Steven Madden, Ltd. (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 second
quarter ended June 30, 2021.
Amounts referred to as “Adjusted”
exclude the items that are described under the heading “Non-GAAP
Adjustments.”
Second Quarter 2021 Review
- Revenue increased 178.6% to $397.9 million compared to
$142.8 million in the same period of 2020.
- Gross margin increased to 42.7% compared to 39.1% in the same
period of 2020.
- Operating expenses as a percentage of revenue were 30.6%
compared to 54.9% in the same period of 2020. Adjusted
operating expenses as a percentage of revenue were 29.9% compared
to 53.8% in the same period of 2020.
- Income from operations totaled $47.7 million, or 12.0% of
revenue, compared to loss from operations of ($23.7) million, or
(16.6%) of revenue, in the same period of 2020. Adjusted
income from operations was $51.0 million, or 12.8% of revenue,
compared to Adjusted loss from operations of ($21.0) million, or
(14.7%) of revenue, in the same period of 2020.
- Net income attributable to Steven Madden, Ltd. was $36.9
million, or $0.45 per diluted share, compared to net loss
attributable to Steven Madden, Ltd. of ($16.6) million, or ($0.21)
per diluted share, in the same period of 2020. Adjusted net
income attributable to Steven Madden, Ltd. was $39.7 million, or
$0.48 per diluted share, compared to Adjusted net loss attributable
to Steven Madden, Ltd. of ($14.7) million, or ($0.19) per diluted
share, in the same period of 2020.
Edward Rosenfeld, Chairman and Chief Executive
Officer, commented, “We are excited about the strong and
accelerated recovery we are seeing in our business. Our
second quarter results significantly exceeded our expectations,
with earnings slightly ahead of pre-COVID-19 second quarter
2019. Our retail segment was the standout, as the exceptional
performance in our e-commerce business – fueled by the trend-right
product assortments created by Steve and our design teams combined
with effective digital marketing – drove an increase in retail
revenue of 63% compared to pre-COVID-19 second quarter 2019.
Looking ahead, while the environment remains volatile, we are
confident that the strength of our brands and momentum in our
business position us to drive revenue and earnings growth in the
back half of 2021 and beyond.”
Second Quarter 2021
Segment Results
Revenue for the wholesale business was $262.1
million, a 162.2% increase compared to the second quarter of 2020,
with a 154.1% increase in wholesale footwear and a 190.7% increase
in wholesale accessories/apparel. Gross margin in the
wholesale business rose to 30.6% compared to 26.6% in the second
quarter of 2020.
Retail revenue was $132.7 million, a 220.6% increase compared to
the second quarter of 2020. Retail gross margin decreased to
65.4% compared to 67.4% in the second quarter of 2020.
The Company ended the quarter with 216 company-operated retail
stores, including six internet stores, as well as 15
company-operated concessions in international markets.
Balance Sheet and Cash Flow
During the second quarter of 2021, the Company
repurchased 876,241 shares of the Company’s common stock for
approximately $37.2 million, which includes shares acquired through
the net settlement of employees’ stock awards.
As of June 30, 2021, cash, cash equivalents
and short-term investments totaled $302.7 million.
Quarterly Cash Dividend
The Company’s Board of Directors approved a
quarterly cash dividend of $0.15 per share. The dividend is
payable on September 27, 2021 to stockholders of record as of the
close of business on September 17, 2021.
Fiscal 2021 Outlook
For fiscal 2021, the Company expects revenue
will increase 43% to 47% over fiscal 2020. The Company
expects diluted EPS will be in the range of $1.90 to $2.00 and
Adjusted diluted EPS will be in the range of $2.00 to
$2.10.
Non-GAAP Adjustments
Amounts referred to as “Adjusted” exclude the
items below.
For the second quarter of 2021:
- $8.0 million pre-tax ($6.1 million after-tax) benefit
associated with the sale of a trademark, included in operating
expenses.
