Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________________ to _____________________

Commission File Number: 0-23702

STEVEN MADDEN, LTD.

(Exact name of registrant as specified in its charter)


Delaware						13-3588231
(State or other jurisdiction of						(I.R.S. Employer Identification No.)
incorporation or organization)

52-16 Barnett Avenue, Long Island City, New York 11104

(Address of principal executive offices) (Zip Code)

(718) 446-1800

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	SHOO	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Emerging growth company

☐

Non-accelerated filer

☐

Smaller reporting company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of November 6, 2023, there were 74,608,209 shares of the registrant’s common stock, $0.0001 par value, outstanding.

STEVEN MADDEN, LTD.

TABLE OF CONTENTS TO QUARTERLY REPORT ON FORM 10-Q

September 30, 2023


PART I – FINANCIAL INFORMATION

ITEM 1.	Condensed Consolidated Financial Statements (Unaudited):

	Condensed Consolidated Balance Sheets	1

	Condensed Consolidated Statements of Income	2

	Condensed Consolidated Statements of Comprehensive Income	3

	Condensed Consolidated Statements of Changes in Stockholder' Equity	4

	Condensed Consolidated Statements of Cash Flows	6

	Notes to Condensed Consolidated Financial Statements - Unaudited	7

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	32

ITEM 4.	Controls and Procedures	33

PART II – OTHER INFORMATION

ITEM 1.	Legal Proceedings	34

ITEM 1A.	Risk Factors	34

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35

ITEM 5.	Other Information	35

ITEM 6.	Exhibits	36

	Signatures	37

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets


	September 30, 2023		December 31, 2022		September 30, 2022
(in thousands, except par value)	(unaudited)				(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	191,804	$	274,713	$	139,194
Short-term investments	14,641		15,085		9,051
Accounts receivable, net of allowances of $4,513, $7,721 and $8,636	58,538		37,937		48,601
Factor accounts receivable	342,871		248,228		341,141
Inventories	205,693		228,752		244,315
Prepaid expenses and other current assets	24,334		22,989		25,531
Income tax receivable and prepaid income taxes	15,702		15,853		9,416

Total current assets	853,583		843,557		817,249

Note receivable – related party	100		401		499
Property and equipment, net	44,920		40,664		36,861
Operating lease right-of-use asset	113,058		90,264		90,407
Deposits and other	10,567		12,070		3,655

Deferred taxes	1,570		1,755		6,945
Goodwill – net	168,612		168,085		167,652
Intangibles – net	99,817		101,192		102,967
Total Assets	$	1,292,227	$	1,257,988	$	1,226,235
LIABILITIES
Current liabilities:
Accounts payable	$	140,623	$	130,542	$	99,173
Accrued expenses	129,754		138,523		119,650

Operating leases – current portion	36,521		29,499		30,234
Income taxes payable	13,519		9,403		19,161
Contingent payment liability	1,153		1,153		440
Accrued incentive compensation	10,190		11,788		11,423
Total current liabilities	331,760		320,908		280,081


Operating leases – long-term portion	91,916		79,128		79,906
Deferred tax liabilities	3,923		3,923		3,378
Other liabilities	10,914		10,166		10,930
Total Liabilities	438,513		414,125		374,295
Commitments, contingencies and other (Note M)
STOCKHOLDERS’ EQUITY
Preferred stock – $0.0001 par value, 5,000 shares authorized; none issued; Series A Junior Participating preferred stock – $0.0001 par value, 60 shares authorized; none issued	—		—		—
Common stock – $0.0001 par value, 245,000 shares authorized,136,430, 134,456 and 134,443 shares issued, 74,610, 76,796 and 77,906 shares outstanding	8		8		8
Additional paid-in capital	579,473		520,441		514,156
Retained earnings	1,659,202		1,571,123		1,555,563
Accumulated other comprehensive loss	(33,428)		(35,709)		(39,887)
Treasury stock – 61,820, 57,660 and 56,537 shares at cost	(1,368,217)		(1,224,310)		(1,187,537)
Total Steven Madden, Ltd. stockholders’ equity	837,038		831,553		842,303
Noncontrolling interest	16,676		12,310		9,637
Total stockholders’ equity	853,714		843,863		851,940
Total Liabilities and Stockholders’ Equity	$	1,292,227	$	1,257,988	$	1,226,235

See accompanying notes to condensed consolidated financial statements - unaudited.

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share data)	2023		2022		2023		2022
Net sales	$	549,846	$	553,120	$	1,454,420	$	1,643,144
Commission and licensing fee income	2,886		3,523		7,448		8,222
Total revenue	552,732		556,643		1,461,868		1,651,366
Cost of sales (exclusive of depreciation and amortization)	320,107		327,167		844,281		976,227
Gross profit	232,625		229,476		617,587		675,139
Operating expenses	149,887		150,724		444,298		433,252


Income from operations	82,738		78,752		173,289		241,887
Interest and other income – net	1,922		1,340		5,898		106
Income before provision for income taxes	84,660		80,092		179,187		241,993
Provision for income taxes	19,552		18,335		42,219		56,728
Net income	65,108		61,757		136,968		185,265
Less: net income attributable to noncontrolling interest	695		460		1,295		995
Net income attributable to Steven Madden, Ltd.	$	64,413	$	61,297	$	135,673	$	184,270


Basic net income per share	$	0.88	$	0.81	$	1.84	$	2.41

Diluted net income per share	$	0.87	$	0.79	$	1.81	$	2.35

Basic weighted average common shares outstanding	72,943		75,598		73,679		76,463
Effect of dilutive securities – options/restricted stock	1,128		1,798		1,238		2,116
Diluted weighted average common shares outstanding	74,071		77,396		74,917		78,579

Cash dividends declared per common share	$	0.21	$	0.21	$	0.63	$	0.63

See accompanying notes to condensed consolidated financial statements - unaudited.

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

(unaudited)


	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
(in thousands)	Pre-tax amounts		Tax expense		After-tax amounts		Pre-tax amounts		Tax expense		After-tax amounts
Net income					$	65,108					$	136,968
Other comprehensive income/(loss):
Foreign currency translation adjustment	$	(3,897)	$	—	(3,897)		$	1,182	$	—	1,182
Loss on cash flow hedging derivatives	2,104		(769)		1,335		1,087		(398)		690

Total other comprehensive income/(loss)	$	(1,793)	$	(769)	(2,562)		$	2,269	$	(398)	1,872

Comprehensive income					62,546						138,840
Less: comprehensive income attributable to noncontrolling interests					577						886
Comprehensive income attributable to Steven Madden, Ltd.					$	61,969					$	137,954

	Three Months Ended September 30, 2022						Nine Months Ended September 30, 2022
(in thousands)	Pre-tax amounts		Tax benefit		After-tax amounts		Pre-tax amounts		Tax expense		After-tax amounts
Net income					$	61,757					$	185,265
Other comprehensive income/(loss):
Foreign currency translation adjustment	$	(7,712)	$	—	(7,712)		$	(12,145)	$	—	(12,145)
(Loss)/gain on cash flow hedging derivatives	(148)		40		(108)		591		(160)		431

Total other comprehensive loss	$	(7,860)	$	40	(7,820)		$	(11,554)	$	(160)	(11,714)

Comprehensive income					53,937						173,551
Less: comprehensive loss attributable to noncontrolling interests					(202)						(376)
Comprehensive income attributable to Steven Madden, Ltd.					$	54,139					$	173,927

See accompanying notes to condensed consolidated financial statements - unaudited.

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Condensed Consolidated Statements of Changes in Stockholders' Equity

(unaudited)

(in thousands)


	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss)		Treasury Stock			Non-Controlling Interest		Total Stockholders' Equity
	Shares	Amount								Shares	Amount
Balance - June 30, 2023	75,303	$	8	$	533,550	$	1,610,487	$	(30,984)	59,523	$	(1,288,545)	$	17,201	$	841,717
Common stock repurchased and net settlements of restricted stock awards	(920)	—		—		—		—		920	(31,441)		—		(31,441)
Exercise of stock options	214	—		39,992		—		—		1,377	(48,231)		—		(8,239)
Issuance of restricted stock, net of forfeitures	13	—		—		—		—		—	—		—		—

Stock-based compensation	—	—		5,931		—		—		—	—		—		5,931
Foreign currency translation adjustment	—	—		—		—		(3,779)		—	—		(118)		(3,897)
Cash flow hedge (net of tax expense of $769)	—	—		—		—		1,335		—	—		—		1,335
Dividends on common stock ($0.21 per share)	—	—		—		(15,698)		—		—	—		—		(15,698)


Distributions to noncontrolling interests, net	—	—		—		—		—		—	—		(1,102)		(1,102)
Net income	—	—		—		64,413		—		—	—		695		65,108
Balance - September 30, 2023	74,610	8		579,473		1,659,202		(33,428)		61,820	(1,368,217)		16,676		853,714

	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss)		Treasury Stock			Non-Controlling Interest		Total Stockholders' Equity
	Shares	Amount								Shares	Amount
Balance - December 31, 2022	76,796	$	8	$	520,441	$	1,571,123	$	(35,709)	57,660	$	(1,224,310)	$	12,310	$	843,863
Common stock repurchased and net settlements of restricted stock awards	(2,781)	—		—		—		—		2,781	(95,591)		—		(95,591)
Exercise of stock options	248	—		40,863		—		—		1,379	(48,316)		—		(7,453)
Issuance of restricted stock, net of forfeitures	347	—		—		—		—		—	—		—		—

Stock-based compensation	—	—		18,169		—		—		—	—		—		18,169
Foreign currency translation adjustment	—	—		—		—		1,591		—	—		(409)		1,182
Cash flow hedge (net of tax expense of $398)	—	—		—		—		690		—	—		—		690
Dividends on common stock ($0.63 per share)	—	—		—		(47,594)		—		—	—		—		(47,594)
Distributions to noncontrolling interests, net	—	—		—		—		—		—	—		(1,102)		(1,102)
Investment of noncontrolling interest	—	—		—		—		—		—	—		4,582		4,582
Net income	—	—		—		135,673		—		—	—		1,295		136,968
Balance - September 30, 2023	74,610	$	8	$	579,473	$	1,659,202	$	(33,428)	61,820	$	(1,368,217)	$	16,676	$	853,714

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Condensed Consolidated Statements of Changes in Stockholders' Equity

(unaudited)

(in thousands)


	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss)		Treasury Stock			Non-Controlling Interest		Total Stockholders' Equity
	Shares	Amount								Shares	Amount
Balance - June 30, 2022	79,007	$	8	$	508,063	$	1,510,651	$	(32,729)	55,420	$	(1,152,459)	$	9,784	$	843,318
Common stock repurchased and net settlements of restricted stock awards	(1,117)	—		—		—		—		1,117	(35,078)		—		(35,078)


Issuance of restricted stock, net of forfeitures	16	—		—		—		—		—	—		—		—
Stock-based compensation		—		6,148		—		—		—	—		—		6,148
Foreign currency translation adjustment	—	—		—		—		(7,050)		—	—		(662)		(7,712)
Cash flow hedge (net of tax benefit of $40)	—	—		—		—		(108)		—	—		—		(108)
Dividends on common stock ($0.21 per share)	—	—		—		(16,385)		—		—	—		—		(16,385)
Sale of minority noncontrolling interest of a subsidiary	—	—		(55)		—		—		—	—		55		—
Net income	—	—		—		61,297		—		—	—		460		61,757
Balance - September 30, 2022	77,906	8		514,156		1,555,563		(39,887)		56,537	(1,187,537)		9,637		851,940

	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss)		Treasury Stock			Non-Controlling Interest		Total Stockholders' Equity
	Shares	Amount								Shares	Amount
Balance - December 31, 2021	80,557	$	8	$	495,999	$	1,421,067	$	(29,544)	53,472	$	(1,075,432)	$	8,440	$	820,538
Common stock repurchased and net settlements of restricted stock awards	(3,065)	—		—		—		—		3,065	(112,105)		—		(112,105)
Exercise of stock options	18	—		415		—		—		—	—		—		415
Issuance of restricted stock, net of forfeitures	396	—		—		—		—		—	—		—		—

Stock-based compensation	—	—		18,298		—		—		—	—		—		18,298
Foreign currency translation adjustment	—	—		—		—		(10,774)		—	—		(1,371)		(12,145)
Cash flow hedge (net of tax expense of $160)	—	—		—		—		431		—	—		—		431
Dividends on common stock ($0.63 per share)	—	—		—		(49,774)		—		—	—		—		(49,774)
Sale of minority noncontrolling interest of a subsidiary	—	—		(556)		—		—		—	—		1,573		1,017
Net income	—	—		—		184,270		—		—	—		995		185,265
Balance - September 30, 2022	77,906	8		514,156		1,555,563		(39,887)		56,537	(1,187,537)		9,637		851,940

See accompanying notes to condensed consolidated financial statements - unaudited.

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)


	Nine Months Ended September 30,
(in thousands)	2023		2022
Cash flows from operating activities:
Net income	$	136,968	$	185,265
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	18,169		18,298
Depreciation and amortization	11,138		15,425
Loss on disposal of fixed assets	204		312

Impairment of lease right-of-use asset	95		—

Deferred taxes	—		(2,364)
Accrued interest on note receivable - related party	(6)		(12)
Notes receivable - related party	307		307
Change in valuation of contingent payment liabilities	—		(6,520)

Other operating activities	417		—



Changes, net of acquisitions, in:
Accounts receivable	(20,601)		(25,623)
Factor accounts receivable	(93,274)		23,841
Inventories	23,541		6,842
Prepaid expenses, income tax receivables, prepaid taxes, and other assets	(264)		120
Accounts payable and accrued expenses	4,991		(140,144)
Accrued incentive compensation	(1,598)		(3,448)
Leases and other liabilities	(2,331)		(5,213)
Payment of contingent consideration	—		(339)
Net cash provided by operating activities	77,756		66,747

Cash flows from investing activities:

Capital expenditures	(13,899)		(10,115)
Purchase of a trademark	—		(2,000)
Purchases of short-term investments	(15,979)		(38,951)

Maturity/sale of short-term investments	16,335		73,726

Net cash (used in)/provided by investing activities	(13,543)		22,660

Cash flows from financing activities:

Common stock repurchased and net settlements of stock awards	(104,215)		(112,105)
Proceeds from exercise of stock options	1,171		415
Investment of noncontrolling interest	4,582		—






Cash dividends paid on common stock	(47,594)		(49,774)

Payment of contingent consideration	—		(4,770)
Distribution of noncontrolling interest	(1,102)		—

Net cash used in financing activities	(147,158)		(166,234)
Effect of exchange rate changes on cash and cash equivalents	36		(3,478)
Net decrease in cash and cash equivalents	(82,909)		(80,305)
Cash and cash equivalents – beginning of period	274,713		219,499
Cash and cash equivalents – end of period	$	191,804	$	139,194

See accompanying notes to condensed consolidated financial statements - unaudited.

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

September 30, 2023

(in thousands except per share data)

Note A – Basis of Reporting

The accompanying unaudited condensed consolidated financial statements of Steven Madden, Ltd. and subsidiaries (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) that are considered necessary for a fair presentation of the financial position of the Company, the results of its operations and cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the operating results for the full year. These financial statements should be read in conjunction with the financial statements and related disclosures for the year ended December 31, 2022 included in the Annual Report of Steven Madden, Ltd. on Form 10-K filed with the SEC on March 1, 2023.

Note B – Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Significant areas involving management estimates include variable consideration included in revenue, allowances for bad debts, inventory valuation, valuation of goodwill and intangible assets and impairment of long-lived assets related to retail stores. The Company estimates variable consideration for future customer chargebacks and markdown allowances, discounts, returns and other miscellaneous compliance-related deductions that relate to current-period sales. The Company evaluates anticipated chargebacks by reviewing several performance indicators of its major customers. These performance indicators, which include retailers’ inventory levels, sell-through rates and gross margin levels, are analyzed by management to estimate the amount of the anticipated customer allowances.

Note C – Sale of Minority Noncontrolling Interest

As of April 1, 2022, the Company sold a 49.9% minority non-controlling interest in Steve Madden South Africa Proprietary Limited for $1,017 to a third party to form a joint venture.

Note D – Short-Term Investments

As of September 30, 2023 and December 31, 2022, short-term investments consisted of certificates of deposit. These securities are classified as current based upon their maturities. As of September 30, 2023 and December 31, 2022, short-term investments amounted to $14,641 and $15,085, respectively, and have original maturities less than or equal to one year as of the balance sheet date.

Note E – Fair Value Measurement

The accounting guidance under Accounting Standards Codification 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), requires the Company to make disclosures about the fair value of certain of its assets and liabilities. ASC 820-10 clarifies the principle that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. ASC 820-10 utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. A brief description of those three levels is as follows:

•Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

•Level 3: Significant unobservable inputs.

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

September 30, 2023

(in thousands except per share data)

The Company’s financial assets and liabilities subject to fair value measurements as of September 30, 2023 and December 31, 2022 were as follows:


	September 30, 2023								December 31, 2022
	Fair value		Level 1		Level 2		Level 3		Fair value		Level 1		Level 2		Level 3
Assets:



Forward contracts	1,418		—		1,418		—		916		—		916		—
Total assets	$	1,418	$	—	$	1,418	$	—	$	916	$	—	$	916	$	—
Liabilities:

Forward contracts	839		—		839		—		1,241		—		1,241		—
Total liabilities	$	839	$	—	$	839	$	—	$	1,241	$	—	$	1,241	$	—

Forward contracts are used to manage the risk associated with the volatility of future cash flows (see Note L – Derivative Instruments). Fair value of these instruments is based on observable market transactions of spot and forward rates.

