Steve Madden raises full-year guidance on higher third-quarter revenue

Steve Madden has raised its full-year revenue and adjusted earnings guidance after witnessing growth in the third quarter.
Steve Madden has raised its full-year revenue and adjusted earnings guidance. (Source: Bigstock)

Steve Madden has raised its full-year revenue and adjusted earnings guidance after witnessing growth in the third quarter.

The footwear, fashion, and apparel retailer now forecasts full-year revenue to increase 13 per cent to 14 per cent, with adjusted diluted earnings per share to range from $2.62 to $2.67.

The new outlook comes as Steve Madden’s third-quarter revenue grew 13 per cent to $624.7 million, with wholesale revenue rising 14.4 per cent to $$495.7 million.

Its direct-to-consumer revenue increased 7.8 per cent to $$125.5 million.

“We delivered strong results in the third quarter, with revenue and Adjusted earnings exceeding expectations,” said Edward Rosenfeld, Steve Madden chairman and CEO.

“This performance was driven by outstanding growth in the accessories and apparel categories, including another quarter of exceptional performance in Steve Madden handbags, a strong contribution from newly acquired Almost Famous and robust top-line gains in international markets and direct-to-consumer channels, demonstrating our team’s strong execution of our key strategic initiatives.”

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