Steven Madden, a leading American designer and marketer of fashion footwear, accessories and apparel, has reported a 17.6% increase in revenue to $523.6 million in the second quarter of fiscal year 2024 (Q2 FY24), compared to $445.3 million in the same period in 2023. Gross profit as a percentage of revenue stood at 41.5%, slightly lower than the 42.6% in the same period in 2023.
Steven Madden reported revenue increased 17.6 percent to $523.6 million in the second quarter of fiscal 2024, with gross profit accounting for 41.5 percent of revenue. Income from operations was $46.9 million, with adjusted profit of $54.5 million. Net income was $35.4 million and adjusted net income was $41.2 million, or $0.57 per share. Wholesale revenue increased 22.5 percent.
Operating income totaled $46.9 million, representing 9.0 percent of revenue, compared to $44.0 million, or 9.9 percent of revenue, in the second quarter of fiscal 2023. Adjusted operating income was $54.5 million, or 10.4 percent of revenue, compared to $44.5 million, or 10.0 percent of revenue, in the same period last year.
Net income attributable to Steven Madden was $35.4 million, or $0.49 per diluted share, compared to $34.5 million, or $0.46 per diluted share, in the second quarter of fiscal 2023. On an adjusted basis, net income was $41.2 million, or $0.57 per diluted share, compared to $34.9 million, or $0.47 per diluted share, in the same period in 2023, the company said in a news release.
The Company’s wholesale business generated $385.3 million in revenue, marking an increase of 22.5 percent compared to the second quarter of fiscal year 2023. Excluding the newly acquired Almost Famous, wholesale revenue experienced an increase of 8.2 percent. Wholesale footwear revenue increased 0.9 percent, while wholesale accessories and apparel revenue increased 86.0 percent, or 29.8 percent excluding Almost Famous. Wholesale revenue gross profit margin was 33.1 percent, slightly lower than the 33.6 percent recorded in the second quarter of fiscal year 2023, primarily due to the impact of Almost Famous.
Direct-to-consumer revenue also showed growth, reaching $136.4 million, up 6.4 percent compared to the second quarter of fiscal 2023. Gross profit as a percentage of direct-to-consumer revenue improved to 64.3 percent, up from 63.7 percent in the year-ago quarter, driven by lower promotional activity.
The company ended the quarter with 273 physical retail stores, five e-commerce websites and 27 company-operated concessions in international markets.
“This performance was driven by exceptional growth in the accessories and apparel categories and strong gains in international markets and direct-to-consumer channels, demonstrating our team’s strong execution of our key strategic initiatives. While the near-term operating environment remains volatile, we are confident that our core strengths – our brands, business model and people – will enable us to drive sustainable revenue and earnings growth over the long term,” he said. Edward Rosenfeld, President and CEO.
Fibre2Fashion (DP) Press Desk