The Company's Level 3 balance consists of contingent consideration related to acquisitions. There were no changes in the Company’s Level 3 liabilities for the period ended September 30, 2023. The changes in the Company's Level 3 liabilities for the period ended December 31, 2022 were as follows:







	Balance at January 1, 2022		Adjustments(1)	Transfer out of Level 3(2)	Balance at December 31, 2022

Liabilities:
Contingent consideration	$	6,960	(5,807)	(1,153)	$	—

(1) In 2022, amount consists of an adjustment of $(5,807) that was included as a benefit in operating expenses, related to the change in valuation of the contingent consideration in connection with the acquisition of B.B. Dakota, Inc.

(2) On December 31, 2022, the transfer out of Level 3 amount of $1,153, which was recorded in the current portion of our contingent payment liabilities on the Consolidated Balance Sheets, represented the current portion of our contingent liabilities and was measured at the amount payable based on actual EBITDA performance for the related performance period. At September 30, 2023, the amount of $1,153 was recorded in the current portion of our contingent payment liabilities on the Consolidated Balance Sheets as the amount will be paid in the fourth quarter of this year.

The fair values of trademarks are measured on a non-recurring basis and are determined using Level 3 inputs, including forecasted cash flows, discount rates, and implied royalty rates (see Note K – Goodwill and Intangible Assets). The fair values of lease right-of-use assets and fixed assets related to Company-owned retail stores are measured on a non-recurring basis and are determined using Level 3 inputs, including estimated discounted future cash flows associated with the assets using sales trends, market rents and market participant assumptions (see Note F – Leases).

The carrying value of certain financial instruments such as cash equivalents, certificates of deposit, accounts receivable, factor accounts receivable and accounts payable approximates their fair values due to the short-term nature of their underlying terms. Fair value of the notes receivable held by the Company approximates their carrying value based upon their imputed or actual interest rate, which approximates applicable current market interest rates. Some assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (non-recurring). These assets can include long-lived assets that have been reduced to fair value when impaired. Assets that are written down to fair value when impaired are not subsequently adjusted to fair value unless further impairment occurs.

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

September 30, 2023

(in thousands except per share data)

Note F – Leases

The Company leases office space, sample production space, warehouses, showrooms, storage units, and retail stores pursuant to operating leases. The Company’s portfolio of leases is primarily related to real estate. Since most of its leases do not provide a readily determinable implicit rate, the Company estimates its incremental borrowing rate to discount the lease payments based on information available at lease commencement.

Some of the Company’s retail store leases provide for variable lease payments based on sales volumes at the leased location, which are not measurable at the inception of the lease and are therefore not included in the measurement of the right-of-use assets and lease liabilities. Under Topic 842, these variable lease costs are expensed as incurred.

Lease Position

The following table presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022:


	Classification on the Balance Sheet	September 30, 2023			December 31, 2022
Assets
Noncurrent(1)	Operating lease right-of-use asset	$	113,058		$	90,264

Liabilities
Current	Operating leases – current portion	$	36,521		$	29,499
Noncurrent	Operating leases – long-term portion	91,916			79,128
Total operating lease liabilities		$	128,437		$	108,627

Weighted-average remaining lease term		4.1 years			4.6 years
Weighted-average discount rate		4.9		%	4.4		%

(1) During the three and nine months ended September 30, 2023, the Company recorded a pre-tax impairment charge related to its right-of-use assets of $0 and $95, respectively, recorded in the Wholesale Footwear Segment.

Lease Costs

The following table presents the composition of lease costs during the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Operating lease cost	$	10,573	$	8,620	$	30,276	$	25,145
Variable lease cost	945		1,774		2,791		5,428

Less: sublease income	66		66		198		257
Total lease cost	$	11,452	$	10,328	$	32,869	$	30,316

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

September 30, 2023

(in thousands except per share data)

Other Information

The following table presents supplemental cash and non-cash information related to the Company's operating leases during the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	11,311	$	9,887	$	32,704	$	29,379
Noncash transactions
Right-of-use asset obtained in exchange for new operating lease liabilities	$	6,180	$	13,460	$	50,769	$	28,427
Right-of-use asset amortization expense(1)	$	9,993	$	8,411	$	27,880	$	23,469

(1) Included in "Leases and other liabilities" in the Consolidated Statement of Cash Flows.

Future Minimum Lease Payments

The following table presents future minimum lease payments for each of the first five years and the total for the remaining years as of September 30, 2023:


2023 (remaining three months)	$	11,101
2024	40,109
2025	34,281
2026	24,818
2027	15,150
Thereafter	16,704
Total minimum lease payments	142,163
Less: interest	13,726
Total lease liabilities	$	128,437

Note G – Share Repurchase Program

The Company's Board of Directors authorized a share repurchase program (the “Share Repurchase Program”), effective as of January 1, 2004. The Share Repurchase Program does not have a fixed expiration or termination date and may be modified or terminated by the Board of Directors at any time. On several occasions, the Board of Directors has increased the amount authorized for repurchase of the Company's common stock. On May 8, 2023, the Board of Directors approved an increase in the Company's share repurchase authorization of approximately $189,900, bringing the total authorization to $250,000. The Share Repurchase Program permits the Company to effect repurchases from time to time through a combination of open market repurchases or in privately negotiated transactions at such prices and times as are determined to be in the best interest of the Company. During the three and nine months ended September 30, 2023, an aggregate of 914 and 2,654 shares of the Company's common stock, excluding net settlements of employee stock awards, were repurchased under the Share Repurchase Program, at a weighted average price per share of $34.01 and $34.26, for an aggregate purchase price of approximately $31,094 and $90,905, respectively. During the three and nine months ended September 30, 2022, an aggregate of 1,112 and 2,950 shares of the Company's common stock, excluding net settlements of employee stock awards, were repurchased under the Share Repurchase Program, at a weighted average price per share of $31.43 and $36.42, for an aggregate purchase price of

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

September 30, 2023

(in thousands except per share data)

approximately $34,940 and $107,428, respectively. As of September 30, 2023, approximately $193,676 remained available for future repurchases under the Share Repurchase Program.

The Steven Madden, Ltd. Amended and Restated 2006 Stock Incentive Plan (as further amended, the "2006 Plan"), which expired on April 6, 2019, and the Steven Madden, Ltd. 2019 Incentive Compensation Plan (the "2019 Plan") both provide the Company with the right to deduct or withhold, or require employees to remit to the Company, an amount sufficient to satisfy any applicable tax withholding and/or option cost obligations applicable to stock-based compensation awards. To the extent permitted, employees may elect to satisfy all or part of such withholding obligations by tendering to the Company previously owned shares or by having the Company withhold shares having a fair market value equal to the employee's withholding tax obligation and/or option cost. During the three and nine months ended September 30, 2023, an aggregate of 1,383 and 1,506 shares were withheld in connection with the settlement of vested restricted stock to satisfy tax-withholding requirements and option costs, at an average price per share of $35.14 and $35.19, for an aggregate purchase price of approximately $48,578 and $53,003, respectively. During the three and nine months ended September 30, 2022, an aggregate of 4 and 115 shares were withheld in connection with the settlement of vested restricted stock to satisfy tax-withholding requirements and option costs, at an average price per share of $30.64 and $40.83, for an aggregate purchase price of approximately $138 and $4,676, respectively.

Note H – Net Income Per Share of Common Stock

Basic net income per share is based on the weighted average number of shares of common stock outstanding during the period, which does not include unvested restricted common stock subject to forfeiture of 2,142 shares for the period ended September 30, 2023, compared to 2,964 shares for the period ended September 30, 2022. Diluted net income per share reflects: (a) the potential dilution assuming shares of common stock were issued upon the exercise of outstanding in-the-money options and the assumed proceeds, which are deemed to be the proceeds from the exercise plus compensation cost not yet recognized attributable to future services using the treasury method, were used to purchase shares of the Company’s common stock at the average market price during the period, and (b) the vesting of granted non-vested restricted stock awards for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost not yet recognized attributable to future services using the treasury stock method, to the extent dilutive.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Net income attributable to Steven Madden, Ltd.	$	64,413	$	61,297	$	135,673	$	184,270

Basic net income per share	$	0.88	$	0.81	$	1.84	$	2.41

Diluted net income per share	$	0.87	$	0.79	$	1.81	$	2.35

Weighted average common shares outstanding:
Basic	72,943		75,598		73,679		76,463
Effect of dilutive securities:
Stock awards and options to purchase shares of common stock	1,128		1,798		1,238		2,116
Diluted	74,071		77,396		74,917		78,579

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

September 30, 2023

(in thousands except per share data)

For the three and nine months ended September 30, 2023, options to purchase approximately 27 and 15 shares of common stock have been excluded from the calculation of diluted net income per share as the result would have been anti-dilutive. For the three and nine months ended September 30, 2022, options to purchase approximately 0 and 25 shares of common stock have been excluded from the calculation of diluted net income per share as the result would have been anti-dilutive. For the three and nine months ended September 30, 2023, 43 and 56 restricted shares were excluded from the calculation of diluted net income per share, as compared to approximately 125 and 39 shares that were excluded from the calculation of diluted net income per share for the three and nine months ended September 30, 2022, as the result would have been anti-dilutive. The Company had contingently issuable performance awards outstanding that did not meet the performance conditions as of September 30, 2023 and 2022 and, therefore, were excluded from the calculation of diluted net income per common share for the three and nine months ended September 30, 2023 and 2022. The maximum number of potentially dilutive shares that could be issued upon vesting for these performance awards was approximately 12 and 12 as of September 30, 2023 and 2022, respectively. These amounts were also excluded from the computation of weighted average potentially dilutive securities.

Note I – Income Taxes

The Company’s provision for income taxes for the three and nine months ended September 30, 2023 and 2022 is based on the estimated annual effective tax rate, plus or minus discrete items. The following table presents the provision for income taxes and the effective tax rates for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Income before provision for income taxes	$	84,660	$	80,092	$	179,187	$	241,993
Income tax expense	$	19,552	$	18,335	$	42,219	$	56,728
Effective tax rate	23.1%		22.9%		23.6%		23.4%

The difference between the Company’s effective tax rates of 23.1% and 22.9% and 23.6% and 23.4% for the three and nine months ended September 30, 2023 and 2022, respectively, is primarily due to the expected jurisdictional mix of profit and losses from each period.

The Company recognizes interest and penalties, if any, related to uncertain income tax positions in income tax expense. Accrued interest and penalties on unrecognized tax benefits, and interest and penalty expense are immaterial to the consolidated financial statements.

The Company files income tax returns in the U.S. for federal, state, and local purposes, and in certain foreign jurisdictions. The Company's tax years 2019 through 2022 remain open to examination by most taxing authorities.

Note J – Equity-Based Compensation

The following table summarizes the number of shares of common stock authorized for issuance under the 2019 Plan, the number of stock-based awards granted (net of expired or cancelled awards) under the 2019 Plan and the number of shares of common stock available for the grant of stock-based awards under the 2019 Plan:


Common stock authorized			11,000
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled awards			(6,341)
Common stock available for grant of stock-based awards as of September 30, 2023			4,659

In addition, vested and unvested options to purchase 90 shares of common stock and 1,061 shares of unvested restricted stock awarded under the 2006 Plan were outstanding as of September 30, 2023.

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

September 30, 2023

(in thousands except per share data)

Total equity-based compensation for the three and nine months ended September 30, 2023 and 2022 is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Restricted stock	$	5,351	$	5,372	$	16,150	$	15,643
Stock options	579		776		2,019		2,655
Total	$	5,930	$	6,148	$	18,169	$	18,298

Equity-based compensation is included in operating expenses on the Company’s Condensed Consolidated Statements of Income.

Stock Options

Cash proceeds and intrinsic values related to total stock options exercised during the three and nine months ended September 30, 2023 and 2022 are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Proceeds from stock options exercised	$	371	$	—	$	1,171	$	415
Intrinsic value of stock options exercised	$	15,731	$	—	$	16,089	$	295

During the three and nine months ended September 30, 2023, options to purchase 57 shares vested with a weighted average exercise price of $30.72 and options to purchase 206 shares vested with a weighted average exercise price of $34.95 vested, respectively. During the three and nine months ended September 30, 2022, options to purchase 58 shares vested with a weighted average exercise price of $35.89 and options to purchase approximately 436 shares vested with a weighted average exercise price of $32.29. As of September 30, 2023, there were unvested options relating to 250 shares of common stock outstanding with a total of $1,888 of unrecognized compensation cost and an average vesting period of 1.4 years.

The Company uses the Black-Scholes-Merton option-pricing model to estimate the fair value of options granted, which requires several assumptions. The expected term of the options represents the estimated period of time until exercise and is based on the historical experience of similar awards. Expected volatility is based on the historical volatility of the Company’s common stock. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. The dividend yield is based on the Company's annualized dividend per share amount divided by the Company's stock price. The following weighted average assumptions were used for stock options granted during the nine months ended September 30, 2023 and 2022:

Nine Months Ended September 30,

2023

2022

Volatility

40.6% to 48.1%

42.5% to 51.1%

Risk free interest rate

3.7% to 4.0%

1.2% to 3.0%

Expected life in years

3.0 to 5.0

Dividend yield

2.5%

2.1%

Weighted average fair value

$10.95

$13.42

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

September 30, 2023

(in thousands except per share data)

Activity relating to stock options granted under the Company’s plans during the nine months ended September 30, 2023 was as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2023	2,766	$	29.82
Granted	235	30.72
Exercised	(1,627)	25.11
Forfeited	(2)	46.28
Expired	(229)	36.01
Outstanding at September 30, 2023	1,143	$	35.43	3.4 years	$	833
Exercisable at September 30, 2023	893	$	35.99	3.1 years	$	610

Activity relating to stock options granted under the Company’s plans during the nine months ended September 30, 2022 was as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2022	2,531	$	29.06
Granted	266	37.04
Exercised	(18)	23.72


Outstanding at September 30, 2022	2,779	$	29.86	2.3 years	$	2,613
Exercisable at September 30, 2022	2,488	$	28.94	2.0 years	$	2,595

Restricted Stock

The following table summarizes restricted stock activity during the nine months ended September 30, 2023 and 2022:


	Nine Months Ended September 30,
	2023			2022
	Number of Shares	Weighted Average Fair Value at Grant Date		Number of Shares	Weighted Average Fair Value at Grant Date
Outstanding at January 1,	2,111	$	28.45	2,849	$	23.80
Granted	384	33.23		421	40.58
Vested	(316)	34.74		(281)	32.54
Forfeited	(37)	37.82		(25)	35.61
Outstanding at September 30,	2,142	$	28.22	2,964	$	25.26

As of September 30, 2023, the Company had $38,806 of total unrecognized compensation cost related to restricted stock awards granted under the 2019 Plan and the 2006 Plan. This cost is expected to be recognized over a weighted average period of 3.1 years. The Company determines the fair value of its restricted stock awards based on the market price of its common stock on the date of grant.

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

September 30, 2023

(in thousands except per share data)

Note K – Goodwill and Intangible Assets

The following is a summary of the carrying amount of goodwill by reporting unit as of September 30, 2023:


	Wholesale						Net Carrying Amount
	Footwear		Accessories/ Apparel		Direct-to-Consumer
Balance at January 1, 2023	$	90,173	$	62,688	$	15,224	$	168,085


Translation	230		—		297		527
Balance at September 30, 2023	$	90,403	$	62,688	$	15,521	$	168,612

The following table details identifiable intangible assets as of September 30, 2023:



	Estimated Lives	Cost Basis		Accumulated Amortization		Impairment & Other(1)		Net Carrying Amount
Trade names	1–10 years	$	18,695	$	(16,075)	$	(2,620)	$	—
Customer relationships	10–20 years	38,680		(26,481)		(1,511)		10,688




		57,375		(42,556)		(4,131)		10,688
Re-acquired right	indefinite	35,200		—		(9,493)		25,707
Trademarks	indefinite	63,283		—		139		63,422
		$	155,858	$	(42,556)	$	(13,485)	$	99,817

(1) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar.

The following table details identifiable intangible assets as of December 31, 2022:



	Estimated Lives	Cost Basis(1)		Accumulated Amortization		Impairment & Other(2)		Net Carrying Amount
Trade names	1–10 years	$	18,695	$	(16,075)	$	(2,620)	$	—
Customer relationships	10–20 years	38,680		(25,059)		(1,574)		12,047




		57,375		(41,134)		(4,194)		12,047
Re-acquired right	indefinite	35,200		—		(9,432)		25,768
Trademarks	indefinite	63,283		—		94		63,377
		$	155,858	$	(41,134)	$	(13,532)	$	101,192

(1) During the year ended December 31, 2021, the Company purchased the trademark for Dolce Vita® Handbags for $2,000 and the cash consideration was paid in 2022.

(2) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar.

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

September 30, 2023

(in thousands except per share data)

The Company evaluates its goodwill and indefinite-lived intangible assets for indicators of impairment at least annually in the third quarter of each year and whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. A quantitative assessment of goodwill and indefinite-lived intangible assets was performed as of July 1, 2023. In conducting the quantitative impairment assessments for goodwill and indefinite-lived intangibles, the Company concluded that the fair values of its reporting units exceeded their carrying values and the fair values of its indefinite-lived intangibles exceeded their respective carrying values. A qualitative assessment of goodwill and indefinite-lived intangible assets was performed as of July 1, 2022. In conducting the qualitative impairment assessments for goodwill and indefinite-lived intangibles, the Company concluded that it is more likely than not that the fair values of its reporting units exceeded their carrying values and the fair values of its indefinite-lived intangibles exceeded their respective carrying values. Therefore, in 2023 and 2022, as a result of the annual tests, no impairment charges were recorded for goodwill and intangibles.

