |
|
6,105 |
|
|
|
3,601 |
|
Accrued interest on note receivable – related party |
|
(8 |
) |
|
|
(16 |
) |
Note receivable – related party |
|
409 |
|
|
|
409 |
|
Change in valuation of contingent liability |
|
— |
|
|
|
(5,807 |
) |
Other operating activities |
|
(23 |
) |
|
|
(2,716 |
) |
Changes, net of acquisitions, in: |
|
|
|
Accounts receivable |
|
(1,308 |
) |
|
|
(9,683 |
) |
Factor accounts receivable |
|
(18,647 |
) |
|
|
116,141 |
|
Inventories |
|
25,303 |
|
|
|
29,071 |
|
Prepaid expenses, income tax receivables, prepaid taxes, and other
assets |
|
(1,060 |
) |
|
|
(4,205 |
) |
Accounts payable and accrued expenses |
|
7,052 |
|
|
|
(108,788 |
) |
Accrued incentive compensation |
|
280 |
|
|
|
(3,083 |
) |
Leases and other liabilities |
|
(8,061 |
) |
|
|
(8,902 |
) |
Payment of contingent consideration |
|
(1,153 |
) |
|
|
(339 |
) |
Net cash provided by operating activities |
|
229,237 |
|
|
|
267,883 |
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Capital expenditures |
|
(19,470 |
) |
|
|
(16,351 |
) |
Purchases of short-term investments |
|
(25,688 |
) |
|
|
(45,130 |
) |
Maturity/sale of short-term investments |
|
25,872 |
|
|
|
73,998 |
|
Acquisition of Almost Famous |
|
(75,271 |
) |
|
|
— |
|
Purchase of a trademark |
|
— |
|
|
|
(2,000 |
) |
Other investing activities |
|
(5,335 |
) |
|
|
(5,000 |
) |
Net cash (used in)/provided by investing activities |
|
(99,892 |
) |
|
|
5,517 |
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Proceeds from exercise of stock options |
|
1,205 |
|
|
|
602 |
|
Investment of noncontrolling interest |
|
4,486 |
|
|
|
2,500 |
|
Distributions to noncontrolling interest earnings |
|
(1,102 |
) |
|
|
(294 |
) |
Sale of minority interest of a subsidiary |
|
— |
|
|
|
1,017 |
|
Common stock repurchased and net settlements of stock awards |
|
(142,348 |
) |
|
|
(148,878 |
) |
Cash dividends paid on common stock |
|
(63,177 |
) |
|
|
(66,005 |
) |
Payment of contingent consideration |
|
— |
|
|
|
(4,770 |
) |
Net cash used in financing activities |
|
(200,936 |
) |
|
|
(215,828 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
1,518 |
|
|
|
(2,358 |
) |
Net (decrease)/increase in cash and cash equivalents |
|
(70,073 |
) |
|
|
55,214 |
|
Cash and cash equivalents –
beginning of year |
|
274,713 |
|
|
|
219,499 |
|
Cash and cash
equivalents – end of year |
$ |
204,640 |
|
|
$ |
274,713 |
|
|
|
|
|
|
|
|
|
STEVEN MADDEN, LTD. AND
SUBSIDIARIESNON-GAAP RECONCILIATION(In
thousands, except per share amounts)(Unaudited) |
|
The Company uses non-GAAP financial information
to evaluate its operating performance and to represent the manner
in which the Company conducts and views its business. Additionally,
the Company believes the information assists investors in comparing
the Company’s performance across reporting periods on a consistent
basis by excluding items that are not indicative of its core
business. The non-GAAP financial information is provided in
addition to, and not as an alternative to, the Company’s reported
results prepared in accordance with GAAP. The following reconciles
the Company’s reported results and outlook in accordance with GAAP
with the non-GAAP information that the Company also presents.
