Steve Madden (Nasdaq: SHOO), a leading designer and marketer of
fashion-forward footwear, accessories and apparel for women, men
and children, today announced financial results for the third
quarter and nine months ended September 30, 2019.
Amounts referred to as “Adjusted”
exclude the items that are described under the heading “Non-GAAP
Adjustments.”
For the Third Quarter
2019:
- Net sales increased 8.5% to $497.3 million compared to $458.5
million in the same period of 2018.
- Gross margin was 38.4% compared to 38.2% in the same period
last year, an increase of 20 basis points.
- Operating expenses as a percentage of net sales were 25.2%
compared to 24.0% of net sales in the same period of 2018.
Adjusted operating expenses as a percentage of net sales were 24.3%
compared to 23.9% of net sales in the same period of 2018.
- Income from operations totaled $68.0 million, or 13.7% of net
sales, compared to $70.2 million, or 15.3% of net sales, in the
same period of 2018. Adjusted income from operations was
$72.3 million, or 14.5% of net sales, compared to Adjusted income
from operations of $70.6 million, or 15.4% of net sales, in the
same period of 2018.
- Net income attributable to Steven Madden, Ltd. was $52.5
million, or $0.63 per diluted share, compared to $55.6 million, or
$0.64 per diluted share, in the prior year’s third quarter.
Adjusted net income attributable to Steven Madden, Ltd. was $56.0
million, or $0.67 per diluted share, compared to $55.9 million, or
$0.65 per diluted share, in the prior year’s third quarter.
Edward Rosenfeld, Chairman and Chief Executive
Officer, commented, “We are pleased with our third quarter results,
which included adjusted earnings that significantly exceeded our
expectations driven by strong performance in our Steve Madden and
Blondo brands. We also completed two acquisitions during the
quarter that provide meaningful growth opportunities going
forward: GREATS, a pioneering digitally native sneaker brand,
and BB Dakota, a contemporary women’s apparel company. Based
on the strong performance in third quarter and the continued
momentum in our underlying business, we are raising our 2019 EPS
guidance despite incremental earnings pressure from the
implementation of the 15% tariff on List 4 products from
China. Looking out further, the power of our brands and the
strength of our business model give us confidence that we can
continue to drive earnings growth and create value for shareholders
over the long term.”
Third Quarter 2019
Segment Results
Net sales for the wholesale business increased
8.5% to $421.6 million in the third quarter of 2019, with strong
growth in the wholesale footwear and the wholesale
accessories/apparel segments. Wholesale footwear net sales
rose 6.3% driven by gains in Blondo, Steve Madden Women's and
private label. Wholesale accessories/apparel net sales increased
15.8% driven by strong growth in Steve Madden handbags as well as
the addition of the BB Dakota apparel business. Gross margin
in the wholesale business decreased to 33.9% compared to 34.3% in
last year’s third quarter as an increase in the wholesale footwear
gross margin was more than offset by a decrease in the wholesale
accessories/apparel gross margin due primarily to the tariff on
goods imported from China.
Retail net sales in the third quarter rose 8.3%
to $75.7 million compared to $69.9 million in the third quarter of
the prior year. Same store sales increased 5.1% in the
quarter driven by strong performance in the Company’s e-commerce
business. Retail gross margin increased to 63.3% in the third
quarter of 2019 compared to 60.1% in the third quarter of the prior
year due primarily to reduced promotional activity.
The Company ended the quarter with 227
company-operated retail locations, including eight Internet stores,
as well as 32 company-operated concessions in international
markets.
The Company’s effective tax rate for the third
quarter of 2019 was 23.0% compared to 20.8% in the third quarter of
2018. On an Adjusted basis, the effective tax rate for the
third quarter of 2019 was 22.6%.
Balance Sheet and Cash Flow
During the third quarter of 2019, the Company
repurchased 784,757 shares of the Company’s common stock for
approximately $25.3 million, which includes shares acquired through
the net settlement of employee stock awards.
As of September 30, 2019, cash, cash
equivalents and current marketable securities totaled $194.9
million.