The amortization of intangible assets amounted to $463 and $1,347 for the three and nine months ended September 30, 2023 compared to $2,250 and $6,753 for the three and nine months ended September 30, 2022 and is included in operating expenses in the Company's Condensed Consolidated Statements of Income. The estimated future amortization expense for intangibles as of September 30, 2023 was as follows:


2023 (remaining three months)	$	416
2024	1,664
2025	1,664
2026	1,664
2027	1,438
Thereafter	3,842
Total	$	10,688

Note L – Derivative Instruments

The Company uses derivative instruments, specifically forward foreign exchange contracts, to manage the risk associated with the volatility of future cash flows. The foreign exchange contracts are used to mitigate the impact of exchange rate fluctuations on certain forecasted purchases of inventory and are designated as cash flow hedging instruments. As of September 30, 2023, the Company's entire net forward contracts hedging portfolio consisted of a notional amount of $74,930 , with the fair value included on the Consolidated Balance Sheets in other current assets of $1,418 and other current liabilities of $839. For the three and nine months ended September 30, 2023 and 2022, the Company's hedging activities were considered effective, and, thus, no ineffectiveness from hedging activities was recognized in the Consolidated Statements of Income during the three quarters of 2023 and 2022. These gains and losses are recognized in Cost of sales (exclusive of depreciation and amortization) on the Consolidated Statements of Income.

Note M – Commitments, Contingencies and Other

Future Minimum Royalty and Advertising Payments:

The Company has minimum commitments related to a license agreement. The Company sources, distributes, advertises and sells certain of its products pursuant to a license agreement with an unaffiliated licensor. Royalty amounts under the license agreement are based on stipulated minimum net sales and the payment of minimum annual royalty amounts. The license agreement has various terms and renewal options, provided that minimum sales levels and certain other conditions are achieved. As of September 30, 2023, the Company had future minimum royalty and advertising payments of $18,000. Royalty expenses are recognized in Cost of sales (exclusive of depreciation and amortization) on the Consolidated Statements of Income.

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

September 30, 2023

(in thousands except per share data)

Legal Proceedings:

The Company has been named as a defendant in certain lawsuits in the normal course of business. In the opinion of management, after consulting with legal counsel, the liabilities, if any, resulting from these matters should not have a material effect on the Company's financial position or results of operations. It is the policy of management to disclose the amount or range of reasonably possible losses in excess of recorded amounts or cash flows.

Letters of Credit:

As of September 30, 2023, the Company had $504 in letters of credit outstanding unrelated to the Company's Credit Agreement.

Note N – Operating Segment Information

The Company operates the following operating segments, which are presented as reportable segments: Wholesale Footwear, Wholesale Accessories/Apparel, Direct-to-Consumer, and Licensing. As of January 2023, the Company no longer serves as a buying agent for any of its customers, and as a result no longer reports under the First Cost segment. This change is not considered to have a material or meaningful impact on the Company's operations. Our Wholesale Footwear segment designs, sources, and markets our brands and sells our products to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, Canada, Mexico, and Europe, and through our joint ventures and international distributor network. Our Wholesale Accessories/Apparel segment designs, sources, and markets our brands and sells our products to department stores, mass merchants, off-price retailers, online retailers, specialty retailers, independent stores and clubs throughout the United States, Canada, Mexico, and Europe and through our joint ventures and international distributor network. Our Direct-to-Consumer segment consists of Steve Madden® and Dolce Vita® full-price retail stores, Steve Madden® outlet stores, and our directly-operated digital e-commerce websites. We operate retail locations in regional malls and shopping centers, as well as high streets in major cities across the United States, Canada, Mexico, Israel, South Africa, Taiwan, China, and the Middle East. Our Licensing segment is engaged in the licensing of the Steve Madden® and Betsey Johnson® trademarks for use in the sale of select apparel, accessory, and home categories as well as various other non-core products.

Our Corporate activities do not constitute a reportable segment and include costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cyber security, and other shared services.

The Chief Operating Decision Maker does not review asset information by segment; therefore we do not present assets in this note.

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

September 30, 2023

(in thousands except per share data)


For the three months ended,	Wholesale Footwear		Wholesale Accessories/Apparel		Total Wholesale		Direct-to-Consumer		First Cost		Licensing		Corporate (1)		Consolidated
September 30, 2023
Total revenue	$	306,058	$	127,395	$	433,453	$	116,393	$	—	$	2,886	$	—	$	552,732
Gross profit	112,288		43,366		155,654		74,085		—		2,886		—		232,625
Income/(loss) from operations	$	68,291	$	24,164	$	92,455	$	9,741	$	—	$	2,157	$	(21,615)	$	82,738
Capital expenditures	$	1,577	$	39	$	1,616	$	3,520	$	—	$	—	$	970	$	6,106
September 30, 2022
Total revenue	$	330,775	$	103,851	$	434,626	$	118,494	$	1	$	3,522	$	—	$	556,643
Gross profit	124,355		29,054		153,409		72,544		1		3,522		—		229,476
Income/(loss) from operations	$	78,577	$	8,974	$	87,551	$	9,885	$	(60)	$	3,268	$	(21,892)	$	78,752
Capital expenditures	$	146	$	144	$	290	$	2,128	$	—	$	—	$	2,434	$	4,852

For the nine months ended,	Wholesale Footwear		Wholesale Accessories/Apparel		Total Wholesale		Direct-to-Consumer		First Cost		Licensing		Corporate (1)		Consolidated
September 30, 2023
Total revenue	$	823,288	$	286,935	$	1,110,223	$	344,197	$	—	$	7,448	$	—	$	1,461,868
Gross profit	298,856		96,590		395,446		214,693		—		7,448		—		$	617,587
Income/(loss) from operations	$	174,072	$	44,983	$	219,055	$	15,823	$	—	$	5,247	$	(66,836)	$	173,289
Capital expenditures	$	2,271	$	130	$	2,401	$	7,633	$	—	$	—	$	3,865	$	13,899
September 30, 2022
Total revenue	$	968,886	$	311,877	$	1,280,763	$	362,381	$	914	$	7,308	$	—	$	1,651,366
Gross profit	360,296		76,616		436,912		230,005		914		7,308		—		$	675,139
Income/(loss) from operations	$	232,669	$	25,470	$	258,139	$	42,667	$	710	$	5,875	$	(65,504)	$	241,887
Capital expenditures	$	344	$	234	$	578	$	4,268	$	—	$	—	$	5,269	$	10,115

(1) Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cyber security and other shared services.

Revenues by geographic area are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Domestic (1)	$	443,435	$	448,873	$	1,182,981	$	1,387,539
International	109,297		107,770		278,887		263,827
Total	$	552,732	$	556,643	$	1,461,868	$	1,651,366

(1) Includes revenues of $73,205 and $195,272, respectively, for the three and nine months ended September 30, 2023 and $50,417 and $222,915, respectively, for the comparable period in 2022 related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by the Company's international entities.

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

September 30, 2023

(in thousands except per share data)

Note O – Credit Agreement

On July 22, 2020, the Company entered into a $150,000 secured revolving credit agreement (as amended to date, the “Credit Agreement”) with various lenders and Citizens Bank, N.A., as administrative agent (the “Agent”), which replaced the Company’s existing credit facility provided by Rosenthal & Rosenthal, Inc. (“Rosenthal”). The Credit Agreement provides for a revolving credit facility (the “Credit Facility”) scheduled to mature on July 22, 2025.

The initial $150,000 maximum availability under the Credit Facility is subject to a borrowing base calculation consisting of certain eligible accounts receivable, credit card receivables, inventory, and in-transit inventory. Availability under the Credit Facility is reduced by outstanding letters of credit. The Company may from time-to-time increase the maximum availability under the Credit Agreement by up to $100,000 if certain conditions are satisfied.

On March 25, 2022, an amendment to the Credit Agreement (the “Amendment”) replaced the London Interbank Offering Rate (“LIBOR”) with the Bloomberg Short-Term Bank Yield Index (“BSBY”) as the interest rate benchmark. Borrowings under the Credit Agreement generally bear interest at a variable rate equal to a specified margin, which is based upon the average availability under the Credit Facility from time to time, plus, at the Company’s election (i) BSBY for the applicable interest period or (ii) the base rate (which is the highest of (a) the prime rate announced by the Agent, (b) the sum of the federal funds effective rate plus 0.50%, and (c) the sum of the one-month BSBY rate plus 1.00%). Furthermore, the Amendment reduced the specified margin used to determine the interest rate under the Credit Agreement and reduced the commitment fee paid by the Company to the Agent, for the account of each lender. Additionally, the Amendment reduced the frequency of the Company’s borrowing base reporting requirements when no loans are outstanding. The Amendment also extended the maturity date of the Credit Agreement to March 20, 2027.

Under the Credit Agreement, the Company must also pay (i) a commitment fee to the Agent, for the account of each lender, which accrues at a rate equal to 0.25% per annum on the average daily unused amount of the commitment of such lender, (ii) a letter of credit participation fee to the Agent, for the account of each lender, ranging from 1.25% to 2.50% per annum, based upon average availability under the Credit Facility from time to time, multiplied by the average daily amount available to be drawn under the applicable letter of credit, and (iii) a letter of credit fronting fee to each issuer of a letter of credit under the Credit Agreement, which will accrue at a rate per annum separately agreed upon between the Company and such issuer.

The Credit Agreement contains various restrictions and covenants applicable to the Company and its subsidiaries. Among other requirements, availability under the Credit Facility must, at all times, (i) prior to the occurrence of the permanent borrowing base trigger (as defined in the Credit Agreement), equal or exceed the greater of $22,500 and 15% of the line cap (as defined in the Credit Agreement), and (ii) after the occurrence of the permanent borrowing base trigger, equal or exceed the greater of $15,000 and 10% of the line cap (as defined in the Credit Agreement). Other than this minimum availability requirement, the Credit Agreement does not include any financial maintenance covenants.

The Credit Agreement requires the Company and various subsidiaries of the Company to guarantee each other’s obligations arising from time to time under the Credit Facility, as well as obligations arising in respect of certain cash management and hedging transactions. Subject to customary exceptions and limitations, all borrowings under the Credit Agreement are secured by a lien on all or substantially all of the assets of the Company and each subsidiary guarantor.

The Credit Agreement also contains customary events of default. If an event of default under the Credit Agreement occurs and is continuing, then the Agent may, and at the request of the required lenders shall, terminate the loan commitments under the Credit Agreement, declare any outstanding obligations under the Credit Agreement to be immediately due and payable or require the Company to adequately cash collateralize outstanding letter of credit obligations. If the Company or, with certain exceptions, a subsidiary becomes the subject of a proceeding under any bankruptcy, insolvency or similar law, then the loan commitments under the Credit Agreement will automatically terminate, and any outstanding obligations under the Credit Agreement and the cash collateral required under the Credit Agreement for any outstanding letter of credit obligations will become immediately due and payable.

As of September 30, 2023, the Company had no cash borrowings and no letters of credit outstanding under the Credit Agreement

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

September 30, 2023

(in thousands except per share data)

Note P – Factoring Agreements

In conjunction with the Credit Agreement described in Note O – Credit Agreement, on July 22, 2020, the Company and certain of its subsidiaries (collectively, the “Madden Entities”) entered into an Amended and Restated Deferred Purchase Factoring Agreement (the “Factoring Agreement”) with Rosenthal & Rosenthal, Inc. ("Rosenthal"). Pursuant to the Factoring Agreement, Rosenthal serves as the collection agent with respect to certain receivables of the Madden Entities and is entitled to receive a base commission of 0.20% of the gross invoice amount of each receivable assigned for collection, plus certain additional fees and expenses, subject to certain minimum annual commissions. Rosenthal will generally assume the credit risk resulting from a customer’s financial inability to make payment of credit-approved receivables, which are classified as Factor Receivables. The initial term of the Factoring Agreement is twelve months, subject to automatic renewal for additional twelve-month periods, and the Factoring Agreement may be terminated at any time by Rosenthal or the Madden Entities on 60 days' notice and upon the occurrence of certain other events. The Madden Entities pledged all of their rights under the Factoring Agreement to the Agent under the Credit Agreement to secure obligations arising under the Credit Agreement.

On April 3, 2023, in conjunction with a related amendment to the Credit Agreement, the Madden Entities also entered into a Credit Approved Receivables Purchasing Agreement (the “CARPA”) with CIT Group/Commercial Services, Inc. (“CIT”). Pursuant to the CARPA, in addition to Rosenthal, CIT will serve as a non-exclusive collection agent with respect to certain of the Madden Entities’ receivables and will generally assume the credit risk resulting from a customer’s financial inability to make payment with respect to credit approved receivables. Additionally, CIT shall compensate the Madden Entities for 50% of the losses sustained for limiting or revoking a credit line during production for any made-to-order goods that have work-in-progress coverage. For its services, CIT will be entitled to receive (1) a base fee of 0.15% of the gross face amount of each receivable assigned for collection having standard payment terms, (2) certain additional fees for receivables with non-standard payment terms or arising from sales to customers outside of the United States, and (3) reimbursement for certain expenses incurred in connection with the CARPA. The Company, on behalf of the Madden Entities, and CIT may each terminate the CARPA as of the last day of the month occurring one year after the date of the CARPA and at any time thereafter by giving the other party at least 60 days’ notice. CIT may also terminate the CARPA immediately upon the occurrence of certain events. The Madden Entities pledged all of their right, title and interest in and to monies due and to become due under the CARPA in favor of the Agent to secure obligations arising under or in connection with the Credit Agreement.

Note Q – Subsequent Event

Acquisition

On October 20, 2023, Daniel M. Friedman & Associates, Inc. (“Buyer”), a New York corporation and a wholly-owned subsidiary of the Company, acquired substantially all of the assets and certain liabilities (the “Business”) of Turn On Products Inc. d/b/a Almost Famous (“Seller” or “Almost Famous”), pursuant to an Asset Purchase Agreement, by and among Buyer, the Company, Seller and the holders of capital stock of Seller. Almost Famous is a designer and marketer of women’s junior apparel and has been the exclusive licensee of Madden NYC apparel since its launch in 2022. Almost Famous distributes its products to wholesale customers, including mass merchants, department stores, off-price retailers and chain stores within the United States. Almost Famous markets products under its own brands, primarily Almost Famous, as well as private label brands for various retailers. The purchase price for the Business was $52 million in cash, subject to a customary working capital adjustment, plus future contingent payments based on the Business achieving certain EBIT targets through September 30, 2027.

Credit Agreement

On October 23, 2023, the Company, and certain subsidiaries of the Company acting as guarantors, entered into the Amendment which amended the Company’s Credit Agreement, as previously amended (the “Existing Agreement”). The Amendment amended the Existing Agreement to accommodate changes made to the Company’s factoring arrangement with CIT pursuant to the Notification Factoring Rider as described below.

As of October 23, 2023, the Credit Agreement continued to provide for a $150 million revolving credit facility scheduled to mature on March 20, 2027, and no loans or letters of credit were outstanding under the Credit Agreement.

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

September 30, 2023

(in thousands except per share data)

Factoring Agreement

On October 23, 2023, the Company and Daniel M. Friedman & Associates, Inc. (“DMFA”), a wholly-owned subsidiary of the Company, entered into a Notification Factoring Rider to the Credit Approved Receivables Purchasing Agreement (“Notification Factoring Rider”) that amended and supplemented the Factoring Agreement, dated April 3, 2023, among the Company, DMFA and certain of the Company’s other subsidiaries party thereto (collectively with the Company, the “Madden Entities”), and CIT. The Notification Factoring Rider enables certain receivables generated from assets acquired by DMFA from Turn On Products Inc. d/b/a Almost Famous (“Post-Acquisition Receivables”), which assets were acquired by DMFA on October 20, 2023, to be subject to the Factoring Agreement.

The Notification Factoring Rider modifies the Factoring Agreement to require, in respect of certain Post-Acquisition Receivables, payment to CIT of a base fee ranging from 0.10% to 0.20% of the gross face amount of such Post-Acquisition Receivables assigned to CIT for collection. CIT will generally assume the credit risk resulting from a customer’s financial inability to make payment with respect to certain credit approved Post-Acquisition Receivables. The Company or DMFA may terminate the Notification Factoring Rider, separately from the Factoring Agreement, by giving CIT at least 10 days’ prior written notice of termination. As with monies due and to become due under the Factoring Agreement generally, monies due and to become due to the Company and DMFA under the Notification Factoring Rider are pledged in favor of the Agent to secure obligations under or in connection with the Credit Agreement.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of our financial condition and results of operations for the three and nine months ended September 30, 2023 should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q.

All references in this Quarterly Report to “we,” “our,” “us” and the “Company” refer to Steven Madden, Ltd. and its subsidiaries unless the context indicates otherwise.