- $7.4 million pre-tax ($5.6 million after-tax) expense in
connection with the change in valuation of contingent
considerations, included in operating expenses.
- $2.9 million pre-tax ($2.2 million after-tax) expense in
connection with payments related to rent restructuring of various
leases, included in operating expenses.
- $0.5 million pre-tax ($0.4 million after-tax) expense in
connection with restructuring and related charges, included in
operating expenses.
- $0.5 million pre-tax ($0.4 million after-tax) expense in
connection with the impairment of fixed assets and lease
right-of-use assets.
- $0.5 million pre-tax ($0.4 million after-tax) expense in
connection with the write-off of an investment, included in
interest and other (expense) / income, net.
For the second quarter of 2020:
- $5.4 million pre-tax ($4.1 million after-tax) expense in
connection with restructuring and related charges, included in
operating expenses.
- $4.6 million pre-tax ($3.5 million after-tax) benefit in
connection with a change in valuation of contingent considerations,
included in operating expenses.
- $1.2 million pre-tax ($0.9 million after-tax) expense in
connection with the impairment of fixed assets and lease
right-of-use assets.
- $0.7 million pre-tax ($0.6 million after-tax) expense in
connection with benefits provided to furloughed employees, included
in operating expenses.
- $0.2 million loss in connection with the impairment of lease
right-of-use assets, trademark and other attributable to
noncontrolling interest.
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 first quarter 2021 earnings conference call scheduled for
today, July 28, 2021, at 8:30 a.m. Eastern Time. The call
will be broadcast live over the Internet and can be accessed by
logging onto https://investor.stevemadden.com. An online
archive of the broadcast will be available within two hours of the
conclusion of the call and will remain available for 12 months
following the live 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®, GREATS®, BB Dakota® and Mad Love®, Steve Madden is a
licensee of various brands, including Anne Klein® and Superga®.
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, mass merchants and online
retailers. Steve Madden also operates retail stores and
e-commerce websites. Steve Madden licenses certain of its
brands to third parties for the marketing and sale of certain
products, including outerwear, eyewear, hosiery, sunglasses,
jewelry, fragrance, luggage and bedding and bath products.
For local store information and the latest Steve Madden booties,
pumps, men’s and women’s fashion sneakers, sandals, dress shoes,
boots, slippers and more, visit http://www.stevemadden.com.
Safe Harbor Statement Under the U.S.
Private Securities Litigation Reform Act of 1995
This press release contains “forward-looking
statements” within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995.
Examples of forward-looking statements include, among others,
statements regarding revenue and earnings guidance, plans,
strategies, objectives, expectations and intentions.
Forward-looking statements can be identified by words such as:
“may”, “will”, “expect”, “believe”, “should”, “anticipate”,
“project”, “predict”, “plan”, “intend”, or “estimate”, and similar
expressions or the negative of these expressions.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they represent the
Company’s current beliefs, expectations and assumptions regarding
anticipated events and trends affecting its business and industry
based on information available as of the time such statements are
made. Investors are cautioned that such forward-looking
statements are inherently subject to risks and uncertainties, many
of which cannot be predicted with accuracy and some of which may be
outside of the Company’s control. The Company’s actual
results and financial condition may differ materially from those
indicated in these forward-looking statements. As such,
investors should not rely upon them. Important risk factors
include:
- the Company’s ability to maintain adequate liquidity when
negatively impacted by unforeseen events such as an epidemic or
pandemic (COVID-19), which may cause disruption to the Company’s
business operations for an indeterminable period of time;
- the Company’s ability to accurately anticipate fashion trends
and promptly respond to consumer demand;
- the Company’s ability to compete effectively in a highly
competitive market;
- the Company’s ability to adapt its business model to rapid
changes in the retail industry;
- the Company’s dependence on the retention and hiring of key
personnel;
- the Company’s ability to successfully implement growth
strategies and integrate acquired businesses;
- the Company’s reliance on independent manufacturers to produce
and deliver products in a timely manner, especially when faced with
adversities such as work stoppages, transportation delays, public
health emergencies, social unrest, changes in local economic
conditions, and political upheavals as well as meet the Company’s
quality standards;
- changes in trade policies and tariffs imposed by the United
States government and the governments of other nations in which the
Company manufactures and sells products;
- disruptions to product delivery systems and the Company’s
ability to properly manage inventory;
- the Company’s ability to adequately protect its trademarks and
other intellectual property rights;
- legal, regulatory, political and economic risks that may affect
the Company’s sales in international markets;
- changes in U.S. and foreign tax laws that could have an adverse
effect on the Company’s financial results;
- additional tax liabilities resulting from audits by various
taxing authorities;
- the Company’s ability to achieve operating results that are
consistent with prior financial guidance; and
- other risks and uncertainties indicated from time to time in
the Company’s filings with the Securities and Exchange
Commission.