Increased Quarterly
Dividend
The Company’s Board of Directors approved a
quarterly cash dividend of $0.15 per share, reflecting a 7%
increase over the previous quarterly dividend. The dividend
will be paid on December 27, 2019, to stockholders of record at the
close of business on December 16, 2019.
Updated Fiscal Year 2019
Outlook
The Company is raising its fiscal year 2019 net
sales and diluted EPS guidance. For fiscal year 2019, the
Company now expects net sales will increase 7% to 7.5% over net
sales in 2018 compared to previous guidance of a 5% to 7% increase
over net sales in 2018. The Company now expects diluted EPS
for fiscal year 2019 will be in the range of $1.83 to $1.86
compared to the previous range of $1.74 to $1.82. The Company
now expects Adjusted diluted EPS for fiscal year 2019 will be in
the range of $1.92 to $1.95 compared to the previous range of $1.78
to $1.86.
Non-GAAP Adjustments
Amounts referred to as “Adjusted” exclude the
items below.
For the third quarter 2019:
- $3.1 million pre-tax ($2.3 million after-tax) expense in
connection with a provision for early lease termination charges and
impairment of lease right-of-use assets, included in operating
expenses.
- $1.1 million pre-tax ($0.8 million after-tax) expense in
connection with the acquisitions of GREATS and BB Dakota, included
in operating expenses.
- $0.4 million tax expense in connection with deferred tax
adjustments.
For the third quarter 2018:
- $0.4 million pre-tax ($0.3 million after-tax) expense in
connection with the integration of the Schwartz & Benjamin
acquisition and the related restructuring, included in operating
expenses.
For the fiscal year 2019 outlook:
- $5.4 million pre-tax ($4.1 million after-tax) expense in
connection with early lease termination charges and impairment of
lease right-of-use assets.
- $4.1 million pre-tax ($3.0 million after-tax) non-cash expense
associated with the impairment of the Brian Atwood trademark.
- $1.9 million pre-tax ($1.4 million after-tax) net benefit
associated with the change in a contingent liability and the
acceleration of amortization related to the termination of the Kate
Spade license agreement as of December 31, 2019.
- $1.1 million pre-tax ($1.0 million after-tax) expense in
connection with the acquisitions of GREATS and BB Dakota, included
in operating expenses.
- $0.7 million pre-tax ($0.5 million after-tax) expense in
connection with a divisional headquarters relocation.
- $0.3 million pre-tax ($0.3 million after-tax) recovery, net of
bad debt expense, associated with the Payless ShoeSource
bankruptcy.
- $0.5 million tax expense in connection with deferred tax
adjustments.
Reconciliations of amounts on a GAAP basis to
Adjusted amounts are presented in the Non-GAAP Reconciliation
tables at the end of this release and identify and quantify all
excluded items.
Conference Call Information
Interested stockholders are invited to listen to
the third quarter earnings conference call scheduled for today,
October 29, 2019, at 8:30 a.m. Eastern Time. The call will be
broadcast live over the Internet and can be accessed by logging
onto http://stevemadden.gcs-web.com. An online archive of the
broadcast will be available within one hour of the conclusion of
the call and will be accessible for a period of 30 days following
the call.
About Steve Madden
Steve Madden designs, sources and markets
fashion-forward footwear, accessories and apparel for women, men
and children. In addition to marketing products under its own
brands including Steve Madden®, Dolce Vita®, Betsey Johnson®,
Blondo®, Report®, Brian Atwood®, Cejon®, GREATS®, BB Dakota®, Mad
Love® and Big Buddha®, Steve Madden is a licensee of various
brands, including Anne Klein®, Kate Spade®, Superga® and
DKNY®. Steve Madden also designs and sources products under
private label brand names for various retailers. Steve
Madden’s wholesale distribution includes department stores,
specialty stores, luxury retailers, national chains and mass
merchants. Steve Madden also operates 227 retail stores
(including eight Internet stores). Steve Madden licenses
certain of its brands to third parties for the marketing and sale
of certain products, including ready-to-wear, outerwear, eyewear,
hosiery, jewelry, fragrance, luggage and bedding and bath
products. For local store information and the latest Steve
Madden booties, pumps, men’s and women’s boots, fashion sneakers,
dress shoes, sandals and more, visit
http://www.stevemadden.com.
