Steven Madden beats Q4 expectations as Kurt Geiger lifts revenue

By Kaycee Enerva February 26, 2026

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Steven Madden closed the year with stronger-than-expected fourth-quarter earnings, as chairman and CEO Edward Rosenfeld pointed to improved performance in its core footwear business and a boost from the recently acquired Kurt Geiger London.

Fourth-quarter revenue rose 29.4 per cent to $753.7 million, up from $582.3 million a year earlier. Gross profit margin improved to 42.4 per cent from 40.4 per cent.

However, operating income declined to $36.2 million, or 4.8 per cent of revenue, compared with $46.7 million, or 8 per cent, in the prior year period, as expenses increased.

Net income attributable to the company totaled $23.2 million.

For the full year, revenue increased 11 per cent to $2.53 billion, while net income reached $44.7 million. Gross margin edged up to 41.4 per cent, but operating income fell sharply to $80.8 million from $224.9 million in 2024, because of higher operating expenses.

Meanwhile, Steve Madeden says its overall performance was supported by growth in both wholesale and direct-to-consumer channels.

Wholesale revenue rose 7.5 per cent to $433.3 million in the fourth quarter, although it declined when excluding Kurt Geiger, while direct-to-consumer revenue jumped 79.9 per cent to $316.6 million, primarily driven by the acquisition.

The company ended the quarter with 399 company-operated stores, including 98 outlet locations, along with seven e-commerce sites and 133 international concessions.

Rosenfeld said the company sees continued opportunity ahead, particularly for its flagship Steve Madden brand and Kurt Geiger London.

He noted, however, that the private label business may face pressure and that operating costs are expected to rise.

“While we continue to face uncertainty related to tariffs, the fundamentals of our business are strong,” he added.

“Our product assortments and marketing campaigns are resonating with consumers, and we have a sound strategy for long-term value creation.”

For this fiscal year, the company expects revenue to grow between 9 per cent and 11 per cent but is not providing earnings guidance due to ongoing tariff uncertainty.