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 third
quarter ended September 30, 2022.
Amounts referred to as “Adjusted”
exclude the items defined as “Non-GAAP Adjustments” in the
“Non-GAAP Reconciliation” section.
Third Quarter
2022 Review
- Revenue increased 5.3% to
$556.6 million compared to $528.7 million in the same period
of 2021.
- Gross profit as a percentage of revenue was 41.2% compared to
41.6% in the same period of 2021.
- Operating expenses as a percentage
of revenue was 27.1% compared to 24.9% in the same period of 2021.
Adjusted operating expenses as a percentage of revenue was 27.0% in
the third quarter of 2022.
- Income from operations totaled
$78.8 million, or 14.1% of revenue, compared to
$88.4 million, or 16.7% of revenue, in the same period of
2021. Adjusted income from operations totaled $79.0 million, or
14.2% of revenue, in the third quarter of 2022.
- Net income attributable to Steven
Madden, Ltd. was $61.3 million, or $0.79 per diluted share,
compared to $66.6 million, or $0.82 per diluted share, in the
same period of 2021. Adjusted net income attributable to Steven
Madden, Ltd. was $61.5 million, or $0.79 per diluted share, in the
third quarter of 2022.
Edward Rosenfeld, Chairman and Chief Executive
Officer, commented, “We delivered solid results in the third
quarter despite the challenging environment, with revenue
increasing 5% and earnings in line with expectations. Consumer
demand for our brands and products remains healthy, and our
direct-to-consumer business continues to trend in line with
previous expectations. That said, many of our wholesale customers
have pulled back on orders in the near term as they prioritize
inventory control, and we have adjusted our fiscal 2022 outlook
accordingly.
“While we expect the macroeconomic backdrop to
remain unpredictable in the coming quarters, we believe we are
well-positioned due to our strong brands, agile business model and
proven ability to navigate difficult market conditions. Looking out
further, we are confident that our unique competitive advantages
will enable us to drive sustainable growth and value creation over
the long term.”
Third Quarter
2022 Channel Results
Revenue for the wholesale business was
$434.6 million, an 8.1% increase compared to the third quarter
of 2021. Wholesale footwear revenue increased 8.7% and wholesale
accessories/apparel revenue rose 6.2%, each driven by strong growth
in the branded business partially offset by a decline in private
label. Gross profit as a percentage of wholesale revenue increased
to 35.3% compared to 33.6% in the third quarter of 2021 due to a
mix shift to the higher-margin branded business.
Direct-to-consumer revenue was
$118.5 million, a 3.7% decrease compared to the third quarter
of 2021 driven by a decline in the e-commerce business;
brick-and-mortar revenue was approximately flat to the third
quarter of 2021. Gross profit as a percentage of direct-to-consumer
revenue was 61.2% compared to 65.9% in the third quarter of 2021
due to increased promotional activity.
The Company ended the quarter with 216
brick-and-mortar retail stores and six e-commerce websites, as well
as 20 company-operated concessions in international markets.
Balance Sheet and Cash Flow
Highlights
As of September 30, 2022, cash, cash
equivalents and short-term investments totaled
$148.2 million.
During the third quarter of 2022, the Company
repurchased approximately $35.1 million of the Company’s common
stock, which includes shares acquired through the net settlement of
employees’ stock awards.
Quarterly Cash Dividend
The Company’s Board of Directors approved a
quarterly cash dividend of $0.21 per share. The dividend is payable
on December 30, 2022 to stockholders of record as of the close of
business on December 16, 2022.
Updating Fiscal 2022
Outlook
The Company is updating its fiscal 2022
guidance. For fiscal 2022, the Company now expects revenue will
increase 12.5% to 13.5% over fiscal 2021. The Company now expects
diluted EPS will be in the range of $2.77 to $2.79. The Company now
expects Adjusted diluted EPS will be in the range of $2.77 to
$2.82.
Conference Call Information
Interested stockholders are invited to listen to
the conference call scheduled for today, November 2, 2022, at 8:30
a.m. Eastern Time, which will include a discussion of the Company's
third quarter 2022 earnings results and updated fiscal year
outlook. The call will be webcast live on the Company’s website at
https://investor.stevemadden.com. The webcast is listen-only. Those
interested in participating in the question-and-answer session may
register for the conference call here. A webcast replay of the
conference call will be available on the Company's website or via
the following webcast link
https://edge.media-server.com/mmc/p/h2xzs5sk beginning today at
approximately 10:00 a.m. Eastern Time.