Safe Harbor
This press release and oral statements made from
time to time by representatives of the Company contain certain
“forward looking statements” as that term is defined in the federal
securities laws. The events described in forward looking statements
may not occur. Generally, these statements relate to business plans
or strategies, projected or anticipated benefits or other
consequences of the Company’s plans or strategies, projected or
anticipated benefits from acquisitions to be made by the Company,
or projections involving anticipated revenues, earnings or other
aspects of the Company’s operating results. The words “may,”
“will,” “expect,” “believe,” “anticipate,” “project,” “plan,”
“intend,” “estimate,” and “continue,” and their opposites and
similar expressions are intended to identify forward looking
statements. The Company cautions you that these statements concern
current expectations about the Company’s future results and
condition and are not guarantees of future performance or events
and are subject to a number of uncertainties, risks and other
influences, many of which are beyond the Company’s control, that
may influence the accuracy of the statements and the projections
upon which the statements are based. Factors which may affect the
Company’s results include, but are not limited to, the risks and
uncertainties discussed in the Company’s Annual Report on Form
10-K, Quarterly Reports on Form 10-Q and Current Reports on Form
8-K filed with the Securities and Exchange Commission. Any one or
more of these uncertainties, risks and other influences could
materially affect the Company’s results of operations and financial
condition and whether forward looking statements made by the
Company ultimately prove to be accurate and, as such, the Company’s
actual results, performance and achievements could differ
materially from those expressed or implied in these forward looking
statements. The Company undertakes no obligation to publicly update
or revise any forward looking statements, whether as a result of
new information, future events or otherwise.
STEVEN MADDEN, LTD. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS DATA
(In thousands, except per share amounts)
(Unaudited)
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2019 |
|
September 30, 2018 |
|
September 30, 2019 |
|
September 30, 2018 |
|
|
|
|
|
|
|
|
Net sales |
$ |
497,308 |
|
|
$ |
458,482 |
|
|
$ |
1,353,222 |
|
|
$ |
1,243,249 |
|
Cost of sales |
306,277 |
|
|
283,265 |
|
|
|
839,849 |
|
|
|
779,525 |
|
Gross profit |
191,031 |
|
|
175,217 |
|
|
|
513,373 |
|
|
|
463,724 |
|
Commission and licensing fee income, net |
2,157 |
|
|
4,994 |
|
|
|
6,531 |
|
|
|
10,897 |
|
Operating expenses |
125,147 |
|
|
110,007 |
|
|
|
358,520 |
|
|
|
326,276 |
|
Impairment charges |
— |
|
|
— |
|
|
|
4,050 |
|
|
|
— |
|
Income from operations |
68,041 |
|
|
70,204 |
|
|
|
157,334 |
|
|
|
148,345 |
|
Interest and other income, net |
961 |
|
|
872 |
|
|
|
3,415 |
|
|
|
2,502 |
|
Income before provision for income taxes |
69,002 |
|
|
71,076 |
|
|
|
160,749 |
|
|
|
150,847 |
|
Provision for income taxes |
15,886 |
|
|
14,757 |
|
|
|
36,257 |
|
|
|
32,885 |
|
Net income |
53,116 |
|
|
56,319 |
|
|
|
124,492 |
|
|
|
117,962 |
|
Less: net income attributable
to noncontrolling interest |
653 |
|
|
756 |
|
|
|
932 |
|
|
|
1,316 |
|
Net income attributable to Steven Madden, Ltd. |
$ |
52,463 |
|
|
$ |
55,563 |
|
|
$ |
123,560 |
|
|
$ |
116,646 |
|
|
|
|
|
|
|
|
|
Basic income per share |
$ |
0.66 |
|
|
$ |
0.68 |
|
|
$ |
1.55 |
|
|
$ |
1.43 |
|
|
|
|
|
|
|
|
|
Diluted income per share |
$ |
0.63 |
|
|
$ |
0.64 |
|
|
$ |
1.48 |
|
|