This Quarterly Report 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. You can identify forward-looking statements 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 our current beliefs, expectations and assumptions regarding anticipated events and trends affecting our business and industry based on information available as of the time such statements are made. We caution investors 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 our control. Our 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:

•geopolitical tensions in the regions in which we operate and any related challenging macroeconomic conditions globally may materially and adversely affect our customers, vendors, and partners, and the duration and extent to which these factors may impact our future business and operations, results of operations and financial condition;

•our ability to navigate shifting macro-economic environments including but not limited to inflation and the potential for recessionary conditions;

•our ability to accurately anticipate fashion trends and promptly respond to consumer demand;

•our ability to compete effectively in a highly competitive market;

•our ability to adapt our business model to rapid changes in the retail industry;

•supply chain disruptions to product delivery systems and logistics, and our ability to properly manage inventory;

•our 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 their ability to meet our quality standards;

•our dependence on the retention and hiring of key personnel;

•our ability to successfully implement growth strategies;

•changes in trade policies and tariffs imposed by the United States government and the governments of other nations in which we manufacture and sell products;

•our ability to adequately protect our trademarks and other intellectual property rights;

•our ability to maintain adequate liquidity when negatively impacted by unforeseen events such as an epidemic or a pandemic, which may cause disruption to our business operations for an indeterminable period of time;

•legal, regulatory, political and economic risks that may affect our sales in international markets;

•changes in U.S. and foreign tax laws that could have an adverse effect on our 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;

•our ability to achieve operating results that are consistent with prior financial guidance; and

•other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission.

These risks and uncertainties, along with the risk factors discussed under Part II, Item 1A “Risk Factors” in this Quarterly Report on Form 10-Q and, in Part I, Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2022, should be considered in evaluating any forward-looking statements contained in this report. We do 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.

Overview:

($ in thousands, except for retail sales data per square foot, earnings per share and per share data)

Steven Madden, Ltd. and its subsidiaries design, source, and market fashion-forward branded and private label footwear, accessories and apparel for women, men, and children. We distribute our products in the wholesale channel through department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, Canada, Mexico, and Europe, and other international markets through our joint ventures in Israel, South Africa, China, Taiwan, Malaysia, and the Middle East along with special distribution arrangements in certain European countries, North Africa, South and Central America, Australia, and various countries in Asia. In addition, our products are distributed through our direct-to-consumer channel within the United States, Canada, Mexico, and Europe, and our joint ventures in Israel, South Africa, China, Taiwan, and the Middle East.

Our product lines include a broad range of contemporary styles designed to establish or capitalize on market trends, complemented by core product offerings. We have established a reputation for design creativity and our ability to offer quality, trend-right products at accessible price points, delivered in an efficient manner and time frame.

We manage our operations through our operating divisions, which are presented as the following reportable segments: Wholesale Footwear, Wholesale Accessories/Apparel, Direct-to-Consumer, and Licensing. As of January 2023, the Company no longer serves as a buying agent for any of its customers, and as a result no longer reports under the First Cost segment. This change is not considered to have a material or meaningful impact on the Company's operations. Our Wholesale Footwear segment designs, sources, and markets our brands and sells our products to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, Canada, Mexico, and Europe, and through our joint ventures and international distributor network. Our Wholesale Accessories/Apparel segment designs, sources, and markets our brands and sells our products to department stores, mass merchants, off-price retailers, online retailers, specialty retailers, independent stores and clubs throughout the United States, Canada, Mexico, and Europe and through our joint ventures and international distributor network. Our Direct-to-Consumer segment consists of Steve Madden® and Dolce Vita® full-price retail stores, Steve Madden® outlet stores, and our directly-operated digital e-commerce websites. We operate retail locations in regional malls and shopping centers, as well as high streets in major cities across the United States, Canada, Mexico, Israel, South Africa, Taiwan, China, and the Middle East. Our Licensing segment is engaged in the licensing of the Steve Madden® and Betsey Johnson® trademarks for use in the sale of select apparel, accessory, and home categories as well as various other non-core products. Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cyber security, and other shared services.

Executive Summary

Key Highlights

Total revenue for the quarter ended September 30, 2023 decreased 0.7% to $552,732 compared to $556,643 in the same period of last year. Net income attributable to Steven Madden, Ltd. was $64,413 in the third quarter of 2023 compared to $61,297 in the same period of last year. Our effective tax rate for the third quarter of 2023 increased to 23.1% compared to 22.9% in the third quarter of last year. Diluted earnings per share was $0.87 per share on 74,071 diluted weighted average shares outstanding compared to diluted earnings of $0.79 per share on 77,396 diluted weighted average shares outstanding in the third quarter of last year.

Our inventory turnover (calculated on a trailing four quarter average) for the quarter ended September 30, 2023 was 5.4 compared to 5.1 times at September 30, 2022. Our total Company accounts receivable average collection days decreased to 61 days in the third quarter of 2023 compared to 68 days in the third quarter of 2022. As of September 30, 2023, we had $206,445 in cash, cash equivalents and short-term investments, no debt and total stockholders’ equity of $853,714. Working capital was $521,823 as of September 30, 2023, compared to $537,168 as of September 30, 2022.

The following tables set forth information on operations for the periods indicated:

Selected Financial Information


	Three Months Ended September 30,
(in thousands, except for number of stores)	2023				2022
CONSOLIDATED:
Net sales	$	549,846	99.5	%	$	553,120	99.4	%
Commission and licensing income	2,886		0.5	%	3,523		0.6	%
Total revenue	552,732		100.0	%	556,643		100.0	%
Cost of sales (exclusive of depreciation and amortization)	320,107		57.9	%	327,167		58.8	%
Gross profit	232,625		42.1	%	229,476		41.2	%
Operating expenses	149,887		27.1	%	150,724		27.1	%


Income from operations	82,738		15.0	%	78,752		14.1	%
Interest and other income – net	1,922		0.3	%	1,340		0.2	%
Income before provision for income taxes	$	84,660	15.3	%	$	80,092	14.4	%
Net income attributable to Steven Madden, Ltd.	$	64,413	11.7	%	$	61,297	11.0	%

BY SEGMENT:
WHOLESALE FOOTWEAR SEGMENT:
Total Revenue	$	306,058	100.0	%	$	330,775	100.0	%
Cost of sales (exclusive of depreciation and amortization)	193,770		63.3	%	206,420		62.4	%
Gross profit	112,288		36.7	%	124,355		37.6	%
Operating expenses	43,997		14.4	%	45,778		13.8	%

Income from operations	$	68,291	22.3	%	$	78,577	23.8	%

WHOLESALE ACCESSORIES/APPAREL SEGMENT:
Total Revenue	$	127,395	100.0	%	$	103,851	100.0	%
Cost of sales (exclusive of depreciation and amortization)	84,029		66.0	%	74,797		72.0	%
Gross profit	43,366		34.0	%	29,054		28.0	%
Operating expenses	19,202		15.1	%	20,080		19.3	%


Income from operations	$	24,164	19.0	%	$	8,974	8.6	%

DIRECT-TO-CONSUMER SEGMENT:
Total Revenue	$	116,393	100.0	%	$	118,494	100.0	%
Cost of sales (exclusive of depreciation and amortization)	42,308		36.3	%	45,950		38.8	%
Gross profit	74,085		63.7	%	72,544		61.2	%
Operating expenses	64,344		55.3	%	62,659		52.9	%


Income from operations	$	9,741	8.4	%	$	9,885	8.3	%
Number of stores	256				222

FIRST COST SEGMENT:
Commission income	$	—	—	%	$	1	100.0	%
Gross profit	—		—	%	1		100.0	%
Operating expenses	—		—	%	61		6,100.0	%
Loss from operations	$	—	—	%	$	(60)	(6,000.0	%)

LICENSING SEGMENT:
Licensing income	$	2,886	100.0	%	$	3,522	100.0	%
Gross profit	2,886		100.0	%	3,522		100.0	%
Operating expenses	729		25.3	%	254		7.2	%
Income from operations	$	2,157	74.7	%	$	3,268	92.8	%

Corporate:
Operating expenses	$	21,615	—	%	$	21,892	—	%
Loss from operations	$	(21,615)	—	%	$	(21,892)	—	%

RESULTS OF OPERATIONS

($ in thousands, except for number of stores)

Three Months Ended September 30, 2023 Compared to Three Months Ended September 30, 2022

Consolidated:

Total revenue for the three months ended September 30, 2023 decreased 0.7% to $552,732 compared to $556,643 in the same period of the prior year, due to decreases in both the Wholesale Footwear and Direct-to-Consumer businesses partially offset by an increase in the Wholesale Accessories/Apparel business. Gross profit was $232,625, or 42.1% of total revenue, as compared to $229,476, or 41.2% of total revenue, in the prior-year period. The increase in gross profit as a percentage of total revenue was primarily driven by improvement in gross margin in the Wholesale Accessories/Apparel and Direct-to-Consumer segments, partially offset by lower gross margin in the Wholesale Footwear segment. Operating expenses in the third quarter of 2023 were $149,887, or 27.1% of total revenue, as compared to $150,724, or 27.1% of total revenue, in the third quarter of the prior year. Income from operations for the three months ended September 30, 2023 increased to $82,738, or 15.0% of total revenue, as compared to $78,752, or 14.1% of total revenue, in the prior-year period. The effective tax rate in the third quarter of 2023 was 23.1% compared to 22.9% in the third quarter of last year. Net income attributable to Steven Madden, Ltd. for the third quarter of 2023 was $64,413 compared to $61,297 in the third quarter of 2022.

Wholesale Footwear Segment:

Revenue from the Wholesale Footwear segment in the third quarter of 2023 accounted for $306,058, or 55.4% of total revenue, as compared to $330,775, or 59.4% of total revenue, in the third quarter of 2022. Wholesale Footwear revenue decreased 7.5% compared to the same quarter of 2022 due to continued moderation in wholesale customers' order patterns as they continue to focus on inventory control in a challenging retail environment. Gross profit was $112,288, or 36.7% of Wholesale Footwear revenue, in the third quarter of 2023 as compared to $124,355, or 37.6% of Wholesale Footwear revenue, in the third quarter of 2022. The decrease in gross profit as a percentage of revenue was primarily due to a higher penetration of the private label business. Operating expenses in the third quarter of 2023 were $43,997, or 14.4% of Wholesale Footwear revenue, as compared to $45,778, or 13.8% of Wholesale Footwear revenue, in the third quarter of the prior year. The increase in operating expenses as a percentage of Wholesale Footwear revenue was primarily attributable to expense deleverage on a lower revenue base. Income from operations decreased to $68,291, or 22.3% of Wholesale Footwear revenue, in the third quarter of 2023 as compared to $78,577, or 23.8% of Wholesale Footwear revenue in the third quarter of the prior year.

Wholesale Accessories/Apparel Segment:

Revenue from the Wholesale Accessories/Apparel segment in the third quarter of 2023 accounted for $127,395, or 23.0% of total revenue, as compared to $103,851, or 18.7% of total revenue, in the third quarter of 2022. Wholesale Accessories/Apparel revenue increased 22.7% compared to the same quarter of 2022 driven by strength in Steve Madden handbags. Gross profit was $43,366, or 34.0% of Wholesale Accessories/Apparel revenue, in the third quarter of 2023 as compared to $29,054, or 28.0% of Wholesale Accessories/Apparel revenue, in the third quarter of the prior year. The increase in gross profit as a percentage of revenue was due to lower freight expenses, improved production costs, and a lower penetration of our private label business. Operating expenses in the third quarter of 2023 were $19,202, or 15.1% of Wholesale Accessories/Apparel revenue, as compared to $20,080, or 19.3% of Wholesale Accessories/Apparel revenue, in the third quarter of the prior year. The decrease in operating expenses as a percentage of Wholesale Accessories/Apparel revenue was primarily attributable to expense leverage on a higher revenue base and the unfavorable impact of the accelerated amortization of a trademark that occurred in the third quarter of 2022, partially offset by the benefit in connection with the change in valuation of our contingent consideration that occurred in the third quarter of 2022. Income from operations increased to $24,164, or 19.0% of Wholesale Accessories/Apparel revenue, in the third quarter of 2023, as compared to $8,974, or 8.6% of Wholesale Accessories/Apparel revenue in the third quarter of the prior year.

Direct-to-Consumer Segment:

In the third quarter of 2023, revenue from the Direct-to-Consumer segment accounted for $116,393, or 21.1% of total revenue, as compared to $118,494, or 21.3% of total revenue, in the third quarter of 2022. Revenue decreased 1.8% compared to the prior year period, primarily driven by a decline in our e-commerce business and brick-and-mortar comparable store sales, partially offset by the addition of the Middle East joint-venture. As of September 30, 2023, we operated 251 brick-and-mortar stores and five e-commerce websites compared to 216 brick-and-mortar stores and six e-commerce websites as of September 30, 2022. In addition, we operated 22 concessions in international markets as of September 30, 2023 compared to 20 concessions in international markets as of September 30, 2022. Gross profit in the third quarter of 2023 was $74,085, or 63.7% of Direct-to-Consumer revenue, compared to $72,544, or 61.2% of Direct-to-Consumer revenue, in the third quarter of 2022. The increase in gross profit as a percentage of revenue was primarily due to lower freight expenses and a reduction in promotional activity. Operating expenses in the third quarter of 2023 were $64,344, or 55.3% of Direct-to-Consumer revenue, as compared to $62,659, or 52.9% of Direct-to-Consumer revenue, in the third quarter of 2022. The increase in operating expenses as a percentage of revenue was primarily attributable to expense deleverage on a lower revenue base. In the third quarter of 2023, income from operations for the Direct-to-Consumer segment decreased to $9,741, or 8.4% of Direct-to-Consumer revenue, as compared to $9,885, or 8.3% of Direct-to-Consumer revenue, in the third quarter of the prior year.

First Cost Segment:

As of January 2023, the Company no longer serves as a buying agent for any of its customers, and as a result no longer reports under the First Cost segment. This change is not considered to have a material or meaningful impact on the Company's operations. In the third quarter of 2022, commission income generated by the First Cost segment was $1, operating expenses was $61, and loss from operations was $60.

Licensing Segment:

Royalty income generated by the Licensing segment accounted for $2,886, or 0.5% of total revenue, in the third quarter of 2023 compared to $3,522, or 0.6% of total revenue, in the third quarter of 2022. Operating expenses were $729 in the current period compared to $254 in the same period of the prior year. In the third quarter of 2023, income from operations for the Licensing segment was $2,157 as compared to $3,268 in the same period last year.

Corporate:

Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cyber security, and other shared services. Corporate operating expenses were $21,615, or 3.9% of total revenue, in the third quarter of 2023 as compared to $21,892, or 3.9% of total revenue, in the third quarter of 2022.

Selected Financial Information


	Nine Months Ended September 30,
(in thousands, except for number of stores)	2023				2022
CONSOLIDATED:
Net sales	$	1,454,420	99.5	%	$	1,643,144	99.5	%
Commission and licensing income	7,448		0.5	%	8,222		0.5	%
Total revenue	1,461,868		100.0	%	1,651,366		100.0	%
Cost of sales (exclusive of depreciation and amortization)	844,281		57.8	%	976,227		59.1	%
Gross profit	617,587		42.2	%	675,139		40.9	%
Operating expenses	444,298		30.4	%	433,252		26.2	%


Income from operations	173,289		11.9	%	241,887		14.6	%
Interest and other income – net	5,898		0.4	%	106		—	%
Income before provision for income taxes	$	179,187	12.3	%	$	241,993	14.7	%
Net income attributable to Steven Madden, Ltd.	$	135,673	9.3	%	$	184,270	11.2	%

BY SEGMENT:
WHOLESALE FOOTWEAR SEGMENT:
Total revenue	$	823,288	100.0	%	$	968,886	100.0	%
Cost of sales (exclusive of depreciation and amortization)	524,432		63.7	%	608,590		62.8	%
Gross profit	298,856		36.3	%	360,296		37.2	%
Operating expenses	124,784		15.2	%	127,627		13.2	%

Income from operations	$	174,072	21.1	%	$	232,669	24.0	%

WHOLESALE ACCESSORIES/APPAREL SEGMENT:
Total revenue	$	286,935	100.0	%	$	311,877	100.0	%
Cost of sales (exclusive of depreciation and amortization)	190,345		66.3	%	235,261		75.4	%
Gross profit	96,590		33.7	%	76,616		24.6	%
Operating expenses	51,607		18.0	%	51,146		16.4	%


Income from operations	$	44,983	15.7	%	$	25,470	8.2	%

DIRECT-TO-CONSUMER SEGMENT:
Total revenue	$	344,197	100.0	%	$	362,381	100.0	%
Cost of sales (exclusive of depreciation and amortization)	129,504		37.6	%	132,376		36.5	%
Gross profit	214,693		62.4	%	230,005		63.5	%
Operating expenses	198,870		57.8	%	187,338		51.7	%


Income from operations	$	15,823	4.6	%	$	42,667	11.8	%
Number of stores	256				222

FIRST COST SEGMENT:
Commission income	$	—	—	%	$	914	100.0	%
Gross profit	—		—	%	914		100.0	%
Operating expenses	—		—	%	204		22.3	%
Income from operations	$	—	—	%	$	710	77.7	%

LICENSING SEGMENT:
Licensing income	$	7,448	100.0	%	$	7,308	100.0	%
Gross profit	7,448		100.0	%	7,308		100.0	%
Operating expenses	2,201		29.6	%	1,433		19.6	%
Income from operations	$	5,247	70.4	%	$	5,875	80.4	%

Corporate:
Operating expenses	66,836		—	%	$	65,504	—	%
Loss from operations	$	(66,836)	—	%	$	(65,504)	—	%

Nine Months Ended September 30, 2023 Compared to Nine Months Ended September 30, 2022

Consolidated:

Total revenue in the nine months ended September 30, 2023 decreased 11.5% to $1,461,868 compared to $1,651,366 in the same period of the prior year with decreases in the Wholesale Footwear, Wholesale Accessories/Apparel and Direct-to-Consumer businesses. Gross profit was $617,587, or 42.2% of total revenue, as compared to $675,139, or 40.9% of total revenue, in the prior-year period. The increase in gross profit as a percentage of total revenue was primarily driven by an improvement in gross margin in the Wholesale Accessories/Apparel segment, partially offset by lower gross margin in the Wholesale Footwear and Direct-to-Consumer segments. Operating expenses for the first nine months of 2023 were $444,298, or 30.4% of total revenue, as compared to $433,252, or 26.2% of total revenue, in the first nine months of the prior year. The increase in operating expenses as a percentage of total revenue was primarily attributable to expense deleverage on a lower revenue base. Income from operations decreased to $173,289, or 11.9% of total revenue, as compared to income from operations of $241,887, or 14.6% of total revenue, in the prior-year period. The effective tax rate in the first nine months of 2023 was 23.6% compared to 23.4% in the first nine months of the prior year. Net income attributable to Steven Madden, Ltd. in the first nine months of 2023 was $135,673 compared to $184,270 in the same period of 2022.