The Company does not undertake any obligation to
publicly update any forward-looking statement, including, without
limitation, any guidance regarding revenue or earnings, whether as
a result of new information, future developments or otherwise.
STEVEN MADDEN, LTD. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS DATA
(In thousands, except per share amounts)
(Unaudited)
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
394,797 |
|
|
$ |
141,363 |
|
|
$ |
753,698 |
|
|
$ |
497,047 |
|
Commission and licensing fee
income |
|
3,097 |
|
|
1,449 |
|
|
5,221 |
|
|
4,933 |
|
Total revenue |
|
397,894 |
|
|
142,812 |
|
|
758,919 |
|
|
501,980 |
|
Cost of sales |
|
227,839 |
|
|
86,924 |
|
|
449,760 |
|
|
312,628 |
|
Gross profit |
|
170,055 |
|
|
55,888 |
|
|
309,159 |
|
|
189,352 |
|
Operating expenses |
|
121,860 |
|
|
78,412 |
|
|
232,308 |
|
|
199,785 |
|
Impairment of fixed assets and
lease right-of-use assets |
|
477 |
|
|
1,178 |
|
|
1,089 |
|
|
29,999 |
|
Impairment of intangibles |
|
— |
|
|
— |
|
|
— |
|
|
9,518 |
|
Income / (loss) from
operations |
|
47,718 |
|
|
(23,702 |
) |
|
75,762 |
|
|
(49,950 |
) |
Interest and other (expense) /
income, net |
|
(777 |
) |
|
357 |
|
|
(814 |
) |
|
1,403 |
|
Income / (loss) before
provision for income taxes |
|
46,941 |
|
|
(23,345 |
) |
|
74,948 |
|
|
(48,547 |
) |
Provision / (benefit) for
income taxes |
|
9,600 |
|
|
(6,201 |
) |
|
15,276 |
|
|
(13,602 |
) |
Net income / (loss) |
|
37,341 |
|
|
(17,144 |
) |
|
59,672 |
|
|
(34,945 |
) |
Less: net income / (loss)
attributable to noncontrolling interest |
|
489 |
|
|
(558 |
) |
|
1,623 |
|
|
(908 |
) |
Net income / (loss)
attributable to Steven Madden, Ltd. |
|
$ |
36,852 |
|
|
$ |
(16,586 |
) |
|
$ |
58,049 |
|
|
$ |
(34,037 |
) |
|
|
|
|
|
|
|
|
|
Basic net income / (loss) per
share |
|
$ |
0.47 |
|
|
$ |
(0.21 |
) |
|
$ |
0.74 |
|
|
$ |
(0.43 |
) |
|
|
|
|
|
|
|
|
|
Diluted net income / (loss)
per share |
|
$ |
0.45 |
|
|
$ |
(0.21 |
) |
|
$ |
0.71 |
|
|
$ |
(0.43 |
) |
|
|
|
|
|
|
|
|
|
Basic weighted average common
shares outstanding |
|
78,899 |
|
|
78,517 |
|
|
78,968 |
|
|
78,696 |
|
|
|
|
|
|
|
|
|
|
Diluted weighted average
common shares outstanding |
|
82,061 |
|
|
78,517 |
|
|
81,981 |
|
|
78,696 |
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per
common share |
|
$ |
0.15 |
|
|
$ |
— |
|
|
$ |
0.30 |
|
|
$ |
0.15 |
|
STEVEN MADDEN, LTD. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
DATA
(In thousands)
|
|
|
|
As of |
|
|
|
|
June 30, 2021 |
|
December 31, 2020 |
|
June 30, 2020 |
|
|
(Unaudited) |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
262,144 |
|
|
$ |
247,864 |
|
|
$ |
318,101 |
|
Short-term investments and
marketable securities |
|
40,513 |
|
|
39,302 |
|
|
38,837 |
|
Accounts receivable, net |