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, mass merchants, off-price
retailers, shoe chains, online retailers, national chains,
specialty retailers and independent stores. Steve Madden also
operates brick-and-mortar 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, sunglasses, hosiery, jewelry, watches, fragrance, luggage,
bedding and bath products as well as other select product
categories. For local store information and the latest boots,
booties, dress shoes, fashion sneakers, sandals, slippers and more,
please visit www.stevemadden.com, www.dolcevita.com and the
Company's other branded websites.
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”, “estimate”, or “confident” 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 navigate
shifting macro-economic environments including inflation and the
potential for recessionary conditions;
- 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;
- supply chain disruptions to product
delivery systems and logistics, and the Company’s ability to
properly manage inventory;
- 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;
- 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;
- 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;
- the Company’s ability to adequately
protect its trademarks and other intellectual property rights;
- the Company’s ability to maintain
adequate liquidity when negatively impacted by unforeseen events
such as an epidemic or a pandemic, which may cause disruption to
the Company’s business operations for an indeterminable period of
time;
- 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;
- cybersecurity risks and costs of
defending against, mitigating, and responding to data security
threats and breaches impacting the Company;
- 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, and disclaims,
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 STATEMENTS OF
INCOME
(In thousands, except per share
amounts)(Unaudited)
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, 2022 |
|
September 30, 2021 |
|
September 30, 2022 |
|
September 30, 2021 |
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
553,120 |
|
$ |
525,067 |
|
|
$ |
1,643,144 |
|
$ |
1,278,765 |
|
Commission and licensing fee
income |
|
|
3,523 |
|
|
3,675 |
|
|
|
8,222 |
|
|
8,896 |
|
Total revenue |
|
|
556,643 |
|
|
528,742 |
|
|
|
1,651,366 |
|
|
1,287,661 |
|
Cost of sales |
|
|
327,167 |
|
|
308,744 |
|
|
|
976,227 |
|
|
758,504 |
|
Gross profit |
|
|
229,476 |
|
|
219,998 |
|
|
|
675,139 |
|
|
529,157 |
|
Operating expenses |
|
|
150,724 |
|
|
131,580 |
|
|
|
433,252 |
|
|
363,888 |
|
Impairment of fixed assets and
lease right-of-use assets |
|
|
— |
|
|
— |
|
|
|
— |
|
|
1,089 |
|
Income from operations |
|
|
78,752 |
|
|
88,418 |
|
|
|
241,887 |
|
|
164,180 |
|
Interest and other
income/(expense) – net |
|
|
1,340 |
|
|
(202 |
) |
|
|
106 |
|
|
(1,016 |
) |
Income before provision for
income taxes |
|
|
80,092 |
|
|
88,216 |
|
|
|
241,993 |
|
|
163,164 |
|
Provision for income
taxes |
|
|
18,335 |
|
|
21,551 |
|
|
|
56,728 |
|
|
36,827 |
|
Net income |
|
|
61,757 |
|
|
66,665 |
|
|
|
185,265 |
|
|
126,337 |
|
Less: net income attributable
to noncontrolling interest |
|
|
460 |
|
|
22 |
|
|
|
995 |
|
|
1,645 |
|
Net income attributable to
Steven Madden, Ltd. |
|
$ |
61,297 |
|
$ |
66,643 |
|
|
$ |
184,270 |
|
$ |
124,692 |
|
|
|
|
|
|
|
|
|
|
Basic net income per
share |
|
$ |
0.81 |
|
$ |
0.85 |
|
|
$ |
2.41 |
|
$ |
1.58 |
|
|
|
|
|
|
|
|
|
|
Diluted net income per
share |
|
$ |
0.79 |
|
$ |
0.82 |
|
|
$ |
2.35 |
|
$ |
1.53 |
|
|
|
|
|
|
|
|
|
|
Basic weighted average common
shares outstanding |
|
|
75,598 |
|
|
78,129 |
|
|
|
76,463 |
|
|
78,686 |
|
|
|
|
|
|
|
|
|
|
Diluted weighted average