Wholesale Footwear Segment:

Revenue from the Wholesale Footwear segment in the first nine months of 2023 accounted for $823,288, or 56.3% of total revenue, as compared to $968,886, or 58.7% of total revenue, in the first nine months of 2022. The 15.0% decrease in revenue is due to a moderation in wholesale customers' order patterns as they continue to focus on inventory control in a challenging retail environment, impacting both our branded and private label businesses. Gross profit was $298,856, or 36.3% of Wholesale Footwear revenue, in the first nine months of 2023 as compared to $360,296, or 37.2% of Wholesale Footwear revenue, in the first nine months of 2022. The decrease in gross profit as a percentage of revenue was primarily due to higher promotional activity partially offset by lower freight expenses. Operating expenses in the first nine months of 2023 were $124,784, or 15.2% of Wholesale Footwear revenue, as compared to $127,627, or 13.2% of Wholesale Footwear revenue, in the first nine months of the prior year. The increase in operating expenses as a percentage of Wholesale Footwear revenue was primarily due to expense deleverage on a lower revenue base. Income from operations decreased to $174,072, or 21.1% of Wholesale Footwear revenue in the first nine months of 2023 as compared to $232,669, or 24.0% of Wholesale Footwear revenue, in the same period of the prior year.

Wholesale Accessories/Apparel Segment:

Revenue from the Wholesale Accessories/Apparel segment in the first nine months of 2023 accounted for $286,935, or 19.6% of total revenue, as compared to $311,877, or 18.9% of total revenue, in the first nine months of 2022. The 8.0% decrease in revenue is due to a moderation in wholesale customers' order patterns as they continue to focus on inventory control in a challenging retail environment primarily impacting our private label business. Gross profit was $96,590, or 33.7% of Wholesale Accessories/Apparel revenue, in the first nine months of 2023 as compared to $76,616, or 24.6% of Wholesale Accessories/Apparel revenue, in the first nine months of the prior year. The increase in gross profit as a percentage of revenue was primarily due to lower freight costs, improved production costs, lower markdown allowances and a lower penetration of our private label business. Operating expenses in the first nine months of 2023 were $51,607, or 18.0% of Wholesale Accessories/Apparel revenue, as compared to $51,146, or 16.4% of Wholesale Accessories/Apparel revenue, in the same period of the prior year. The increase in operating expenses as a percentage of Wholesale Accessories/Apparel revenue was primarily attributable to expense deleverage on a lower revenue base and the benefit from the change in valuation of our contingent consideration that occurred in the first nine months of 2022 partially offset by the unfavorable impact of the accelerated amortization of a trademark that occurred in the first nine months of 2022. Income from operations for the Wholesale Accessories/Apparel segment in the first nine months of 2023 was $44,983, or 15.7% of Wholesale Accessories/Apparel revenue, as compared to $25,470, or 8.2% of Wholesale Accessories/Apparel revenue, in the same period of the prior year.

Direct-to-Consumer Segment:

In the first nine months of 2023, revenue from the Direct-to-Consumer segment accounted for $344,197, or 23.5% of total revenue, as compared to $362,381, or 21.9% of total revenue, in the first nine months of 2022. The 5.0% decrease in revenue was driven by decreases in both our brick-and-mortar and e-commerce businesses. Gross profit in the first nine months of 2023 was $214,693, or 62.4% of Direct-to-Consumer revenue, compared to $230,005, or 63.5% of Direct-to-Consumer revenue, in the first nine months of 2022. The decrease in gross profit as a percentage of revenue was primarily due to an increase in promotional activity, partially offset by lower freight costs. Operating expenses in the first nine months of 2023 were $198,870, or 57.8% of Direct-to-Consumer revenue, as compared to $187,338, or 51.7% of Direct-to-Consumer revenue, in the first nine months of 2022. The increase in operating expenses as a percentage of revenue was primarily attributable to expense deleverage on a lower revenue base. In the first nine months of 2023, income from operations for the Direct-to-Consumer segment was $15,823, or 4.6% of Direct-to-Consumer revenue, as compared to $42,667, or 11.8% of Direct-to-Consumer revenue, in the same period last year.

First Cost Segment:

As of January 2023, the Company no longer serves as a buying agent for any of its customers, and as a result no longer reports under the First Cost segment. This change is not considered to have a material or meaningful impact on the Company's operations. In the first nine months of 2022, commission income generated by the First Cost segment accounted for $914, operating expenses were $204, and income from operations was $710.

Licensing Segment:

Royalty income generated by the Licensing segment accounted for $7,448, or 0.5% of total revenue, in the first nine months of 2023 compared to $7,308, or 0.4% of total revenue, in the first nine months of 2022. Operating expenses increased to $2,201 in the current period compared to $1,433 in the same period of the prior year. Income from the Licensing segment was $5,247 in the first nine months of 2023 as compared to $5,875 in the same period last year.

Corporate:

Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cyber security, and other shared services. Corporate operating expenses amounted to $66,836 or 4.6% of total revenue in the first nine months of 2023 as compared to $65,504 or 4.0% of total revenue in the same period last year.

Liquidity and Capital Resources

Our primary sources of liquidity are cash flows from operations, cash, cash equivalents and short-term investments. Cash, cash equivalents and short-term investments totaled $206,445 and $289,798 at September 30, 2023 and December 31, 2022, respectively. Of the total cash, cash equivalents and short-term investments as of September 30, 2023, $112,322, or approximately 54%, was held in our foreign subsidiaries, and of the total cash, cash equivalents and short-term investments on December 31, 2022, $133,729, or approximately 46%, was held in our foreign subsidiaries.

On July 22, 2020, we entered into a $150,000, five-year, asset-based revolving credit facility with various lenders and Citizens Bank, N.A. On March 25, 2022, we entered into an amendment to the revolving credit facility, which replaced the London Interbank Offering Rate (“LIBOR”) with the Bloomberg Short-Term Bank Yield Index (“BSBY”) as the interest rate benchmark, among other changes.

As of September 30, 2023, we had working capital of $521,823, cash and cash equivalents of $191,804, short-term investments of $14,641, no cash borrowing and $504 in letters of credit outstanding unrelated to the Credit Agreement.

We believe that based on our current financial position and available cash, cash equivalents, and short-term investments, we will meet all our financial commitments and operating needs for at least the next twelve months. In addition, our $150,000 asset-based revolving credit facility provides us with additional liquidity and flexibility on a long-term basis.

Cash Flows

A summary of our cash provided by and used in operating, investing, and financing activities was as follows:

Operating Activities

Cash provided by operations was $77,756 for the nine months ended September 30, 2023 compared to $66,747 in the same period of the prior year. The increase in cash provided by operations was primarily driven by less cash used in inventories and accounts payable and accrued expenses partially offset by unfavorable changes in net income and receivables.

Investing Activities

Cash used in investing activities was $13,543 for the nine months ended September 30, 2023, which consisted of purchases of $15,979 in short-term investments offset by cash received of $16,335 from the maturities and sales of short-term investments. We also made capital expenditures of $13,899, principally for leasehold improvements, new stores and systems enhancements.

Financing Activities

During the nine months ended September 30, 2023, net cash used in financing activities was $147,158, which primarily consisted of share repurchases and net settlements of stock awards of $104,215, cash dividends paid of $47,594, partially offset by an investment of a noncontrolling interest of $4,582.

Contractual Obligations

Our contractual obligations as of September 30, 2023 were as follows:


	Payment due by period
Contractual Obligations	Total		Remainder of 2023		2024-2025		2026-2027		2028 and after
Operating lease obligations(1)	$	142,163	$	11,101	$	74,390	$	39,968	$	16,704
Purchase obligations	217,670		152,355		65,260		55		—

Future minimum royalty and advertising payments	18,000		—		12,000		6,000		—
Transition tax	11,721		2,930		8,791		—		—
Total	$	389,554	$	166,386	$	160,441	$	46,023	$	16,704

(1) Refer to Note F – Leases to the Condensed Consolidated Financial Statements included in this Quarterly Report for further information.

Substantially all our products are produced by independent manufacturers at overseas locations, the majority of which are located in China, with a growing percentage located in Cambodia, Mexico, Brazil and some European nations. We have not entered into any long-term manufacturing or supply contracts with any of these foreign manufacturers. We believe that a sufficient number of alternative sources exist outside of the United States for the manufacture of our products. Purchases are made primarily in United States dollars.

We have employment agreements with our Creative and Design Chief, Steven Madden, and certain executive officers, which provide for the payment of compensation aggregating to approximately $2,629 in the remainder of 2023, $9,588 in 2024, and $8,048 in 2025. In addition, some of these employment agreements provide for discretionary bonuses and some provide for incentive compensation based on various performance criteria as well as other benefits, including stock-related compensation.

Transition tax of $11,721 was the result of the Tax Cuts and Jobs Act of 2017 (the "Tax Act"). Excluded from the contractual obligations table above are long-term taxes payable of $1,145 as of September 30, 2023 primarily related to uncertain tax positions, for which we are unable to make a reasonably reliable estimate of the timing of payments in individual years beyond one year due to uncertainties in the timing of tax audit outcomes.

Dividends

On November 7, 2023, our Board of Directors approved a quarterly cash dividend. The quarterly dividend of $0.21 per share is payable on December 29, 2023 to stockholders of record as of the close of business on December 15, 2023.

Future quarterly cash dividend payments are subject to the discretion of our Board of Directors and contingent upon future earnings, our financial condition, capital requirements, general business conditions, and other factors. Therefore, we can give no assurance that cash dividends will be paid to holders of our common stock in the future.

Inflation

Actual results could be negatively and materially impacted due to risks and uncertainties, including the impacts of inflationary pressures globally and the war in Ukraine, the war in the Middle East and the related broader macroeconomic implications. Consumer spending has been and may continue to be negatively impacted by inflationary pressures, and other macroeconomic and geopolitical factors. All these factors have negatively impacted, and might continue to negatively impact, our direct sales to end consumers and our sales to our wholesale customers. Historically, we have minimized the impact of product, wages and logistic cost increases by raising prices, renegotiating costs, changing suppliers, and improving operating efficiencies. However, no assurance can be given that we will be able to offset such inflationary cost increases in the future.

Off-Balance Sheet Arrangements

In addition to the commitments included in the Contractual Obligations table above, we have outstanding letters of credit of $504 outstanding as of September 30, 2023 related to the purchase of inventory. These letters of credit expire at various dates through 2030.

We do not maintain any other off-balance sheet arrangements, transactions, obligations, or other relationships with unconsolidated entities that would be expected to have a material current or future effect on our consolidated financial statements. Refer to Note M – Commitments, Contingencies and Other to the Condensed Consolidated Financial Statements included in this Quarterly Report for further information.

Critical Accounting Policies and the Use of Estimates

There have been no material changes to our critical accounting policies and the use of estimates from these disclosures reported in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the Securities and Exchange Commission on March 1, 2023.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

($ in thousands)

Interest Rate Risk

We do not engage in the trading of market risk sensitive instruments in the normal course of business. Our financing arrangements are subject to variable interest rates, primarily based on the prime rate and the BSBY. The terms of our $150,000 asset-based revolving credit agreement (the “Credit Facility”) and our collection agency agreements with Rosenthal & Rosenthal, Inc. and CIT Group/Commercial Services, Inc. can be found in the Liquidity and Capital Resources section of Item 2 and in Note O – Credit Agreement and Note P – Factoring Agreements, respectively, to the Condensed Consolidated Financial Statements included in this Quarterly Report. Because we had no cash borrowings under the Credit Facility as of September 30, 2023, a 10% change in interest rates, with all other variables held constant, would have an immaterial effect on our reported interest expense.

As of September 30, 2023, we held short-term investments valued at $14,641, which consist of certificates of deposit. We have the ability to hold these investments until maturity.

Foreign Currency Exchange Rate Risk

We face market risk to the extent that our U.S. or foreign operations involve the transaction of business in foreign currencies. In addition, our inventory purchases are primarily done in foreign jurisdictions and inventory purchases may be impacted by fluctuations in the exchange rates between the U.S. dollar and the local currencies of our contract manufacturers, which could have the effect of increasing the cost of goods sold in the future. We manage these risks primarily by denominating these purchases in U.S. dollars. To mitigate the risk of purchases, that are denominated in foreign currencies, we may enter into forward foreign exchange contracts for terms of no more than two years. A description of our accounting policies for derivative financial instruments is included in Note L – Derivative Instruments to the Condensed Consolidated Financial Statements.

As of September 30, 2023, we had entered into forward foreign exchange contracts with notional amounts totaling $74,930 . We performed a sensitivity analysis based on a model that measures the impact of a hypothetical change in foreign currency exchange rates to determine the effects that market risk exposures may have on the fair values of our forward foreign exchange contracts that were outstanding as of September 30, 2023. As of September 30, 2023, a 10% increase or decrease of the U.S. dollar against the exchange rates for foreign currencies under forward foreign exchange contracts, with all other variables held constant, would result in a net increase or decrease in the fair value of our derivatives portfolio of approximately $58, which is immaterial to the Condensed Consolidated Financial Statements.

In addition, we are exposed to translation risk in connection with our foreign operations in Canada, Mexico, Europe, South Africa, China, Taiwan, Israel, Malaysia, and the Middle East because our subsidiaries and joint ventures in these countries utilize the local currency as their functional currency, and those financial results are translated into U.S. dollars. As currency exchange rates fluctuate, foreign currency exchange rate translation adjustments reflected in our financial statements with respect to our foreign operations affects the comparability of financial results between years.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

As required by Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), our management, including our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures as of the end of the fiscal quarter covered by this Quarterly Report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) were, as of the end of the fiscal quarter covered by this Quarterly Report, effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

As required by Rule 13a-15(d) under the Exchange Act, our management, including our Chief Executive Officer and Chief Financial Officer, has evaluated our internal controls over financial reporting to determine whether any changes occurred during the quarter covered by this Quarterly Report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. There were no changes in our internal controls over financial reporting that occurred during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

In the ordinary course of business, we have various pending cases involving contractual disputes, employee-related matters, distribution matters, product liability claims, intellectual property infringement and other matters. In the opinion of management, after consulting with legal counsel, the liabilities, if any, resulting from these legal proceedings should not have a material impact on our financial condition, results of operations or liquidity.

ITEM 1A. RISK FACTORS

You are encouraged to review the discussion of Forward-Looking Statements and Risk Factors appearing in this report at Part I, “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

In addition to the other information set forth in this Quarterly Report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on March 1, 2023 (the “2022 Form 10-K”) which could materially affect our business, financial condition, operating results, earnings or stock price, in various ways. The risks described in the 2022 Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or operating results.

During the nine months ended September 30, 2023, there have been no material changes from the risk factors previously disclosed under Part I, Item 1A, “Risk Factors” in the 2022 Form 10-K other than the addition of the following risk factor:

Geopolitical tensions in the regions in which we operate and any related challenging macroeconomic conditions globally may materially and adversely affect our customers, vendors, and partners, and the duration and extent to which these factors may impact our future business and operations, results of operations, and financial condition remains uncertain.

On October 7, 2023, Hamas, a U.S. designated terrorist organization, launched a series of coordinated attacks from the Gaza Strip onto Israel. On October 8, 2023, Israel formally declared war on Hamas, and the armed conflict is ongoing as of the date of this filing. Hostilities between Israel and Hamas could escalate and involve surrounding countries in the Middle East, a region in which we operate. Although the length, impact, and outcome of the military conflict between Israel and Hamas are highly unpredictable, this conflict could lead to significant market and other disruptions, including significant disruptions to the operations of our joint ventures in Israel and the Middle East, instability in financial markets, supply chain disruptions, political and social instability and other material and adverse effects on the macroeconomic conditions. At this time, it is not possible to predict or determine the ultimate consequence of this regional conflict. The conflict between Hamas and Israel and its broader impacts could have a lasting affect on the short- and long-term operations and financial condition of our business and the global economy.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

($ in thousands, except par value and per share data)

The following table presents the total number of shares of our common stock, par value $0.0001 per share, purchased by us in the three months ended September 30, 2023, the average price paid per share, the amount of shares purchased pursuant to our Share Repurchase Program and the approximate dollar value of the shares that still could have been purchased at the end of the fiscal period pursuant to our Share Repurchase Program. See Note G – Share Repurchase Program to the Condensed Consolidated Financial Statements for further details on our Share Repurchase Program. During the three months ended September 30, 2023, there were no sales by us of unregistered shares of common stock.