|
279,143 |
|
|
277,715 |
|
|
143,679 |
|
Inventories |
|
125,525 |
|
|
101,420 |
|
|
103,282 |
|
Other current assets |
|
36,455 |
|
|
31,940 |
|
|
32,022 |
|
Property and equipment,
net |
|
38,213 |
|
|
43,268 |
|
|
49,594 |
|
Operating lease right-of-use
assets |
|
97,222 |
|
|
101,379 |
|
|
120,489 |
|
Goodwill and intangibles,
net |
|
282,952 |
|
|
283,456 |
|
|
315,742 |
|
Other assets |
|
10,976 |
|
|
11,417 |
|
|
10,646 |
|
Total assets |
|
$ |
1,173,143 |
|
|
$ |
1,137,761 |
|
|
$ |
1,132,392 |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
91,822 |
|
|
$ |
73,904 |
|
|
$ |
42,474 |
|
Operating leases (current
& non-current) |
|
125,740 |
|
|
132,849 |
|
|
151,520 |
|
Other current liabilities |
|
150,115 |
|
|
127,755 |
|
|
115,866 |
|
Advances from factor |
|
— |
|
|
— |
|
|
42,662 |
|
Contingent payment liability
(current & non-current) |
|
8,041 |
|
|
207 |
|
|
1,829 |
|
Other long-term
liabilities |
|
14,903 |
|
|
12,677 |
|
|
10,921 |
|
Total Steven Madden, Ltd.
stockholders’ equity |
|
774,335 |
|
|
776,586 |
|
|
755,084 |
|
Noncontrolling interest |
|
8,187 |
|
|
13,783 |
|
|
12,036 |
|
Total liabilities and
stockholders’ equity |
|
$ |
1,173,143 |
|
|
$ |
1,137,761 |
|
|
$ |
1,132,392 |
|
STEVEN MADDEN, LTD. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED CASH FLOW
DATA
(In thousands)
(Unaudited)
|
|
Six Months Ended |
|
|
June 30, 2021 |
|
June 30, 2020 |
|
|
|
|
|
Net cash provided by operating activities |
|
$ |
91,924 |
|
|
$ |
57,867 |
|
|
|
|
|
|
Investing Activities |
|
|
|
|
Capital expenditures |
|
(2,782 |
) |
|
(4,320 |
) |
Proceeds from sale of a
trademark |
|
8,000 |
|
|
— |
|
Purchases of marketable
securities and short-term investments, net |
|
(114 |
) |
|
(162 |
) |
Net cash provided by / (used
in) investing activities |
|
5,104 |
|
|
(4,482 |
) |
|
|
|
|
|
Financing Activities |
|
|
|
|
Common stock purchased for
treasury |
|
(42,794 |
) |
|
(29,678 |
) |
Acquisition of incremental
ownership of joint ventures |
|
(19,127 |
) |
|
— |
|
Investment of noncontrolling
interest |
|
— |
|
|
359 |
|
Distribution of noncontrolling
interest earnings |
|
(2,859 |
) |
|
— |
|
Proceeds from exercise of
stock options |
|
6,823 |
|
|
960 |
|
Cash dividends paid |
|
(24,773 |
) |
|
(12,459 |
) |
Advances from factor, net |
|
— |
|
|
42,662 |
|
Net cash (used in) / provided
by financing activities |
|
(82,730 |
) |
|
1,844 |
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents |
|
(18 |
) |
|
(1,229 |
) |
|
|
|
|
|
Net increase in cash and cash
equivalents |
|
14,280 |
|
|
54,000 |
|
|
|
|
|
|
Cash and cash equivalents -
beginning of period |
|
247,864 |
|
|
264,101 |
|
|
|
|
|
|
Cash and cash equivalents -
end of period |
|
$ |
262,144 |
|
|
$ |
318,101 |
|