common shares outstanding |
|
|
77,396 |
|
|
81,307 |
|
|
|
78,579 |
|
|
81,754 |
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per
common share |
|
$ |
0.21 |
|
$ |
0.15 |
|
|
$ |
0.63 |
|
$ |
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STEVEN MADDEN, LTD. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands)
|
|
|
|
As of |
|
|
|
|
September 30, 2022 |
|
December 31, 2021 |
|
September 30, 2021 |
|
|
(Unaudited) |
|
|
|
(Unaudited) |
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
139,194 |
|
$ |
219,499 |
|
$ |
219,523 |
Short-term investments |
|
|
9,051 |
|
|
44,037 |
|
|
40,390 |
Accounts receivable, net of
allowances |
|
|
48,601 |
|
|
26,546 |
|
|
36,524 |
Factor accounts
receivable |
|
|
341,141 |
|
|
364,982 |
|
|
347,748 |
Inventories |
|
|
244,315 |
|
|
255,213 |
|
|
201,198 |
Prepaid expenses and other
current assets |
|
|
25,531 |
|
|
20,845 |
|
|
19,182 |
Income tax receivable and
prepaid income taxes |
|
|
9,416 |
|
|
13,538 |
|
|
16,536 |
Total current assets |
|
|
817,249 |
|
|
944,660 |
|
|
881,101 |
Note receivable – related
party |
|
|
499 |
|
|
794 |
|
|
891 |
Property and equipment,
net |
|
|
36,861 |
|
|
35,790 |
|
|
36,843 |
Operating lease right-of-use
asset |
|
|
90,407 |
|
|
85,449 |
|
|
90,832 |
Deposits and other |
|
|
3,655 |
|
|
4,180 |
|
|
4,332 |
Deferred taxes |
|
|
6,945 |
|
|
4,581 |
|
|
4,964 |
Goodwill – net |
|
|
167,652 |
|
|
167,995 |
|
|
167,957 |
Intangibles – net |
|
|
102,967 |
|
|
112,093 |
|
|
113,140 |
Total Assets |
|
$ |
1,226,235 |
|
$ |
1,355,542 |
|
$ |
1,300,060 |
LIABILITIES |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
99,173 |
|
$ |
136,766 |
|
$ |
121,838 |
Accrued expenses |
|
|
119,650 |
|
|
243,163 |
|
|
210,985 |
Operating leases – current
portion |
|
|
30,234 |
|
|
30,759 |
|
|
32,063 |
Income taxes payable |
|
|
19,161 |
|
|
4,522 |
|
|
7,194 |
Contingent payment liability –
current portion |
|
|
440 |
|
|
5,109 |
|
|
3,660 |
Accrued incentive
compensation |
|
|
11,423 |
|
|
14,871 |
|
|
12,834 |
Total current liabilities |
|
|
280,081 |
|
|
435,190 |
|
|
388,574 |
Contingent payment liability –
long term portion |
|
|
— |
|
|
6,960 |
|
|
4,381 |
Operating leases – long-term
portion |
|
|
79,906 |
|
|
80,072 |
|
|
85,358 |
Deferred tax liabilities |
|
|
3,378 |
|
|
3,378 |
|
|
2,563 |
Other liabilities |
|
|
10,930 |
|
|
9,404 |
|
|
12,004 |
Total Liabilities |
|
|
374,295 |
|
|
535,004 |
|
|
492,880 |
|
|
|
|
|
|
|
STOCKHOLDERS’
EQUITY |
|
|
|
|
|
|
Total Steven Madden, Ltd.
stockholders’ equity |
|
|
842,303 |
|
|
812,098 |
|
|
798,830 |
Noncontrolling interest |
|
|
9,637 |
|
|
8,440 |
|
|
8,350 |
Total stockholders’
equity |
|
|
851,940 |
|
|
820,538 |
|
|
807,180 |
Total Liabilities and
Stockholders’ Equity |
|
$ |
1,226,235 |
|
$ |
1,355,542 |
|
$ |
1,300,060 |
|
STEVEN MADDEN, LTD. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
(In thousands)(Unaudited)
|
|
Nine Months Ended |
|
|
September 30, 2022 |
|
September 30, 2021 |
Cash flows from
operating activities: |
|
|
|
|
Net income |
|
$ |
185,265 |
|
|
$ |
126,337 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
Stock-based compensation |
|
|
18,298 |
|
|
|
16,696 |
|
Depreciation and amortization |
|
|
15,425 |
|
|
|
11,611 |
|
Loss on disposal of fixed assets |
|
|
312 |
|
|
|
449 |
|
Impairment of lease right-of-use asset and fixed assets |
|
|
— |
|
|
|
1,089 |
|
Deferred taxes |
|
|
(2,364 |
) |
|
|
452 |
|
Accrued interest on note receivable - related party |
|
|
(12 |
) |
|
|
(18 |
) |
Notes receivable - related party |
|
|
307 |
|
|
|
307 |
|
Change in valuation of contingent payment liabilities |
|
|
(6,520 |
) |
|
|
7,834 |
|
Gain on sale of trademark |
|
|
— |
|
|
|
(8,000 |
) |
Recovery of receivables, related to the Payless ShoeSource