Period	Total Number of Shares Purchased (1)	Average Price Paid per Share (1)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
7/1/2023 - 7/31/2023	4	$	32.79	—	$	224,769
8/1/2023 - 8/31/2023	1,927	$	35.01	549	$	205,716
9/1/2023 - 9/30/2023	366	$	33.00	365	$	193,676
Total	2,297	$	34.69	914

(1) The Steven Madden, Ltd. 2019 Incentive Compensation Plan and its predecessor plan, the Steven Madden, Ltd. Amended and Restated 2006 Stock Incentive Plan, each provide us with the right to deduct or withhold, or require employees to remit to us, an amount sufficient to satisfy all or part of the tax-withholding obligations applicable to stock-based compensation awards. To the extent permitted, participants may elect to satisfy all or part of such withholding obligations and the cost of the option by tendering to us previously owned shares or by having us withhold shares having a fair market value equal to the minimum statutory tax-withholding rate that could be imposed on the transaction. Included in this table are shares withheld during the third quarter of 2023 in connection with the settlement of vested restricted stock to satisfy the cost of options and tax-withholding requirements with an aggregate purchase price of approximately $48,578.

ITEM 5. OTHER INFORMATION

During the three months ended September 30, 2023, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

ITEM 6. EXHIBITS


10.1			Third Amendment to Credit Agreement, dated as of October 23, 2023, among Steven Madden, Ltd., the other loan parties party thereto, the lenders party thereto, and Citizen Bank, N.A., as administrative agent (which includes the marked Credit Agreement as Annex I thereto) (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on October 26, 2023).
10.2			Notification Factoring Rider to the Credit Approved Receivables Purchase Agreement, dated as of October 23, 2023, among Steven Madden, Ltd., Daniel M. Friedman & Associates, Inc., and The CIT Group/Commercial Services, Inc. (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on October 26, 2023).
31.1			Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 †
31.2			Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 †
32.1			Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 †*
32.2			Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 †*
101			The following materials from Steven Madden, Ltd.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Income, (iii) the Condensed Consolidated Statements of Comprehensive Income, (iv) the Condensed Consolidated Statements of Changes in Stockholders' Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text*
104			Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL) with applicable taxonomy extension information contained in Exhibit 101*



†			Filed herewith
*			This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any filing, except to the extent the Company specifically incorporates it by reference.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: November 9, 2023


STEVEN MADDEN, LTD.

/s/ EDWARD R. ROSENFELD
Edward R. Rosenfeld
Chairman and Chief Executive Officer

/s/ ZINE MAZOUZI
Zine Mazouzi
Chief Financial Officer

Exhibit 31.1

CERTIFICATION PURSUANT TO RULE 13a-14(a) OR 15d-14(a) OF THE SECURITIES

EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Edward R. Rosenfeld, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 of Steven Madden, Ltd.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


/s/ EDWARD R. ROSENFELD
Edward R. Rosenfeld
Chairman and Chief Executive Officer
November 9, 2023

Exhibit 31.2

CERTIFICATION PURSUANT TO RULE 13a-14(a) OR 15d-14(a) OF THE SECURITIES

EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Zine Mazouzi, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 of Steven Madden, Ltd.;

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


/s/ Zine Mazouzi
Zine Mazouzi
Chief Financial Officer
November 9, 2023

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 of Steven Madden, Ltd. (the “Company”), as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Edward R. Rosenfeld, Chairman and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ EDWARD R. ROSENFELD
Edward R. Rosenfeld
Chairman and Chief Executive Officer
November 9, 2023

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 of Steven Madden, Ltd. (the “Company”), as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Zine Mazouzi, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ Zine Mazouzi
Zine Mazouzi
Chief Financial Officer
November 9, 2023

Cover Page - $ / shares	9 Months Ended
Cover Page - $ / shares	Sep. 30, 2023	Nov. 06, 2023
Cover [Abstract]
Entity Incorporation, State or Country Code	DE
Title of 12(g) Security	Common Stock, par value $0.0001 per share
Trading Symbol	SHOO
Security Exchange Name	NASDAQ
Entity Registrant Name	STEVEN MADDEN, LTD.
Entity Address, Address Line One	52-16 Barnett Avenue
Entity Address, City or Town	Long Island City
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11104
City Area Code	718
Local Phone Number	446-1800
Entity Interactive Data Current	Yes
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		74,608,209
Amendment Flag	false
Entity Central Index Key	0000913241
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	0-23702
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Tax Identification Number	13-3588231
Entity Listing, Par Value Per Share	$ 0.0001

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Current assets:
Cash and cash equivalents	$ 191,804	$ 274,713	$ 139,194
Short-term Investments	14,641	15,085	9,051
Accounts receivable, net of allowances of $4,513, $7,721 and $8,636	58,538	37,937	48,601
Factor accounts receivable	342,871	248,228	341,141
Inventories	205,693	228,752	244,315
Prepaid expenses and other current assets	24,334	22,989	25,531
Income tax receivable and prepaid income taxes	15,702	15,853	9,416
Total current assets	853,583	843,557	817,249
Property and equipment, net	44,920	40,664	36,861
Operating lease right-of-use asset	113,058	90,264	90,407
Deposits and other	10,567	12,070	3,655
Deferred taxes	1,570	1,755	6,945
Goodwill – net	168,612	168,085	167,652
Intangibles – net	99,817	101,192	102,967
Assets, Total	1,292,227	1,257,988	1,226,235
Current liabilities:
Accounts payable	140,623	130,542	99,173
Accrued expenses	129,754	138,523	119,650
Operating leases – current portion	36,521	29,499	30,234
Income taxes payable	13,519	9,403	19,161
Contingent payment liability	1,153	1,153	440
Accrued incentive compensation	10,190	11,788	11,423
Total current liabilities	331,760	320,908	280,081
Operating leases – long-term portion	91,916	79,128	79,906
Deferred tax liabilities	3,923	3,923	3,378
Other liabilities	10,914	10,166	10,930
Liabilities	438,513	414,125	374,295
Common stock – $0.0001 par value, 245,000 shares authorized,136,430, 134,456 and 134,443 shares issued, 74,610, 76,796 and 77,906 shares outstanding	8	8	8
Additional paid-in capital	579,473	520,441	514,156
Retained earnings	1,659,202	1,571,123	1,555,563
Accumulated other comprehensive loss	(33,428)	(35,709)	(39,887)
Treasury stock – 61,820, 57,660 and 56,537 shares at cost	(1,368,217)	(1,224,310)	(1,187,537)
Total Steven Madden, Ltd. stockholders’ equity	837,038	831,553	842,303
Noncontrolling interest	16,676	12,310	9,637
Total stockholders’ equity	853,714	843,863	851,940
Total Liabilities and Stockholders’ Equity	1,292,227	1,257,988	1,226,235
Note Receivable, Related Party	100	401	499
Preferred Stock
Current liabilities:
Preferred stock – $0.0001 par value, 5,000 shares authorized; none issued; Series A Junior Participating preferred stock – $0.0001 par value, 60 shares authorized; none issued	$ 0	$ 0	$ 0

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Accounts receivable, allowances	$ 4,513	$ 7,721	$ 8,636
Common stock, par or stated value per share (in dollars per share)	$ 0.0001
Common stock, shares authorized (in shares)	245,000,000
Common stock, shares issued (in shares)	136,430,000	134,456,000	134,443,000
Common stock, outstanding (in shares)	74,610,000	76,796,000	77,906,000
Treasury stock, common (in shares)	61,820,000	57,660,000	56,537,000
Preferred Class A
Preferred stock-par value (in dollars per share)	$ 0.0001
Preferred stock- shares authorized (in shares)	5,000,000
Preferred stock-issued	0
Preferred Class B
Preferred stock-par value (in dollars per share)	$ 0.0001
Preferred stock- shares authorized (in shares)	60,000
Preferred stock-issued	0

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net sales	$ 549,846	$ 553,120	$ 1,454,420	$ 1,643,144
Commission and licensing fee income	2,886	3,523	7,448	8,222
Total revenue	552,732	556,643	1,461,868	1,651,366
Cost of Goods and Services Sold	320,107	327,167	844,281	976,227
Gross profit	232,625	229,476	617,587	675,139
Operating expenses	149,887	150,724	444,298	433,252
Income from operations	82,738	78,752	173,289	241,887
Interest and other income – net	1,922	1,340	5,898	106
Income before provision for income taxes	84,660	80,092	179,187	241,993
Provision for income taxes	19,552	18,335	42,219	56,728
Net income	$ 65,108	$ 61,757	$ 136,968	$ 185,265
Basic net income per share (in dollars per share)	$ 0.88	$ 0.81	$ 1.84	$ 2.41
Diluted net income per share (in dollars per share)	$ 0.87	$ 0.79	$ 1.81	$ 2.35
Basic weighted average common shares outstanding	72,943	75,598	73,679	76,463
Effect of dilutive securities – options/restricted stock	1,128	1,798	1,238	2,116
Diluted weighted average common shares outstanding	74,071	77,396	74,917	78,579
Common Stock, Dividends, Per Share, Cash Paid	$ 0.21	$ 0.21	$ 0.63	$ 0.63
Noncontrolling Interest
Less: net income attributable to noncontrolling interest	$ 695	$ 460	$ 1,295	$ 995
Retained Earnings
Net income attributable to Steven Madden, Ltd.	$ 64,413	$ 61,297	$ 135,673	$ 184,270

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 65,108	$ 61,757	$ 136,968	$ 185,265
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	(769)	40	(398)	(160)
Foreign currency translation adjustment, Pre-tax	(3,897)	(7,712)	1,182	(12,145)
Foreign currency translation adjustment, Tax	0	0	0	0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	2,104	(148)	1,087	591
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	1,335	(108)	690	431
Other comprehensive income/(loss):
Foreign currency translation adjustment, After-tax	(3,897)	(7,712)	1,182	(12,145)
Total other comprehensive (loss), Pre-tax	(1,793)	(7,860)	2,269	(11,554)
Total other comprehensive (loss), Tax	(769)	40	(398)	(160)
Total other comprehensive (loss), After-tax	(2,562)	(7,820)	1,872	(11,714)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	62,546	53,937	138,840	173,551
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	577	(202)	886	(376)
Comprehensive income attributable to Steven Madden, Ltd.	$ 61,969	$ 54,139	$ 137,954	$ 173,927

Condensed Consolidated Statement of Equity Statement - USD ($) $ in Thousands	Total	South African Joint Venture [Member]	Common Stock	Additional Paid-in Capital	Retained Earnings	AOCI Attributable to Parent	Noncontrolling Interest	Treasury Stock, Common
Common stock, outstanding (in shares)			80,557,000
Additional paid-in capital				$ 495,999
Retained earnings	$ 1,421,067
Accumulated other comprehensive loss	(29,544)
Treasury stock, common (in shares)								53,472,000
Treasury stock – 61,820, 57,660 and 56,537 shares at cost								$ (1,075,432)
Noncontrolling interest	8,440
Total stockholders’ equity	820,538
Common stock – $0.0001 par value, 245,000 shares authorized,136,430, 134,456 and 134,443 shares issued, 74,610, 76,796 and 77,906 shares outstanding			$ 8
Payments for Repurchase of Common Stock	(112,105)
Tax benefit from the exercise of options	$ (415)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	18,000		18,000	415,000
Stock Issued During Period, Value, Stock Options Exercised	$ (415)
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			396,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	18,298			$ 18,298
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax						$ (10,774)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest							$ (1,371)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(12,145)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	431					431
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	160
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	431
Dividends, Common Stock, Cash	(49,774)
Net income attributable to Steven Madden, Ltd.					$ 184,270
Less: net income attributable to noncontrolling interest							995
Net income	$ 185,265
Common Stock, Dividends, Per Share, Cash Paid	$ 0.63
Noncontrolling Interest, Increase from Sale of Parent Equity Interest		$ 1,017		(556)			1,573
Distribution of noncontrolling interest	$ 0
Dividend yield	2.10%
Stock repurchased and net settlements of restricted stock awards, value	$ 112,105							$ 112,105
Stock repurchased and net settlements of restricted stock awards (in shares)			3,065,000					3,065,000
Common stock, outstanding (in shares)			79,007,000
Additional paid-in capital				508,063
Retained earnings					1,510,651
Accumulated other comprehensive loss						(32,729)
Treasury stock, common (in shares)								55,420,000
Treasury stock – 61,820, 57,660 and 56,537 shares at cost								$ (1,152,459)
Noncontrolling interest							9,784
Total stockholders’ equity	843,318
Common stock – $0.0001 par value, 245,000 shares authorized,136,430, 134,456 and 134,443 shares issued, 74,610, 76,796 and 77,906 shares outstanding			$ 8
Tax benefit from the exercise of options	0
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			16,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	6,148			6,148
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax						(7,050)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest							(662)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(7,712)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	(108)					(108)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	(40)
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	(108)
Dividends, Common Stock, Cash	(16,385)				(16,385)
Net income attributable to Steven Madden, Ltd.					61,297
Less: net income attributable to noncontrolling interest							460
Net income	$ 61,757
Common Stock, Dividends, Per Share, Cash Paid	$ 0.21
Noncontrolling Interest, Increase from Sale of Parent Equity Interest		$ 0		(55)			55
Stock repurchased and net settlements of restricted stock awards, value	$ 35,078							$ 35,078
Stock repurchased and net settlements of restricted stock awards (in shares)			1,117,000					1,117,000
Common stock, outstanding (in shares)	77,906,000		77,906,000
Additional paid-in capital	$ 514,156			514,156
Retained earnings	1,555,563				1,555,563
Accumulated other comprehensive loss	$ (39,887)					(39,887)
Treasury stock, common (in shares)	56,537,000							56,537,000
Treasury stock – 61,820, 57,660 and 56,537 shares at cost	$ 1,187,537							$ (1,187,537)
Noncontrolling interest	9,637						9,637
Total stockholders’ equity	851,940
Common stock – $0.0001 par value, 245,000 shares authorized,136,430, 134,456 and 134,443 shares issued, 74,610, 76,796 and 77,906 shares outstanding	$ 8		$ 8
Common stock, outstanding (in shares)	76,796,000
Additional paid-in capital	$ 520,441
Retained earnings	1,571,123
Accumulated other comprehensive loss	$ (35,709)
Treasury stock, common (in shares)	57,660,000
Treasury stock – 61,820, 57,660 and 56,537 shares at cost	$ 1,224,310
Noncontrolling interest	12,310
Total stockholders’ equity	843,863
Common stock – $0.0001 par value, 245,000 shares authorized,136,430, 134,456 and 134,443 shares issued, 74,610, 76,796 and 77,906 shares outstanding	8
Payments for Repurchase of Common Stock	(104,215)
Tax benefit from the exercise of options	$ (1,171)							$ (48,316)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	1,627,000		248,000					1,379,000
Stock Issued During Period, Value, Stock Options Exercised	$ (7,453)			(40,863)
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	347,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$ 18,169
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax						1,591
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest							(409)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	1,182
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	690						690
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	398
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	690
Dividends, Common Stock, Cash	(47,594)
Net income attributable to Steven Madden, Ltd.					135,673
Less: net income attributable to noncontrolling interest							1,295
Net income	$ 136,968
Common Stock, Dividends, Per Share, Cash Paid	$ 0.63
Distribution of noncontrolling interest	$ 1,102						(1,102)
Distribution of noncontrolling interest earnings	$ 4,582						4,582
Dividend yield	2.50%
Stock repurchased and net settlements of restricted stock awards, value	$ 95,591							$ 95,591
Stock repurchased and net settlements of restricted stock awards (in shares)			2,781,000					2,781,000
Stock Repurchased During Period, Value	90,905
Common stock, outstanding (in shares)			75,303,000
Additional paid-in capital				533,550
Retained earnings					1,610,487
Accumulated other comprehensive loss						(30,984)
Treasury stock, common (in shares)								59,523,000
Treasury stock – 61,820, 57,660 and 56,537 shares at cost								$ (1,288,545)
Noncontrolling interest							17,201
Total stockholders’ equity	841,717
Common stock – $0.0001 par value, 245,000 shares authorized,136,430, 134,456 and 134,443 shares issued, 74,610, 76,796 and 77,906 shares outstanding			$ 8
Tax benefit from the exercise of options	(371)							$ 48,231
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			214,000					1,377,000
Stock Issued During Period, Value, Stock Options Exercised	8,239			(39,992)
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			13,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	5,931			5,931
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax						(3,779)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest							(118)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(3,897)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	1,335					1,335
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	769
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	1,335
Dividends, Common Stock, Cash	(15,698)				(15,698)
Net income attributable to Steven Madden, Ltd.					64,413
Less: net income attributable to noncontrolling interest							695
Net income	$ 65,108
Common Stock, Dividends, Per Share, Cash Paid	$ 0.21
Distribution of noncontrolling interest	$ 1,102						(1,102)
Stock repurchased and net settlements of restricted stock awards, value	(31,441)							$ (31,441)
Stock repurchased and net settlements of restricted stock awards (in shares)			920,000					920,000
Stock Repurchased During Period, Value	$ 31,094
Common stock, outstanding (in shares)	74,610,000		74,610,000
Additional paid-in capital	$ 579,473			$ 579,473
Retained earnings	1,659,202				$ 1,659,202
Accumulated other comprehensive loss	$ (33,428)					$ (33,428)
Treasury stock, common (in shares)	61,820,000							61,820,000
Treasury stock – 61,820, 57,660 and 56,537 shares at cost	$ 1,368,217							$ (1,368,217)
Noncontrolling interest	16,676						$ 16,676
Total stockholders’ equity	853,714
Common stock – $0.0001 par value, 245,000 shares authorized,136,430, 134,456 and 134,443 shares issued, 74,610, 76,796 and 77,906 shares outstanding	$ 8		$ 8