$ |
1.35 |
|
|
|
|
|
|
|
|
|
Basic weighted average common
shares outstanding |
79,092 |
|
|
81,727 |
|
|
|
79,854 |
|
|
|
81,832 |
|
|
|
|
|
|
|
|
|
Diluted weighted average
common shares outstanding |
83,106 |
|
|
86,574 |
|
|
|
83,740 |
|
|
|
86,273 |
|
|
|
|
|
|
|
|
|
Cash dividends declared per
common share |
$ |
0.14 |
|
|
$ |
0.13 |
|
|
$ |
0.42 |
|
|
$ |
0.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STEVEN MADDEN, LTD. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
DATA
(In thousands)
|
|
|
As of |
|
|
|
September 30, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
(Unaudited) |
|
|
|
(Unaudited) |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
167,492 |
|
|
$ |
200,031 |
|
|
$ |
172,537 |
|
Marketable securities |
27,452 |
|
|
66,968 |
|
|
57,896 |
|
Accounts receivable, net |
335,503 |
|
|
266,452 |
|
|
332,049 |
|
Inventories |
148,053 |
|
|
137,247 |
|
|
147,491 |
|
Other current assets |
28,586 |
|
|
32,427 |
|
|
43,966 |
|
Property and equipment,
net |
60,662 |
|
|
64,807 |
|
|
65,472 |
|
Operating lease right-of-use
assets |
162,385 |
|
|
— |
|
|
— |
|
Goodwill and intangibles,
net |
334,341 |
|
|
291,423 |
|
|
295,269 |
|
Other assets |
17,991 |
|
|
13,215 |
|
|
10,379 |
|
Total assets |
$ |
1,282,465 |
|
|
$ |
1,072,570 |
|
|
$ |
1,125,059 |
|
|
|
|
|
|
|
Accounts payable |
$ |
90,278 |
|
|
$ |
79,802 |
|
|
$ |
94,636 |
|
Operating leases (current
& non-current) |
177,772 |
|
|
— |
|
|
— |
|
Other current liabilities |
124,356 |
|
|
141,887 |
|
|
121,894 |
|
Contingent payment
liability |
9,770 |
|
|
3,000 |
|
|
3,000 |
|
Other long-term
liabilities |
30,053 |
|
|
33,199 |
|
|
38,332 |
|
Total Steven Madden, Ltd.
stockholders’ equity |
838,738 |
|
|
805,814 |
|
|
859,770 |
|
Noncontrolling interest |
11,498 |
|
|
8,868 |
|
|
7,427 |
|
Total liabilities and
stockholders’ equity |
$ |
1,282,465 |
|
|
$ |
1,072,570 |
|
|
$ |
1,125,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
STEVEN MADDEN, LTD. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED CASH FLOW
DATA
(In thousands)
(Unaudited)
|
Nine Months Ended |
|
September 30, 2019 |
|
September 30, 2018 |
|
|
|
|
Net cash provided by operating activities |
$ |
83,158 |
|
|
$ |
46,466 |
|
|
|
|
|
Investing Activities |
|
|
|
Purchases of property and
equipment |
(9,211 |
) |
|
(8,164 |
) |
Sales of marketable
securities, net |
40,331 |
|
|
33,842 |
|
Acquisitions, net of cash
acquired |
(36,753 |
) |
|
— |
|
Net cash (used in) / provided
by investing activities |
(5,633 |
) |
|
25,678 |
|
|
|
|
|
Financing Activities |
|
|
|
Common stock share repurchases
for treasury |
(76,505 |
) |
|
(50,880 |
) |
Investment of noncontrolling
interest |
1,283 |
|
|
— |
|
Distribution of noncontrolling
interest earnings |
(1,113 |
) |
|
— |
|
Payment of contingent
liability |
— |
|
|
(7,000 |
) |
Proceeds from exercise of
stock options |
2,606 |
|
|
12,801 |
|
Cash dividends paid |
(35,805 |
) |
|
(35,147 |
) |
Net cash used in financing
activities |
(109,534 |
) |
|
(80,226 |
) |
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents |
(530 |
) |
|
(595 |
) |
|
|
|
|
Net decrease in cash and cash
equivalents |
(32,539 |
) |
|
(8,677 |
) |
|
|
|
|
Cash and cash equivalents -
beginning of period |
200,031 |
|
|
181,214 |
|
|
|
|
|
Cash and cash equivalents -
end of period |
$ |
167,492 |
|
|
$ |
172,537 |
|
|
|
|
|
|
|
|
|
STEVEN MADDEN, LTD. AND
SUBSIDIARIES
NON-GAAP RECONCILIATION
(In thousands, except per share amounts)
(Unaudited)
The Company uses non-GAAP financial information
to evaluate its operating performance and in order to represent the
manner in which the Company conducts and views its business.