bankruptcy |
|
|
— |
|
|
|
(919 |
) |
Changes, net of acquisitions, in: |
|
|
|
|
Accounts receivable |
|
|
(25,623 |
) |
|
|
(10,561 |
) |
Factor accounts receivable |
|
|
23,841 |
|
|
|
(95,077 |
) |
Inventories |
|
|
6,842 |
|
|
|
(99,778 |
) |
Prepaid expenses, income tax receivables, prepaid taxes, and other
assets |
|
|
120 |
|
|
|
(2,638 |
) |
Accounts payable and accrued expenses |
|
|
(140,144 |
) |
|
|
143,111 |
|
Accrued incentive compensation |
|
|
(3,448 |
) |
|
|
8,961 |
|
Leases and other liabilities |
|
|
(5,213 |
) |
|
|
(3,672 |
) |
Payment of contingent consideration |
|
|
(339 |
) |
|
|
— |
|
|
|
|
|
|
Net cash provided by operating activities |
|
|
66,747 |
|
|
|
96,184 |
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
Capital expenditures |
|
|
(10,115 |
) |
|
|
(4,599 |
) |
(Purchase)/sale of a trademark |
|
|
(2,000 |
) |
|
|
8,000 |
|
Purchases of short-term investments |
|
|
(38,951 |
) |
|
|
(43,376 |
) |
Maturity/sale of short-term investments |
|
|
73,726 |
|
|
|
42,383 |
|
|
|
|
|
|
Net cash provided by investing activities |
|
|
22,660 |
|
|
|
2,408 |
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
Proceeds from exercise of stock options |
|
|
415 |
|
|
|
7,232 |
|
Distribution of noncontrolling interest earnings |
|
|
— |
|
|
|
(2,859 |
) |
Acquisition of noncontrolling interest |
|
|
— |
|
|
|
(19,127 |
) |
Common stock purchased for treasury |
|
|
(112,105 |
) |
|
|
(74,685 |
) |
Cash dividends paid on common stock |
|
|
(49,774 |
) |
|
|
(36,990 |
) |
Payment of contingent consideration |
|
|
(4,770 |
) |
|
|
— |
|
Net cash used in financing activities |
|
|
(166,234 |
) |
|
|
(126,429 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
(3,478 |
) |
|
|
(504 |
) |
Net decrease in cash and cash equivalents |
|
|
(80,305 |
) |
|
|
(28,341 |
) |
Cash and cash equivalents –
beginning of period |
|
|
219,499 |
|
|
|
247,864 |
|
|
|
|
|
|
Cash and cash equivalents –
end of period |
|
$ |
139,194 |
|
|
$ |
219,523 |
|
|
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 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. The following reconciles
the Company’s reported results and outlook in accordance with GAAP
with the non-GAAP information that the Company also presents.
Additional information regarding Non-GAAP Adjustments is presented
below.
Table 1 - Reconciliation of GAAP operating expenses to Adjusted
operating expenses |
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, 2022 |
|
September 30, 2021 |
|
September 30, 2022 |
|
September 30, 2021 |
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
|
$ |
150,724 |
|
|
$ |
131,580 |
|
$ |
433,252 |
|
$ |
363,888 |
|
Non-GAAP
Adjustments |
|
|
(203 |
) |
|
|
— |
|
|
1,551 |
|
|
(9,716 |
) |
Adjusted operating expenses |
|
$ |
150,521 |
|
|
$ |
131,580 |
|
$ |
434,803 |
|
$ |
354,172 |
|
Table 2 - Reconciliation of GAAP income from operations to Adjusted
income from operations |
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, 2022 |
|
September 30, 2021 |
|
September 30, 2022 |
|
September 30, 2021 |
|
|
|
|
|
|
|
|
|
GAAP income from operations |
|
$ |
78,752 |
|
$ |
88,418 |
|
$ |
241,887 |
|
|
$ |
164,180 |
Non-GAAP
Adjustments |
|
|
203 |
|
|
— |
|
|
(1,551 |
) |
|
|
10,805 |
Adjusted income from operations |
|
$ |
78,955 |
|
$ |
88,418 |
|
$ |
240,336 |
|
|
$ |
174,985 |
Table 3 - Reconciliation of GAAP interest and other income /
(expense), net to Adjusted interest and other income / (expense),
net |
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, 2022 |
|
September 30, 2021 |
|
September 30, 2022 |
|
September 30, 2021 |
|
|
|
|
|
|
|
|
|
GAAP interest and other income / (expense), net |
|
$ |
1,340 |
|
$ |
(202 |
) |
|
$ |
106 |
|
$ |
(1,016 |