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 65,108	$ 61,757	$ 136,968	$ 185,265
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	5,930	6,148	18,169	18,298
Depreciation and amortization			11,138	15,425
Loss on disposal of fixed assets			204	312
Impairment of lease right-of-use asset			95	0
Deferred taxes			0	(2,364)
Accrued interest on note receivable - related party			(6)	(12)
Notes receivable - related party			307	307
Change in valuation of contingent payment liabilities			0	(6,520)
Other operating activities			417	0
Changes, net of acquisitions, in:
Accounts receivable			(20,601)	(25,623)
Factor accounts receivable			93,274	(23,841)
Inventories			23,541	6,842
Prepaid expenses, income tax receivables, prepaid taxes, and other assets			(264)	120
Accounts payable and accrued expenses			4,991	(140,144)
Accrued incentive compensation			(1,598)	(3,448)
Leases and other liabilities			(2,331)	(5,213)
Payment of contingent consideration			0	(339)
Net Cash Provided by (Used in) Operating Activities			77,756	66,747
Cash flows from investing activities:
Capital expenditures	6,106	4,852	13,899	10,115
Purchase of a trademark			0	2,000	$ 2,000
Purchases of short-term investments			15,979	38,951
Maturity/sale of short-term investments			16,335	73,726
Net cash (used in)/provided by investing activities			(13,543)	22,660
Cash flows from financing activities:
Common stock purchased for treasury			(104,215)	(112,105)
Proceeds from exercise of stock options	371	0	1,171	415
Investment of noncontrolling interest			4,582	0
Cash dividends paid on common stock			(47,594)	(49,774)
Payment of contingent consideration			0	(4,770)
Distribution of noncontrolling interest	1,102		1,102	0
Net cash used in financing activities			(147,158)	(166,234)
Effect of exchange rate changes on cash and cash equivalents			36	(3,478)
Net decrease in cash and cash equivalents			(82,909)	(80,305)
Cash and cash equivalents	$ 191,804	$ 139,194	$ 191,804	$ 139,194	$ 274,713	$ 219,499

Basis of Reporting	9 Months Ended
Basis of Reporting	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Reporting	The accompanying unaudited condensed consolidated financial statements of Steven Madden, Ltd. and subsidiaries (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) that are considered necessary for a fair presentation of the financial position of the Company, the results of its operations and cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the operating results for the full year. These financial statements should be read in conjunction with the financial statements and related disclosures for the year ended December 31, 2022 included in the Annual Report of Steven Madden, Ltd. on Form 10-K filed with the SEC on March 1, 2023.

Sale of Minority Noncontrolling Interest	9 Months Ended
Sale of Minority Noncontrolling Interest	Sep. 30, 2023
Acquisitions [Abstract]
Acqusitions	As of April 1, 2022, the Company sold a 49.9% minority non-controlling interest in Steve Madden South Africa Proprietary Limited for $1,017 to a third party to form a joint venture.

Use of Estimates	9 Months Ended
Use of Estimates	Sep. 30, 2023
Use of Estimates [Abstract]
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant areas involving management estimates include variable consideration included in revenue, allowances for bad debts, inventory valuation, valuation of goodwill and intangible assets and impairment of long-lived assets related to retail stores. The Company estimates variable consideration for future customer chargebacks and markdown allowances, discounts, returns and other miscellaneous compliance-related deductions that relate to current-period sales. The Company evaluates anticipated chargebacks by reviewing several performance indicators of its major customers. These performance indicators, which include retailers’ inventory levels, sell-through rates and gross margin levels, are analyzed by management to estimate the amount of the anticipated customer allowances.

Short-Term Investments	9 Months Ended
Short-Term Investments	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Short-Term Investments	As of September 30, 2023 and December 31, 2022, short-term investments consisted of certificates of deposit. These securities are classified as current based upon their maturities. As of September 30, 2023 and December 31, 2022, short-term investments amounted to $14,641 and $15,085, respectively, and have original maturities less than or equal to one year as of the balance sheet date.

Fair Value Measurement

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

•Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

•Level 3: Significant unobservable inputs.

The Company’s financial assets and liabilities subject to fair value measurements as of September 30, 2023 and December 31, 2022 were as follows:


	September 30, 2023								December 31, 2022
	Fair value		Level 1		Level 2		Level 3		Fair value		Level 1		Level 2		Level 3
Assets:



Forward contracts	1,418		—		1,418		—		916		—		916		—
Total assets	$	1,418	$	—	$	1,418	$	—	$	916	$	—	$	916	$	—
Liabilities:

Forward contracts	839		—		839		—		1,241		—		1,241		—
Total liabilities	$	839	$	—	$	839	$	—	$	1,241	$	—	$	1,241	$	—







	Balance at January 1, 2022		Adjustments(1)	Transfer out of Level 3(2)	Balance at December 31, 2022

Liabilities:
Contingent consideration	$	6,960	(5,807)	(1,153)	$	—

Leases (Notes)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Supplemental Balance Sheet Disclosures

Lease Position

The following table presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022:


	Classification on the Balance Sheet	September 30, 2023			December 31, 2022
Assets
Noncurrent(1)	Operating lease right-of-use asset	$	113,058		$	90,264

Liabilities
Current	Operating leases – current portion	$	36,521		$	29,499
Noncurrent	Operating leases – long-term portion	91,916			79,128
Total operating lease liabilities		$	128,437		$	108,627

Weighted-average remaining lease term		4.1 years			4.6 years
Weighted-average discount rate		4.9		%	4.4		%

Lessee, Operating Leases [Text Block]

Lease Position

The following table presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022:


	Classification on the Balance Sheet	September 30, 2023			December 31, 2022
Assets
Noncurrent(1)	Operating lease right-of-use asset	$	113,058		$	90,264

Liabilities
Current	Operating leases – current portion	$	36,521		$	29,499
Noncurrent	Operating leases – long-term portion	91,916			79,128
Total operating lease liabilities		$	128,437		$	108,627

Weighted-average remaining lease term		4.1 years			4.6 years
Weighted-average discount rate		4.9		%	4.4		%

Lease Costs

The following table presents the composition of lease costs during the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Operating lease cost	$	10,573	$	8,620	$	30,276	$	25,145
Variable lease cost	945		1,774		2,791		5,428

Less: sublease income	66		66		198		257
Total lease cost	$	11,452	$	10,328	$	32,869	$	30,316

Other Information

The following table presents supplemental cash and non-cash information related to the Company's operating leases during the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	11,311	$	9,887	$	32,704	$	29,379
Noncash transactions
Right-of-use asset obtained in exchange for new operating lease liabilities	$	6,180	$	13,460	$	50,769	$	28,427
Right-of-use asset amortization expense(1)	$	9,993	$	8,411	$	27,880	$	23,469

(1) Included in "Leases and other liabilities" in the Consolidated Statement of Cash Flows.

Future Minimum Lease Payments

The following table presents future minimum lease payments for each of the first five years and the total for the remaining years as of September 30, 2023:


2023 (remaining three months)	$	11,101
2024	40,109
2025	34,281
2026	24,818
2027	15,150
Thereafter	16,704
Total minimum lease payments	142,163
Less: interest	13,726
Total lease liabilities	$	128,437

Share Repurchase Program	9 Months Ended
Share Repurchase Program	Sep. 30, 2022
Equity [Abstract]
Treasury Stock	The Company's Board of Directors authorized a share repurchase program (the “Share Repurchase Program”), effective as of January 1, 2004. The Share Repurchase Program does not have a fixed expiration or termination date and may be modified or terminated by the Board of Directors at any time. On several occasions, the Board of Directors has increased the amount authorized for repurchase of the Company's common stock. On May 8, 2023, the Board of Directors approved an increase in the Company's share repurchase authorization of approximately $189,900, bringing the total authorization to $250,000. The Share Repurchase Program permits the Company to effect repurchases from time to time through a combination of open market repurchases or in privately negotiated transactions at such prices and times as are determined to be in the best interest of the Company. During the three and nine months ended September 30, 2023, an aggregate of 914 and 2,654 shares of the Company's common stock, excluding net settlements of employee stock awards, were repurchased under the Share Repurchase Program, at a weighted average price per share of $34.01 and $34.26, for an aggregate purchase price of approximately $31,094 and $90,905, respectively. During the three and nine months ended September 30, 2022, an aggregate of 1,112 and 2,950 shares of the Company's common stock, excluding net settlements of employee stock awards, were repurchased under the Share Repurchase Program, at a weighted average price per share of $31.43 and $36.42, for an aggregate purchase price of approximately $34,940 and $107,428, respectively. As of September 30, 2023, approximately $193,676 remained available for future repurchases under the Share Repurchase Program. The Steven Madden, Ltd. Amended and Restated 2006 Stock Incentive Plan (as further amended, the "2006 Plan"), which expired on April 6, 2019, and the Steven Madden, Ltd. 2019 Incentive Compensation Plan (the "2019 Plan") both provide the Company with the right to deduct or withhold, or require employees to remit to the Company, an amount sufficient to satisfy any applicable tax withholding and/or option cost obligations applicable to stock-based compensation awards. To the extent permitted, employees may elect to satisfy all or part of such withholding obligations by tendering to the Company previously owned shares or by having the Company withhold shares having a fair market value equal to the employee's withholding tax obligation and/or option cost. During the three and nine months ended September 30, 2023, an aggregate of 1,383 and 1,506 shares were withheld in connection with the settlement of vested restricted stock to satisfy tax-withholding requirements and option costs, at an average price per share of $35.14 and $35.19, for an aggregate purchase price of approximately $48,578 and $53,003, respectively. During the three and nine months ended September 30, 2022, an aggregate of 4 and 115 shares were withheld in connection with the settlement of vested restricted stock to satisfy tax-withholding requirements and option costs, at an average price per share of $30.64 and $40.83, for an aggregate purchase price of approximately $138 and $4,676, respectively.

Net Income Per Share of Common Stock

9 Months Ended

Sep. 30, 2023

Net Income Per Share of Common Stock [Abstract]

Net Income Per Share of Common Stock


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Net income attributable to Steven Madden, Ltd.	$	64,413	$	61,297	$	135,673	$	184,270

Basic net income per share	$	0.88	$	0.81	$	1.84	$	2.41

Diluted net income per share	$	0.87	$	0.79	$	1.81	$	2.35

Weighted average common shares outstanding:
Basic	72,943		75,598		73,679		76,463
Effect of dilutive securities:
Stock awards and options to purchase shares of common stock	1,128		1,798		1,238		2,116
Diluted	74,071		77,396		74,917		78,579

Commitments, Contingencies and Other	9 Months Ended
Commitments, Contingencies and Other	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Other	Future Minimum Royalty and Advertising Payments: The Company has minimum commitments related to a license agreement. The Company sources, distributes, advertises and sells certain of its products pursuant to a license agreement with an unaffiliated licensor. Royalty amounts under the license agreement are based on stipulated minimum net sales and the payment of minimum annual royalty amounts. The license agreement has various terms and renewal options, provided that minimum sales levels and certain other conditions are achieved. As of September 30, 2023, the Company had future minimum royalty and advertising payments of $18,000. Royalty expenses are recognized in Cost of sales (exclusive of depreciation and amortization) on the Consolidated Statements of Income. Legal Proceedings: The Company has been named as a defendant in certain lawsuits in the normal course of business. In the opinion of management, after consulting with legal counsel, the liabilities, if any, resulting from these matters should not have a material effect on the Company's financial position or results of operations. It is the policy of management to disclose the amount or range of reasonably possible losses in excess of recorded amounts or cash flows. Letters of Credit: As of September 30, 2023, the Company had $504 in letters of credit outstanding unrelated to the Company's Credit Agreement.

Debt	9 Months Ended
Debt	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt Disclosure	On July 22, 2020, the Company entered into a $150,000 secured revolving credit agreement (as amended to date, the “Credit Agreement”) with various lenders and Citizens Bank, N.A., as administrative agent (the “Agent”), which replaced the Company’s existing credit facility provided by Rosenthal & Rosenthal, Inc. (“Rosenthal”). The Credit Agreement provides for a revolving credit facility (the “Credit Facility”) scheduled to mature on July 22, 2025. The initial $150,000 maximum availability under the Credit Facility is subject to a borrowing base calculation consisting of certain eligible accounts receivable, credit card receivables, inventory, and in-transit inventory. Availability under the Credit Facility is reduced by outstanding letters of credit. The Company may from time-to-time increase the maximum availability under the Credit Agreement by up to $100,000 if certain conditions are satisfied. On March 25, 2022, an amendment to the Credit Agreement (the “Amendment”) replaced the London Interbank Offering Rate (“LIBOR”) with the Bloomberg Short-Term Bank Yield Index (“BSBY”) as the interest rate benchmark. Borrowings under the Credit Agreement generally bear interest at a variable rate equal to a specified margin, which is based upon the average availability under the Credit Facility from time to time, plus, at the Company’s election (i) BSBY for the applicable interest period or (ii) the base rate (which is the highest of (a) the prime rate announced by the Agent, (b) the sum of the federal funds effective rate plus 0.50%, and (c) the sum of the one-month BSBY rate plus 1.00%). Furthermore, the Amendment reduced the specified margin used to determine the interest rate under the Credit Agreement and reduced the commitment fee paid by the Company to the Agent, for the account of each lender. Additionally, the Amendment reduced the frequency of the Company’s borrowing base reporting requirements when no loans are outstanding. The Amendment also extended the maturity date of the Credit Agreement to March 20, 2027. Under the Credit Agreement, the Company must also pay (i) a commitment fee to the Agent, for the account of each lender, which accrues at a rate equal to 0.25% per annum on the average daily unused amount of the commitment of such lender, (ii) a letter of credit participation fee to the Agent, for the account of each lender, ranging from 1.25% to 2.50% per annum, based upon average availability under the Credit Facility from time to time, multiplied by the average daily amount available to be drawn under the applicable letter of credit, and (iii) a letter of credit fronting fee to each issuer of a letter of credit under the Credit Agreement, which will accrue at a rate per annum separately agreed upon between the Company and such issuer. The Credit Agreement contains various restrictions and covenants applicable to the Company and its subsidiaries. Among other requirements, availability under the Credit Facility must, at all times, (i) prior to the occurrence of the permanent borrowing base trigger (as defined in the Credit Agreement), equal or exceed the greater of $22,500 and 15% of the line cap (as defined in the Credit Agreement), and (ii) after the occurrence of the permanent borrowing base trigger, equal or exceed the greater of $15,000 and 10% of the line cap (as defined in the Credit Agreement). Other than this minimum availability requirement, the Credit Agreement does not include any financial maintenance covenants. The Credit Agreement requires the Company and various subsidiaries of the Company to guarantee each other’s obligations arising from time to time under the Credit Facility, as well as obligations arising in respect of certain cash management and hedging transactions. Subject to customary exceptions and limitations, all borrowings under the Credit Agreement are secured by a lien on all or substantially all of the assets of the Company and each subsidiary guarantor. The Credit Agreement also contains customary events of default. If an event of default under the Credit Agreement occurs and is continuing, then the Agent may, and at the request of the required lenders shall, terminate the loan commitments under the Credit Agreement, declare any outstanding obligations under the Credit Agreement to be immediately due and payable or require the Company to adequately cash collateralize outstanding letter of credit obligations. If the Company or, with certain exceptions, a subsidiary becomes the subject of a proceeding under any bankruptcy, insolvency or similar law, then the loan commitments under the Credit Agreement will automatically terminate, and any outstanding obligations under the Credit Agreement and the cash collateral required under the Credit Agreement for any outstanding letter of credit obligations will become immediately due and payable. As of September 30, 2023, the Company had no cash borrowings and no letters of credit outstanding under the Credit Agreement