Additional information regarding Non-GAAP Adjustments is presented
below.
|
Table 1 - Reconciliation of GAAP gross profit to Adjusted gross
profit |
|
Three Months
Ended |
|
Twelve Months Ended |
|
December 31,
2023 |
|
December 31,
2022 |
|
December 31,
2023 |
|
December 31, 2022 |
GAAP gross profit |
$ |
214,827 |
|
|
$ |
198,697 |
|
|
$ |
832,414 |
|
|
$ |
873,836 |
|
Non-GAAP Adjustments |
|
2,023 |
|
|
|
— |
|
|
|
2,023 |
|
|
|
— |
|
Adjusted gross profit |
$ |
216,850 |
|
|
$ |
198,697 |
|
|
$ |
834,437 |
|
|
$ |
873,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 2 - Reconciliation of GAAP operating expenses to Adjusted
operating expenses |
|
Three Months
Ended |
|
Twelve Months Ended |
|
December 31,
2023 |
|
December 31,
2022 |
|
December 31,
2023 |
|
December 31, 2022 |
GAAP operating expenses |
$ |
168,374 |
|
|
$ |
158,940 |
|
|
$ |
612,672 |
|
|
$ |
592,192 |
|
Non-GAAP Adjustments |
|
(4,485 |
) |
|
|
(2,476 |
) |
|
|
(6,784 |
) |
|
|
(924 |
) |
Adjusted operating expenses |
$ |
163,889 |
|
|
$ |
156,464 |
|
|
$ |
605,888 |
|
|
$ |
591,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 3 - Reconciliation of GAAP income from operations to Adjusted
income from operations |
|
Three Months
Ended |
|
Twelve Months Ended |
|
December 31,
2023 |
|
December 31,
2022 |
|
December 31,
2023 |
|
December 31, 2022 |
GAAP income from operations |
$ |
39,933 |
|
|
$ |
39,757 |
|
|
$ |
213,222 |
|
|
$ |
281,644 |
|
Non-GAAP Adjustments |
|
13,029 |
|
|
|
2,476 |
|
|
|
15,327 |
|
|
|
924 |
|
Adjusted income from operations |
$ |
52,962 |
|
|
$ |
42,233 |
|
|
$ |
228,549 |
|
|
$ |
282,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 4 - Reconciliation of GAAP provision for income taxes to
Adjusted provision for income taxes |
|
Three Months
Ended |
|
Twelve Months Ended |
|
December 31,
2023 |
|
December 31,
2022 |
|
December 31,
2023 |
|
December 31, 2022 |
GAAP provision for income taxes |
$ |
4,420 |
|
|
$ |
8,375 |
|
|
$ |
46,639 |
|
|
$ |
65,103 |
|
Non-GAAP Adjustments |
|
3,391 |
|
|
|
579 |
|
|
|
3,700 |
|
|
|
(1,308 |
) |
Adjusted provision for income taxes |
$ |
7,811 |
|
|
$ |
8,954 |
|
|
$ |
50,339 |
|
|
$ |
63,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 5 - Reconciliation of GAAP net income attributable to
noncontrolling interest to Adjusted net income attributable to
noncontrolling interest |
|
Three Months
Ended |
|
Twelve Months Ended |
|
December 31,
2023 |
|
December 31,
2022 |
|
December 31,
2023 |
|
December 31, 2022 |
GAAP net income attributable to noncontrolling interest |
$ |
1,126 |
|
|
$ |
161 |
|
|
$ |
2,421 |
|
|
$ |
1,156 |
|
Non-GAAP Adjustments |
|
498 |
|
|
|
— |
|
|
|
498 |
|
|
|
— |
|
Adjusted net income attributable to noncontrolling interest |
$ |
1,624 |
|
|
$ |
161 |
|
|
$ |
2,919 |
|
|
$ |
1,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 6 - Reconciliation of GAAP net income attributable to Steven
Madden, Ltd. to Adjusted net income attributable to Steven Madden,
Ltd. |
|
Three Months
Ended |
|
Twelve Months Ended |
|
December 31,
2023 |
|
December 31,
2022 |
|
December 31,
2023 |
|
December 31, 2022 |
GAAP net income attributable to Steven Madden, Ltd. |
$ |
35,881 |
|
|
$ |
31,791 |
|
|
$ |
171,554 |
|
|
$ |
216,061 |
|
Non-GAAP Adjustments |
|
9,140 |
|
|
|
1,897 |
|
|
|
11,129 |
|
|
|
2,232 |
|
Adjusted net income attributable to Steven Madden, Ltd. |
$ |
45,021 |
|
|
$ |
33,688 |
|
|
$ |
182,683 |
|
|
$ |
218,293 |
|
|
|
|
|
|
|
|
|
GAAP diluted income per share |
$ |
0.49 |
|
|
$ |
0.42 |
|
|
$ |
2.30 |
|
|
$ |
2.77 |
|
Adjusted diluted income per share |
$ |
0.61 |
|
|
$ |
0.44 |
|
|
$ |
2.45 |
|
|
$ |
2.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments include the items
below.
