Steve Madden’s net income declines amid challenging retail environment

(Source: Steve Madden / Facebook)

Steve Madden’s attributable net income fell as revenue declined amid macroeconomic challenges.

The footwear and accessories retailer’s attributable net income dipped 20.6 per cent to $171.6 million as revenue slid 6.6 per cent to $1.98 billion.

This is despite in the fourth quarter, net income increased 12.9 per cent to $35.9 million and revenue rose 10.4 per cent to $519.7 million.

“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,” Steve Madden chairman and CEO Edward Rosenfeld said.

“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.”

For this year, Steve Madden forecasts revenue to increase by 11 per cent to 13 per cent.

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