) |
Non-GAAP
Adjustments |
|
|
— |
|
|
— |
|
|
|
— |
|
|
500 |
|
Adjusted interest and other income / (expense), net |
|
$ |
1,340 |
|
$ |
(202 |
) |
|
$ |
106 |
|
$ |
(516 |
) |
Table 4 - Reconciliation of GAAP provision for income taxes to
Adjusted provision for income taxes |
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, 2022 |
|
September 30, 2021 |
|
September 30, 2022 |
|
September 30, 2021 |
|
|
|
|
|
|
|
|
|
GAAP provision for income taxes |
|
$ |
18,335 |
|
$ |
21,551 |
|
$ |
56,728 |
|
|
$ |
36,827 |
Non-GAAP
Adjustments |
|
|
47 |
|
|
— |
|
|
(1,887 |
) |
|
|
2,708 |
Adjusted provision for income taxes |
|
$ |
18,382 |
|
$ |
21,551 |
|
$ |
54,841 |
|
|
$ |
39,535 |
Table 5 - Reconciliation of GAAP net income attributable to
noncontrolling interest to Adjusted net income attributable to
noncontrolling interest |
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, 2022 |
|
September 30, 2021 |
|
September 30, 2022 |
|
September 30, 2021 |
|
|
|
|
|
|
|
|
|
GAAP net income attributable to noncontrolling interest |
|
$ |
460 |
|
$ |
22 |
|
$ |
995 |
|
$ |
1,645 |
Non-GAAP
Adjustments |
|
|
— |
|
|
— |
|
|
— |
|
|
24 |
Adjusted net income attributable to noncontrolling interest |
|
$ |
460 |
|
$ |
22 |
|
$ |
995 |
|
$ |
1,669 |
Table 6 - Reconciliation of GAAP net income attributable to Steven
Madden, Ltd. to Adjusted net income attributable to Steven Madden,
Ltd. |
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, 2022 |
|
September 30, 2021 |
|
September 30, 2022 |
|
September 30, 2021 |
|
|
|
|
|
|
|
|
|
GAAP net income attributable to Steven Madden, Ltd. |
|
$ |
61,297 |
|
$ |
66,643 |
|
$ |
184,270 |
|
$ |
124,692 |
Non-GAAP
Adjustments |
|
|
155 |
|
|
— |
|
|
335 |
|
|
8,571 |
Adjusted
net income attributable to Steven Madden, Ltd. |
|
$ |
61,452 |
|
$ |
66,643 |
|
$ |
184,605 |
|
$ |
133,263 |
|
|
|
|
|
|
|
|
|
GAAP
diluted net income per share |
|
$ |
0.79 |
|
$ |
0.82 |
|
$ |
2.35 |
|
$ |
1.53 |
|
|
|
|
|
|
|
|
|
Adjusted
diluted net income per share |
|
$ |
0.79 |
|
$ |
0.82 |
|
$ |
2.35 |
|
$ |
1.63 |
|
|
|
|
|
|
|
|
|
Adjusted diluted weighted average shares outstanding |
|
|
77,396 |
|
|
81,307 |
|
|
78,579 |
|
|
81,754 |
Table 7 - Reconciliation of GAAP diluted net income per share to
Adjusted diluted net income per share in fiscal 2022 outlook |
|
|
Fiscal 2022 Outlook |
|
|
Low End |
|
High End |
|
|
|
|
|
GAAP diluted net income per share |
|
$ |
2.74 |
|
$ |
2.79 |
Non-GAAP
Adjustments |
|
|
0.03 |
|
|
0.03 |
Adjusted diluted net income per share |
|
$ |
2.77 |
|
$ |
2.82 |
Non-GAAP Adjustments include the items
below.
For the third quarter of 2022:
- $1.8 million pre-tax ($1.4 million
after-tax) expense in connection with the accelerated amortization
of a trademark, included in operating expenses.
- $1.6 million pre-tax ($1.2 million
after-tax) benefit in connection with the change in valuation of
contingent consideration, included in operating expenses.
For the third quarter of 2021:
- There were no non-GAAP
adjustments.
For the fiscal year 2022 outlook:
- $7.1 million pre-tax ($5.4 million
after-tax) expense in connection with the accelerated amortization
of a trademark, included in operating expenses.
- $6.5 million pre-tax ($5.0 million
after-tax) benefit in connection with the change in valuation of
contingent consideration, included in operating expenses.
- $0.3 million pre-tax ($0.2 million
after-tax) benefit in connection with the exit of a lease, included
in operating expenses.
- $1.5 million tax expense in
connection with a deferred tax adjustment.
Contact
Steven Madden, Ltd.VP of Corporate Development & Investor
RelationsDanielle
McCoy718-308-2611InvestorRelations@stevemadden.com
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