Additionally, the Company believes the information assists
investors in comparing the Company’s performance across reporting
periods on a consistent basis by excluding items that are not
indicative of its core business. The non-GAAP financial information
is provided in addition to, and not as an alternative to, the
Company’s reported results prepared in accordance with GAAP.
Table 1 - Reconciliation of GAAP commission and licensing fee
income, net to Adjusted commission and licensing fee income,
net |
|
Nine Months Ended |
|
September 30, 2019 |
|
|
GAAP commission and licensing fee income, net |
$ |
6,531 |
|
|
|
Bad debt
expense, net of recovery, associated with the Payless ShoeSource
bankruptcy |
1,409 |
|
|
|
Adjusted commission and licensing fee income, net |
$ |
7,940 |
|
|
|
|
|
|
|
|
|
|
Table 2 - Reconciliation of GAAP operating expenses to Adjusted
operating expenses |
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2019 |
|
September 30, 2018 |
|
September 30, 2019 |
|
September 30, 2018 |
|
|
|
|
|
|
|
|
GAAP operating expenses |
$ |
125,147 |
|
|
$ |
110,007 |
|
|
$ |
358,520 |
|
|
$ |
326,276 |
|
|
|
|
|
|
|
|
|
Expense
in connection with provision for early lease termination charges
and impairment of lease right-of-use assets |
(3,131 |
) |
|
— |
|
|
(5,424 |
) |
|
— |
|
|
|
|
|
|
|
|
|
Net
benefit in connection with the change in a contingent liability and
the acceleration of amortization related to the termination of the
Kate Spade license agreement |
— |
|
|
— |
|
|
1,868 |
|
|
— |
|
|
|
|
|
|
|
|
|
Recovery
associated with the Payless ShoeSource bankruptcy |
— |
|
|
— |
|
|
1,668 |
|
|
— |
|
|
|
|
|
|
|
|
|
Expense
in connection with the acquisitions of GREATS and BB Dakota |
(1,078 |
) |
|
— |
|
|
(1,078 |
) |
|
— |
|
|
|
|
|
|
|
|
|
Expense
in connection with a divisional headquarters relocation |
— |
|
|
— |
|
|
(669 |
) |
|
— |
|
|
|
|
|
|
|
|
|
Expense
in connection with provision for legal charges |
— |
|
|
— |
|
|
— |
|
|
(2,837 |
) |
|
|
|
|
|
|
|
|
Expense
in connection with the integration of the Schwartz & Benjamin
acquisition and the related restructuring |
— |
|
|
(406 |
) |
|
— |
|
|
(1,787 |
) |
|
|
|
|
|
|
|
|
Expense
in connection with a warehouse consolidation |
— |
|
|
— |
|
|
— |
|
|
(1,241 |
) |
|
|
|
|
|
|
|
|
Adjusted operating expenses |
$ |
120,938 |
|
|
$ |
109,601 |
|
|
$ |
354,885 |
|
|
$ |
320,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 3 - Reconciliation of GAAP income from operations to Adjusted
income from operations |
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2019 |
|
September 30, 2018 |
|
September 30, 2019 |
|
September 30, 2018 |
|
|
|
|
|
|
|
|
GAAP income from operations |
$ |
68,041 |
|
|
$ |
70,204 |
|
|
$ |
157,334 |
|
|
$ |
148,345 |
|
|
|
|
|
|
|
|
|
Expense
in connection with provision for early lease termination charges
and impairment of lease right-of-use assets |
3,131 |
|
|
— |
|
|
5,424 |
|
|
— |
|
|
|
|
|
|
|
|
|
Impairment of the Brian Atwood trademark |
— |
|
|
— |