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 operating expenses to Adjusted
operating expenses |
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
|
$ |
121,860 |
|
|
$ |
78,412 |
|
|
$ |
232,308 |
|
|
$ |
199,785 |
|
|
|
|
|
|
|
|
|
|
Expense
in connection with payments related to rent restructuring of
various leases and lease terminations |
|
(2,912 |
) |
|
— |
|
|
(9,505 |
) |
|
(142 |
) |
|
|
|
|
|
|
|
|
|
Recovery
in connection with the Payless ShoeSource bankruptcy |
|
— |
|
|
— |
|
|
917 |
|
|
|
|
|
|
|
|
|
|
|
|
Expense
in connection with restructuring and related charges |
|
(488 |
) |
|
(5,414 |
) |
|
(1,294 |
) |
|
(5,414 |
) |
|
|
|
|
|
|
|
|
|
(Expense)
/ benefit in connection with the change in valuation of contingent
considerations |
|
(7,364 |
) |
|
4,611 |
|
|
(7,834 |
) |
|
4,611 |
|
|
|
|
|
|
|
|
|
|
Expense
in connection with benefits provided to furloughed employees |
|
— |
|
|
(733 |
) |
|
— |
|
|
(1,991 |
) |
|
|
|
|
|
|
|
|
|
Expense
in connection with loan receivable |
|
— |
|
|
— |
|
|
— |
|
|
(697 |
) |
|
|
|
|
|
|
|
|
|
Sale of
trademark |
|
8,000 |
|
|
— |
|
|
8,000 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Adjusted operating expenses |
|
$ |
119,096 |
|
|
$ |
76,876 |
|
|
$ |
222,592 |
|
|
$ |
196,152 |
|
Table 2 - Reconciliation of GAAP income / (loss) from operations to
Adjusted income / (loss) from operations |
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
GAAP income / (loss) from operations |
|
$ |
47,718 |
|
|
$ |
(23,702 |
) |
|
$ |
75,762 |
|
|
$ |
(49,950 |
) |
|
|
|
|
|
|
|
|
|
Expense
in connection with payments related to rent restructuring of
various leases and lease terminations |
|
2,912 |
|
|
— |
|
|
9,505 |
|
|
142 |
|
|
|
|
|
|
|
|
|
|
Recovery
in connection with the Payless ShoeSource bankruptcy |
|
— |
|
|
— |
|
|
(917 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
Expense
in connection with restructuring and related charges |
|
488 |
|
|
5,414 |
|
|
1,294 |
|
|
5,414 |
|
|
|
|
|
|
|
|
|
|
Impairment of fixed assets and lease right-of-use assets |
|
477 |
|
|
1,178 |
|
|
1,089 |
|
|
29,999 |
|
|
|
|
|
|
|
|
|
|
Expense /
(benefit) in connection with the change in valuation of contingent
considerations |
|
7,364 |
|
|
(4,611 |
) |
|
7,834 |
|
|
(4,611 |
) |
|
|
|
|
|
|
|
|
|
Expense
in connection with benefits provided to furloughed employees |
|
— |
|
|
733 |
|
|
— |
|
|
1,991 |
|
|
|
|
|
|
|
|
|
|
Expense
in connection with loan receivable |
|
— |
|
|
— |
|
|
— |
|
|
697 |
|
|
|
|
|
|
|
|
|
|
Sale of
trademark |
|
(8,000 |
) |
|
— |
|
|
(8,000 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
Impairment of certain trademarks |
|
— |
|
|
— |
|
|
— |
|
|
9,518 |
|
|
|
|
|
|
|
|
|
|
Adjusted income / (loss) from operations |
|
$ |
50,959 |
|
|
$ |
(20,988 |
