Steven Madden, Ltd. reported robust financial results for the third quarter ended September 30, 2024, with both revenue and Adjusted earnings surpassing expectations. Edward Rosenfeld, Chairman and CEO, highlighted outstanding growth in accessories and apparel, including strong performance from Steve Madden handbags and the newly acquired Almost Famous business. These results demonstrate the company's effective execution of its strategic initiatives across international markets and direct-to-consumer channels.
The wholesale business saw revenue increase by 14.4% to $495.7 million compared to the third quarter of 2023, with wholesale accessories/apparel revenue surging 54.2%. Direct-to-consumer revenue also grew by 7.8% to $125.5 million, benefiting from reduced promotional activity which improved gross profit margin to 64.0% in this segment. The company's balance sheet remained strong with $150.5 million in cash, cash equivalents, and short-term investments as of September 30, 2024.
Based on this performance, Steven Madden raised its fiscal 2024 outlook, now expecting revenue to increase 13% to 14% compared to 2023. Diluted EPS is projected to be in the range of $2.36 to $2.41, and Adjusted diluted EPS is expected between $2.62 and $2.67. The company also approved a quarterly cash dividend of $0.21 per share, payable on December 27, 2024.
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