|
|
4,050 |
|
|
— |
|
|
|
|
|
|
|
|
|
Expense
in connection with the acquisitions of GREATS and BB Dakota |
1,078 |
|
|
— |
|
|
1,078 |
|
|
— |
|
|
|
|
|
|
|
|
|
Expense
in connection with a divisional headquarters relocation |
— |
|
|
— |
|
|
669 |
|
|
— |
|
|
|
|
|
|
|
|
|
Net
benefit in connection with the change in a contingent liability and
the acceleration of amortization related to the termination of the
Kate Spade license agreement |
— |
|
|
— |
|
|
(1,868 |
) |
|
— |
|
|
|
|
|
|
|
|
|
Recovery,
net of bad debt expense, associated with the Payless ShoeSource
bankruptcy |
— |
|
|
— |
|
|
(259 |
) |
|
— |
|
|
|
|
|
|
|
|
|
Expense
in connection with provision for legal charges |
— |
|
|
— |
|
|
— |
|
|
2,837 |
|
|
|
|
|
|
|
|
|
Expense
in connection with the integration of the Schwartz & Benjamin
acquisition and the related restructuring |
— |
|
|
406 |
|
|
— |
|
|
1,787 |
|
|
|
|
|
|
|
|
|
Expense
in connection with a warehouse consolidation |
— |
|
|
— |
|
|
— |
|
|
1,241 |
|
|
|
|
|
|
|
|
|
Adjusted income from operations |
$ |
72,250 |
|
|
$ |
70,610 |
|
|
$ |
166,428 |
|
|
$ |
154,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 4 - Reconciliation of GAAP provision for income taxes to
Adjusted provision for income taxes |
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2019 |
|
September 30, 2018 |
|
September 30, 2019 |
|
September 30, 2018 |
|
|
|
|
|
|
|
|
GAAP provision for income taxes |
$ |
15,886 |
|
|
$ |
14,757 |
|
|
$ |
36,257 |
|
|
$ |
32,885 |
|
|
|
|
|
|
|
|
|
Tax
effect of expense in connection with provision for early lease
termination charges and impairment of lease right-of-use
assets |
786 |
|
|
— |
|
|
1,361 |
|
|
— |
|
|
|
|
|
|
|
|
|
Tax
effect in connection with the impairment of the Brian Atwood
trademark |
— |
|
|
— |
|
|
1,017 |
|
|
— |
|
|
|
|
|
|
|
|
|
Tax
effect of expense in connection with the acquisitions of GREATS and
BB Dakota |
271 |
|
|
— |
|
|
271 |
|
|
— |
|
|
|
|
|
|
|
|
|
Tax
effect of expense in connection with a divisional headquarters
relocation |
— |
|
|
— |
|
|
168 |
|
|
— |
|
|
|
|
|
|
|
|
|
Tax
effect of the net benefit in connection with the change in a
contingent liability and the acceleration of amortization related
to the termination of the Kate Spade license agreement |
— |
|
|
— |
|
|
(469 |
) |
|
— |
|
|
|
|
|
|
|
|
|
Tax
effect of recovery, net of bad debt expense, associated with the
Payless ShoeSource bankruptcy |
— |
|
|
— |
|
|
85 |
|
|
— |
|
|
|
|
|
|
|
|
|
Tax
effect of expense in connection with provision for legal
charges |
— |
|
|
— |
|
|
— |
|
|
702 |
|
|
|
|
|
|
|
|
|
Tax
effect of expense in connection with the integration of the
Schwartz & Benjamin acquisition and the related
restructuring |
— |
|
|
102 |
|
|
— |
|
|
462 |
|
|
|
|
|
|
|
|
|
Tax
effect of expense in connection with a warehouse consolidation |
— |
|
|
— |
|
|
— |
|
|
327 |
|
|
|
|
|
|
|
|
|
Tax
expense in connection with deferred tax adjustments |
(383 |
) |
|
— |
|
|
(383 |
) |
|
— |
|
|
|
|
|
|
|
|
|
Tax