) |
|
$ |
86,567 |
|
|
$ |
(6,800 |
) |
Table 3 - Reconciliation of GAAP interest and other (expense) /
income, net to Adjusted interest and other (expense) / income,
net |
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
GAAP interest and other (expense) / income, net |
|
$ |
(777 |
) |
|
$ |
357 |
|
|
$ |
(814 |
) |
|
$ |
1,403 |
|
|
|
|
|
|
|
|
|
|
Write-off
of investment |
|
500 |
|
|
— |
|
|
500 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted interest and other (expense) / income, net |
|
$ |
(277 |
) |
|
$ |
357 |
|
|
$ |
(314 |
) |
|
$ |
1,403 |
|
Table 4 - Reconciliation of GAAP provision / (benefit) for income
taxes to Adjusted provision / (benefit) for income taxes |
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
GAAP provision / (benefit) for income taxes |
|
$ |
9,600 |
|
|
$ |
(6,201 |
) |
|
$ |
15,276 |
|
|
$ |
(13,602 |
) |
|
|
|
|
|
|
|
|
|
Tax
effect of expense in connection with payments related to rent
restructuring of various leases and lease terminations |
|
694 |
|
|
— |
|
|
2,251 |
|
|
34 |
|
|
|
|
|
|
|
|
|
|
Tax
effect of recovery in connection with the Payless ShoeSource
bankruptcy |
|
— |
|
|
— |
|
|
(201 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
Tax
effect of expense in connection with restructuring and related
charges |
|
115 |
|
|
1,284 |
|
|
305 |
|
|
1,284 |
|
|
|
|
|
|
|
|
|
|
Tax
effect of impairment of fixed assets and lease right-of-use
assets |
|
113 |
|
|
277 |
|
|
275 |
|
|
7,243 |
|
|
|
|
|
|
|
|
|
|
Tax
effect of expense / (benefit) in connection with the change in
valuation of contingent considerations |
|
1,742 |
|
|
(1,092 |
) |
|
1,853 |
|
|
(1,092 |
) |
|
|
|
|
|
|
|
|
|
Tax
effect of expense in connection with benefits provided to
furloughed employees |
|
— |
|
|
174 |
|
|
— |
|
|
472 |
|
|
|
|
|
|
|
|
|
|
Tax
effect of expense in connection with provision for loan
receivable |
|
— |
|
|
— |
|
|
— |
|
|
165 |
|
|
|
|
|
|
|
|
|
|
Tax
effect of write-off of investment |
|
118 |
|
|
— |
|
|
118 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Tax
effect of sale of trademark |
|
(1,893 |
) |
|
— |
|
|
(1,893 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
Tax
effect of impairment of certain trademarks |
|
— |
|
|
— |
|
|
— |
|
|
2,254 |
|
|
|
|
|
|
|
|
|
|
Adjusted provision / (benefit) for income taxes |
|
$ |
10,489 |
|
|
$ |
(5,558 |
) |
|
$ |
17,984 |
|
|
$ |
(3,242 |
) |
Table 5 - Reconciliation of GAAP net income / (loss) attributable
to noncontrolling interest to Adjusted net income / (loss)
attributable to noncontrolling interest |
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
GAAP net income / (loss) attributable to noncontrolling
interest |
|
$ |
489 |
|
|
$ |
(558 |
) |
|
$ |
1,623 |
|
|
$ |
(908 |
) |
|
|
|
|
|
|
|
|
|