For the fourth quarter 2023:
- $2.0 million pre-tax ($1.5 million after-tax) expense in
connection with the purchase accounting fair value adjustment of
inventory acquired in the Almost Famous acquisition, included in
cost of goods sold.
- $2.4 million pre-tax ($1.9 million after-tax) expense in
connection with an acquisition and formation of joint ventures,
included in operating expenses.
- $2.0 million pre-tax ($1.5 million after-tax) expense in
connection with certain severances, termination benefits and a
corporate office relocation, included in operating expenses.
- $6.5 million pre-tax ($5.0 million after-tax) expense in
connection with a trademark impairment.
- $0.3 million tax benefit in connection with deferred tax
adjustments.
- $0.5 million loss attributable to noncontrolling interest in
connection with a trademark impairment.
For the fourth quarter 2022:
- $1.8 million pre-tax ($1.3 million after-tax) expense in
connection with the accelerated amortization of a trademark,
included in operating expenses.
- $0.7 million pre-tax ($0.6 million after-tax) expense in
connection with the change in valuation of contingent
considerations, included in operating expenses.
For the full year 2023:
- $2.0 million pre-tax ($1.5 million after-tax) expense in
connection with the purchase accounting fair value adjustment of
inventory acquired in the Almost Famous acquisition, included in
cost of goods sold.
- $2.7 million pre-tax ($2.3 million after-tax) expense in
connection with the write-off of an investment in a subsidiary in
Asia, included in operating expenses.
- $2.2 million pre-tax ($1.6 million after-tax) benefit in
connection with the dissolution of an entity in Asia, included in
operating expenses.
- $2.4 million pre-tax ($1.9 million after-tax) expense in
connection with an acquisition and formation of joint ventures,
included in operating expenses.
- $3.8 million pre-tax ($2.9 million after-tax) expense in
connection with certain severances, termination benefits and a
corporate office relocation, included in operating expenses.
- $6.5 million pre-tax ($5.0 million after-tax) expense in
connection with a trademark impairment.
- $0.3 million tax benefit in connection with deferred tax
adjustments.
- $0.5 million loss attributable to noncontrolling interest in
connection with a trademark impairment.
For the full year 2022:
- $7.1 million pre-tax ($5.4 million after-tax) expense in
connection with the accelerated amortization of a trademark,
included in operating expenses.
- $5.8 million pre-tax ($4.4 million after-tax) benefit in
connection with the change in valuation of contingent
consideration, included in operating expenses.
- $0.3 million pre-tax ($0.2 million after-tax) benefit in
connection with the exit of a lease, included in operating
expenses.
- $1.5 million tax expense in connection with a deferred tax
adjustment.
Contact
Steven Madden, Ltd. VP of Corporate Development
& Investor Relations Danielle McCoy 718-308-2611
InvestorRelations@stevemadden.com
Grafico Azioni Steven Madden (NASDAQ:SHOO)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Steven Madden (NASDAQ:SHOO)
Storico
Da Set 2023 a Set 2024