expense in connection with the impairment of the preferred interest
investment in Brian Atwood Italia Holding, LLC recorded in fourth
quarter 2017 |
— |
|
|
— |
|
|
— |
|
|
(1,028 |
) |
|
|
|
|
|
|
|
|
Adjusted provision for income taxes |
$ |
16,560 |
|
|
$ |
14,859 |
|
|
38,307 |
|
|
$ |
33,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 5 - Reconciliation of GAAP net income to Adjusted net
income |
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2019 |
|
September 30, 2018 |
|
September 30, 2019 |
|
September 30, 2018 |
|
|
|
|
|
|
|
|
GAAP net income attributable to Steven Madden, Ltd. |
$ |
52,463 |
|
|
$ |
55,563 |
|
|
$ |
123,560 |
|
|
$ |
116,646 |
|
|
|
|
|
|
|
|
|
After-tax
impact of expense in connection with early lease termination
charges and impairment of lease right-of-use assets |
2,345 |
|
|
— |
|
|
4,062 |
|
|
— |
|
|
|
|
|
|
|
|
|
After-tax
impact associated with the impairment related to the Brian Atwood
trademark |
— |
|
|
— |
|
|
3,033 |
|
|
— |
|
|
|
|
|
|
|
|
|
After-tax
impact of expense in connection with the acquisitions of GREATS and
BB Dakota |
808 |
|
|
— |
|
|
808 |
|
|
— |
|
|
|
|
|
|
|
|
|
After-tax
impact of expense in connection with a divisional headquarters
relocation |
— |
|
|
— |
|
|
501 |
|
|
— |
|
|
|
|
|
|
|
|
|
After-tax
impact of the net benefit in connection with the change in a
contingent liability and the acceleration of amortization related
to the termination of the Kate Spade license agreement |
— |
|
|
— |
|
|
(1,399 |
) |
|
— |
|
|
|
|
|
|
|
|
|
After-tax
impact of a recovery, net of bad debt expense, associated with the
Payless ShoeSource bankruptcy |
— |
|
|
— |
|
|
(344 |
) |
|
— |
|
|
|
|
|
|
|
|
|
After-tax
impact of expense in connection with provision for legal
charges |
— |
|
|
— |
|
|
— |
|
|
2,135 |
|
|
|
|
|
|
|
|
|
After-tax
impact of expense in connection with the integration of the
Schwartz & Benjamin acquisition and the related
restructuring |
— |
|
|
304 |
|
|
— |
|
|
1,325 |
|
|
|
|
|
|
|
|
|
After-tax
impact of expense in connection with a warehouse consolidation |
— |
|
|
— |
|
|
— |
|
|
914 |
|
|
|
|
|
|
|
|
|
Tax
expense in connection with the impairment of the preferred interest
investment in Brian Atwood Italia Holding, LLC recorded in fourth
quarter 2017 |
— |
|
|
— |
|
|
— |
|
|
1,028 |
|
|
|
|
|
|
|
|
|
Tax
expense in connection with deferred tax adjustments |
383 |
|
|
— |
|
|
383 |
|
|
— |
|
|
|
|
|
|
|
|
|
Adjusted
net income attributable to Steven Madden, Ltd. |
$ |
55,999 |
|
|
$ |
55,867 |
|
|
$ |
130,604 |
|
|
$ |
122,048 |
|
|
|
|
|
|
|
|
|
GAAP
diluted income per share |
$ |
0.63 |
|
|
$ |
0.64 |
|
|
$ |
1.48 |
|
|
$ |
1.35 |
|
|
|
|
|
|
|
|
|
Adjusted diluted income per share |
$ |
0.67 |
|
|
$ |
0.65 |
|
|
$ |
1.56 |
|
|
$ |
1.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact
Steven Madden, Ltd.Director of Corporate Development &
Investor RelationsDanielle
McCoy718-308-2611InvestorRelations@stevemadden.com
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