Adjustments attributable to noncontrolling interest |
|
— |
|
|
163 |
|
|
24 |
|
|
470 |
|
|
|
|
|
|
|
|
|
|
Adjusted net income / (loss) attributable to noncontrolling
interest |
|
$ |
489 |
|
|
$ |
(395 |
) |
|
$ |
1,647 |
|
|
$ |
(438 |
) |
Table 6 - Reconciliation of GAAP income / (loss) attributable to
Steven Madden, Ltd. to Adjusted net income / (loss) attributable to
Steven Madden, Ltd. |
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
GAAP net income / (loss) attributable to Steven Madden, Ltd. |
|
$ |
36,852 |
|
|
$ |
(16,586 |
) |
|
$ |
58,049 |
|
|
$ |
(34,037 |
) |
|
|
|
|
|
|
|
|
|
After-tax
impact of expense in connection with payments related to rent
restructuring of various leases and lease terminations |
|
2,218 |
|
|
— |
|
|
7,254 |
|
|
109 |
|
|
|
|
|
|
|
|
|
|
After-tax
impact of recovery in connection with the Payless ShoeSource
bankruptcy |
|
— |
|
|
— |
|
|
(716 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
After-tax
impact of expense in connection with restructuring and related
charges |
|
372 |
|
|
4,130 |
|
|
988 |
|
|
4,130 |
|
|
|
|
|
|
|
|
|
|
After-tax
impact of impairment of store assets and lease right-of-use
assets |
|
364 |
|
|
900 |
|
|
814 |
|
|
22,755 |
|
|
|
|
|
|
|
|
|
|
After-tax
impact of expense / (benefit) in connection with the change in
valuation of contingent considerations |
|
5,621 |
|
|
(3,519 |
) |
|
5,980 |
|
|
(3,519 |
) |
|
|
|
|
|
|
|
|
|
After-tax
impact of expense in connection with benefits provided to
furloughed employees |
|
— |
|
|
560 |
|
|
— |
|
|
1,520 |
|
|
|
|
|
|
|
|
|
|
After-tax
impact of expense in connection with provision for loan
receivable |
|
— |
|
|
— |
|
|
— |
|
|
532 |
|
|
|
|
|
|
|
|
|
|
After-tax
impact of write-off of investment |
|
382 |
|
|
— |
|
|
382 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
After-tax
impact of sale of trademark |
|
(6,107 |
) |
|
— |
|
|
(6,107 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
After-tax
impact of impairment of certain trademarks |
|
— |
|
|
— |
|
|
— |
|
|
7,265 |
|
|
|
|
|
|
|
|
|
|
Less:
Adjustments attributable to noncontrolling interest |
|
— |
|
|
(163 |
) |
|
(24 |
) |
|
(470 |
) |
|
|
|
|
|
|
|
|
|
Adjusted
net income / (loss) attributable to Steven Madden, Ltd. |
|
$ |
39,702 |
|
|
$ |
(14,678 |
) |
|
$ |
66,620 |
|
|
$ |
(1,715 |
) |
|
|
|
|
|
|
|
|
|
GAAP
diluted income / (loss) per share |
|
$ |
0.45 |
|
|
$ |
(0.21 |
) |
|
$ |
0.71 |
|
|
$ |
(0.43 |
) |
|
|
|
|
|
|
|
|
|
Adjusted diluted income / (loss) per share |
|
$ |
0.48 |
|
|
$ |
(0.19 |
) |
|
$ |
0.81 |
|
|
$ |
(0.02 |
) |
Contact
Steven Madden, Ltd.Director of Corporate Development &
Investor RelationsDanielle
McCoy718-308-2611InvestorRelations@stevemadden.com
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