Steven Madden, Ltd. announced first-quarter 2025 results, with adjusted earnings per share of $0.60, significantly exceeding analyst expectations. Consolidated revenue saw a modest increase of 0.2% to $553.5 million compared to the prior-year period. Wholesale business revenue increased 0.2% to $439.3 million, while direct-to-consumer revenue saw a slight decrease of 0.2% to $112.1 million.
Despite the earnings beat, the company withdrew its full-year 2025 financial guidance, citing macroeconomic uncertainty related to the impact of new tariffs on goods imported into the United States. Edward Rosenfeld, Chairman and CEO, stated that the company is moving swiftly to adapt to the changing landscape, focusing on mitigating near-term impacts while positioning for long-term growth. The company's balance sheet remains strong with $147.2 million in cash, cash equivalents, and short-term investments as of March 31, 2025.
On May 6, 2025, Steven Madden completed its previously announced acquisition of UK-based Kurt Geiger for approximately £289 million in cash. Kurt Geiger, which had revenue of £400 million for the twelve months ended February 1, 2025, is expected to be a powerful new growth engine, aligning with Steven Madden's strategic initiatives in international markets, accessories, and direct-to-consumer channels. The acquisition was funded through a new credit agreement providing a $300 million term loan and a $250 million revolving credit facility, alongside cash on hand.
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