Factor Receivable	9 Months Ended
Factor Receivable	Sep. 30, 2023
Receivables [Abstract]
Financing Receivables	In conjunction with the Credit Agreement described in Note O – Credit Agreement, on July 22, 2020, the Company and certain of its subsidiaries (collectively, the “Madden Entities”) entered into an Amended and Restated Deferred Purchase Factoring Agreement (the “Factoring Agreement”) with Rosenthal & Rosenthal, Inc. ("Rosenthal"). Pursuant to the Factoring Agreement, Rosenthal serves as the collection agent with respect to certain receivables of the Madden Entities and is entitled to receive a base commission of 0.20% of the gross invoice amount of each receivable assigned for collection, plus certain additional fees and expenses, subject to certain minimum annual commissions. Rosenthal will generally assume the credit risk resulting from a customer’s financial inability to make payment of credit-approved receivables, which are classified as Factor Receivables. The initial term of the Factoring Agreement is twelve months, subject to automatic renewal for additional twelve-month periods, and the Factoring Agreement may be terminated at any time by Rosenthal or the Madden Entities on 60 days' notice and upon the occurrence of certain other events. The Madden Entities pledged all of their rights under the Factoring Agreement to the Agent under the Credit Agreement to secure obligations arising under the Credit Agreement. On April 3, 2023, in conjunction with a related amendment to the Credit Agreement, the Madden Entities also entered into a Credit Approved Receivables Purchasing Agreement (the “CARPA”) with CIT Group/Commercial Services, Inc. (“CIT”). Pursuant to the CARPA, in addition to Rosenthal, CIT will serve as a non-exclusive collection agent with respect to certain of the Madden Entities’ receivables and will generally assume the credit risk resulting from a customer’s financial inability to make payment with respect to credit approved receivables. Additionally, CIT shall compensate the Madden Entities for 50% of the losses sustained for limiting or revoking a credit line during production for any made-to-order goods that have work-in-progress coverage. For its services, CIT will be entitled to receive (1) a base fee of 0.15% of the gross face amount of each receivable assigned for collection having standard payment terms, (2) certain additional fees for receivables with non-standard payment terms or arising from sales to customers outside of the United States, and (3) reimbursement for certain expenses incurred in connection with the CARPA. The Company, on behalf of the Madden Entities, and CIT may each terminate the CARPA as of the last day of the month occurring one year after the date of the CARPA and at any time thereafter by giving the other party at least 60 days’ notice. CIT may also terminate the CARPA immediately upon the occurrence of certain events. The Madden Entities pledged all of their right, title and interest in and to monies due and to become due under the CARPA in favor of the Agent to secure obligations arising under or in connection with the Credit Agreement.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	– Subsequent Event Acquisition On October 20, 2023, Daniel M. Friedman & Associates, Inc. (“Buyer”), a New York corporation and a wholly-owned subsidiary of the Company, acquired substantially all of the assets and certain liabilities (the “Business”) of Turn On Products Inc. d/b/a Almost Famous (“Seller” or “Almost Famous”), pursuant to an Asset Purchase Agreement, by and among Buyer, the Company, Seller and the holders of capital stock of Seller. Almost Famous is a designer and marketer of women’s junior apparel and has been the exclusive licensee of Madden NYC apparel since its launch in 2022. Almost Famous distributes its products to wholesale customers, including mass merchants, department stores, off-price retailers and chain stores within the United States. Almost Famous markets products under its own brands, primarily Almost Famous, as well as private label brands for various retailers. The purchase price for the Business was $52 million in cash, subject to a customary working capital adjustment, plus future contingent payments based on the Business achieving certain EBIT targets through September 30, 2027. Credit Agreement On October 23, 2023, the Company, and certain subsidiaries of the Company acting as guarantors, entered into the Amendment which amended the Company’s Credit Agreement, as previously amended (the “Existing Agreement”). The Amendment amended the Existing Agreement to accommodate changes made to the Company’s factoring arrangement with CIT pursuant to the Notification Factoring Rider as described below. As of October 23, 2023, the Credit Agreement continued to provide for a $150 million revolving credit facility scheduled to mature on March 20, 2027, and no loans or letters of credit were outstanding under the Credit Agreement. Factoring Agreement On October 23, 2023, the Company and Daniel M. Friedman & Associates, Inc. (“DMFA”), a wholly-owned subsidiary of the Company, entered into a Notification Factoring Rider to the Credit Approved Receivables Purchasing Agreement (“Notification Factoring Rider”) that amended and supplemented the Factoring Agreement, dated April 3, 2023, among the Company, DMFA and certain of the Company’s other subsidiaries party thereto (collectively with the Company, the “Madden Entities”), and CIT. The Notification Factoring Rider enables certain receivables generated from assets acquired by DMFA from Turn On Products Inc. d/b/a Almost Famous (“Post-Acquisition Receivables”), which assets were acquired by DMFA on October 20, 2023, to be subject to the Factoring Agreement. The Notification Factoring Rider modifies the Factoring Agreement to require, in respect of certain Post-Acquisition Receivables, payment to CIT of a base fee ranging from 0.10% to 0.20% of the gross face amount of such Post-Acquisition Receivables assigned to CIT for collection. CIT will generally assume the credit risk resulting from a customer’s financial inability to make payment with respect to certain credit approved Post-Acquisition Receivables. The Company or DMFA may terminate the Notification Factoring Rider, separately from the Factoring Agreement, by giving CIT at least 10 days’ prior written notice of termination. As with monies due and to become due under the Factoring Agreement generally, monies due and to become due to the Company and DMFA under the Notification Factoring Rider are pledged in favor of the Agent to secure obligations under or in connection with the Credit Agreement.

Basis of Reporting (Policies)	9 Months Ended
Basis of Reporting (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Accounting, Policy	The accompanying unaudited condensed consolidated financial statements of Steven Madden, Ltd. and subsidiaries (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) that are considered necessary for a fair presentation of the financial position of the Company, the results of its operations and cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the operating results for the full year. These financial statements should be read in conjunction with the financial statements and related disclosures for the year ended December 31, 2022 included in the Annual Report of Steven Madden, Ltd. on Form 10-K filed with the SEC on March 1, 2023.

Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities

The Company’s financial assets and liabilities subject to fair value measurements as of September 30, 2023 and December 31, 2022 were as follows:


	September 30, 2023								December 31, 2022
	Fair value		Level 1		Level 2		Level 3		Fair value		Level 1		Level 2		Level 3
Assets:



Forward contracts	1,418		—		1,418		—		916		—		916		—
Total assets	$	1,418	$	—	$	1,418	$	—	$	916	$	—	$	916	$	—
Liabilities:

Forward contracts	839		—		839		—		1,241		—		1,241		—
Total liabilities	$	839	$	—	$	839	$	—	$	1,241	$	—	$	1,241	$	—







	Balance at January 1, 2022		Adjustments(1)	Transfer out of Level 3(2)	Balance at December 31, 2022

Liabilities:
Contingent consideration	$	6,960	(5,807)	(1,153)	$	—

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Lease, Cost [Table Text Block]

Lease Costs

The following table presents the composition of lease costs during the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Operating lease cost	$	10,573	$	8,620	$	30,276	$	25,145
Variable lease cost	945		1,774		2,791		5,428

Less: sublease income	66		66		198		257
Total lease cost	$	11,452	$	10,328	$	32,869	$	30,316

Schedule of Leases Supplemental Cash Flows

Other Information

The following table presents supplemental cash and non-cash information related to the Company's operating leases during the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	11,311	$	9,887	$	32,704	$	29,379
Noncash transactions
Right-of-use asset obtained in exchange for new operating lease liabilities	$	6,180	$	13,460	$	50,769	$	28,427
Right-of-use asset amortization expense(1)	$	9,993	$	8,411	$	27,880	$	23,469

(1) Included in "Leases and other liabilities" in the Consolidated Statement of Cash Flows.

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

as of September 30, 2023:


2023 (remaining three months)	$	11,101
2024	40,109
2025	34,281
2026	24,818
2027	15,150
Thereafter	16,704
Total minimum lease payments	142,163
Less: interest	13,726
Total lease liabilities	$	128,437

Sale of Minority Noncontrolling Interest (Detail)	Sep. 30, 2022
South African Joint Venture [Member]
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	49.90%

Short-Term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Short-term Investments	$ 14,641	$ 15,085	$ 9,051

Fair Value Measurement (Detail) - (Table) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Assets:
Forward contracts		$ 1,418		$ 916
Total assets		1,418		916
Liabilities:
Business Combination, Contingent Consideration, Liability		1,153		0	$ 6,960
Foreign Currency Contracts, Liability, Fair Value Disclosure		839		1,241
Business Acquisition, Contingent Consideration, Change in Estimate	$ (5,807)
Total liabilities		839		1,241
Payment for Contingent Consideration Liability, Operating Activities		0	$ 339
Payment for Contingent Consideration Liability, Financing Activities		0	$ 4,770
Fair Value, Inputs, Level 3 [Member]
Assets:
Total assets		0		0
Liabilities:
Foreign Currency Contracts, Liability, Fair Value Disclosure		0		0
Total liabilities		0		0
Fair Value, Inputs, Level 2 [Member]
Assets:
Forward contracts		1,418
Total assets		1,418		916
Liabilities:
Foreign Currency Contracts, Liability, Fair Value Disclosure		839		1,241
Total liabilities		839		1,241
Fair Value, Inputs, Level 1 [Member]
Assets:
Total assets		0		0
Liabilities:
Foreign Currency Contracts, Liability, Fair Value Disclosure		0		0
Total liabilities		$ 0		0
Changes Measurement [Member]
Liabilities:
Business Combination, Contingent Consideration, Liability				$ (1,153)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Variable Lease, Cost	$ (945)	$ (1,774)	$ (2,791)	$ (5,428)
Operating Lease, Payments	11,311	9,887	32,704	29,379
Lessee, Operating Lease, Liability, Payments, Due	11,101		11,101
Operating Lease, Cost	10,573	8,620	30,276	25,145
Sublease Income	66	66	198	257
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	6,180	13,460	50,769	28,427
Finance Lease, Right-of-Use Asset, Amortization	9,993	8,411	27,880	23,469
Operating lease right-of-use asset	113,058	90,407	113,058	90,407	$ 90,264
Operating Lease, Impairment Loss	0		95
Operating lease right-of-use asset	$ 113,058	90,407	$ 113,058	90,407	$ 90,264
Operating Lease, Weighted Average Remaining Lease Term	4 years 1 month 6 days		4 years 1 month 6 days		4 years 7 months 6 days
Operating Lease, Weighted Average Discount Rate, Percent	4.90%		4.90%		4.40%
Operating leases – current portion	$ 36,521	30,234	$ 36,521	30,234	$ 29,499
Operating leases – long-term portion	91,916	79,906	91,916	79,906	79,128
Operating Lease, Liability	128,437		128,437		$ 108,627
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	6,180	13,460	50,769	28,427
Lease, Cost	11,452	$ 10,328	32,869	$ 30,316
Lessee, Operating Lease, Liability, Payments, Due Year Two	40,109		40,109
Lessee, Operating Lease, Liability, Payments, Due Year Three	34,281		34,281
Lessee, Operating Lease, Liability, Payments, Due Year Four	24,818		24,818
Lessee, Operating Lease, Liability, Payments, Due Year Five	15,150		15,150
Lessee, Operating Lease, Liability, Payments, Due after Year Five	16,704		16,704
Lessee, Operating Lease, Liability, Payments, Due	142,163		142,163
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	13,726		13,726
Operating Lease, Liability	$ 128,437		$ 128,437
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	90,000		90,000
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number	1,061,000		1,061,000

Share Repurchase Program Share Repurchse Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	May 08, 2023
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 193,676		$ 193,676		$ 189,900
Stock Repurchase Program, Authorized Amount					$ 250,000
Treasury Stock Acquired, Average Cost Per Share	$ 35.14	$ 30.64	$ 35.19	$ 40.83
Stock Repurchased During Period, Value	$ 31,094		$ 90,905
Shares Paid for Tax Withholding for Share Based Compensation	1,383	4	1,506	115
Payments Related to Tax Withholding for Share-based Compensation	$ 48,578	$ 138	$ 53,003
Common Stock
Stock Repurchased During Period, Shares	914	1,112	2,654	2,950
Treasury Stock Acquired, Average Cost Per Share	$ 34.01	$ 31.43	$ 34.26	$ 36.42
Stock Repurchased During Period, Value		$ 34,940		$ 107,428
Payments Related to Tax Withholding for Share-based Compensation				$ 4,676

Net Income Per Share of Common Stock (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Maximum Number Of Potential Dilutive Shares Issued Upon Vesting	$ 12	$ 12	$ 12	$ 12
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	27,000	0	15,000	25,000
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	43,000	125,000	56,000	39,000

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 84,660	$ 80,092	$ 179,187	$ 241,993
Income Tax Expense (Benefit)	$ (19,552)	$ (18,335)	$ (42,219)	$ (56,728)
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	23.10%	22.90%	23.60%	23.40%

Stock-Based Compensation (Detail) - (Table 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	May 24, 2019
Share-Based Payment Arrangement [Abstract]
Common stock authorized							11,000,000
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled			(6,341,000)
Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period	57,000	58,000	206,000	436,000
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable During Period Weighted Average Exercise Price (in Dollars per share)	$ 30.72	$ 35.89	$ 34.95	$ 32.29
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	2,142,000	2,964,000	2,142,000	2,964,000	2,111,000	2,849,000
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share-Based Payment Award Equity Options Nonvested Number	250,000		250,000
Common stock available for grant of stock-based awards as of June 30, 2012	4,659,000		4,659,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 5,351	$ 5,372	$ 16,150	$ 15,643
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	38,806		38,806
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	579	$ 776	2,019	$ 2,655
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 1,888		$ 1,888

Stock-Based Compensation (Detail) - (Table 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Total	$ 5,930	$ 6,148	$ 18,169	$ 18,298
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	90,000		90,000
Restricted Stock [Member]
Allocated Share-based Compensation Expense	$ 5,351	5,372	$ 16,150	15,643
Stock Options [Member]
Allocated Share-based Compensation Expense	$ 579	$ 776	$ 2,019	$ 2,655

Stock-Based Compensation (Detail) - (Table 3) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Proceeds from stock options exercised	$ 371	$ 0	$ 1,171	$ 415
Intrinsic value of stock options exercised	$ 15,731	$ 0	$ 16,089	$ 295
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum			40.60%	42.50%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum			3.70%	1.20%
Exercisable at June 30, 2012 (in Dollars per share)	$ 35.99	$ 28.94	$ 35.99	$ 28.94
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period			(229)
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price			$ 36.01

Stock-Based Compensation (Detail) - (Table 4) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum	40.60%	42.50%
Granted	384,000	421,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 30.72	$ 37.04
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	25.11	$ 23.72
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	$ 46.28
Cancelled/Forfeited	(2,000)
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price	$ 36.01
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period	229,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	$ 833	$ 2,613
Forfeited	(37,000)	(25,000)
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum	48.10%	51.10%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum	4.00%	3.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum	3.70%	1.20%
Weighted average fair value	$ 10.95	$ 13.42
Outstanding at June 30, 2012	3 years 4 months 24 days	2 years 3 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	$ 610				$ 2,595
Exercisable at June 30, 2012	3 years 1 month 6 days	2 years
Exercisable at June 30, 2012	893,000	2,488,000
Granted (in Dollars per share)	$ 33.23	$ 40.58
Vested (in Dollars per share)	$ 34.74	$ 32.54
Vested	(316,000)	(281,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 37.82	$ 35.61
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 28.22	$ 25.26	$ 28.45	$ 23.80
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	3 years 1 month 6 days
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	1 year 4 months 24 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	3 years	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	5 years	5 years

Stock-Based Compensation (Detail) - (Table 5) - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at January 1, 2012	2,766,000	2,531,000
Outstanding at January 1, 2012 (in Dollars per share)	$ 29.82	$ 29.06
Granted	235,000	266,000
Exercised	(1,627,000)	(18,000)
Outstanding at June 30, 2012	1,143,000	2,779,000
Outstanding at June 30, 2012 (in Dollars per share)	$ 35.43	$ 29.86

Stock-Based Compensation (Detail) - (Table 6) - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Non-vested at January 1	2,111,000	2,849,000
Non-vested at January 1 (in Dollars per share)	$ 28.45	$ 23.80
Non-vested at March 31	2,142,000	2,964,000
Non-vested at March 31 (in Dollars per share)	$ 28.22	$ 25.26
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 37.82	$ 35.61
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	3 years 1 month 6 days

Goodwill and Intangible Assets (Detail) - (Table 1) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Goodwill – net	$ 168,612	$ 168,085	$ 167,652
Goodwill [Roll Forward]
Goodwill, Foreign Currency Translation Gain (Loss)	527
Wholesale Footwear
Goodwill – net	90,403	90,173
Goodwill [Roll Forward]
Goodwill, Foreign Currency Translation Gain (Loss)	230
Wholesale Accessories/Apparel
Goodwill – net	62,688	62,688
Goodwill [Roll Forward]
Goodwill, Foreign Currency Translation Gain (Loss)	0
Direct-to-Consumer
Goodwill – net	15,521	$ 15,224
Goodwill [Roll Forward]
Goodwill, Foreign Currency Translation Gain (Loss)	$ 297

Goodwill and Intangible Assets (Detail) - (Table 2) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Trade Names, Gross			$ 18,695		$ 18,695
Finite-Lived Customer Lists, Gross			38,680		38,680
Finite-Lived Intangible Assets, Accumulated Amortization		$ 42,556			41,134
Accumulated amortization		42,556			41,134
Finite-Lived Intangible Assets, Net		10,688
Finite-Lived Intangible Assets, Net Of Amortization		10,688	12,047
Indefinite-Lived Trademarks		63,422	63,377
Intangible Assets, Gross (Excluding Goodwill)			155,858		155,858
Intangibles – net		99,817	101,192	$ 102,967
Impairment of Intangible Assets, Finite-lived	$ 13,532	13,485
Re-acquired right [Member]
Accumulated amortization		0			0
Indefinite-lived Intangible Assets (Excluding Goodwill)			35,200		35,200
Impairment of Intangible Assets, Finite-lived	9,432	9,493
Trademarks [Member]
Accumulated amortization		0			0
Indefinite-lived Intangible Assets (Excluding Goodwill)			63,283		63,283
Impairment of Intangible Assets, Finite-lived	94	139
Trade names [Member]
Finite-Lived Intangible Assets, Accumulated Amortization		16,075			16,075
Finite-Lived Intangible Assets, Net		0	0
Impairment of Intangible Assets, Finite-lived	2,620	2,620
Customer relationships [Member]
Finite-Lived Intangible Assets, Accumulated Amortization		26,481			$ 25,059
Finite-Lived Intangible Assets, Net		10,688	$ 12,047
Impairment of Intangible Assets, Finite-lived	$ 1,574	$ 1,511
Minimum \| Trade names [Member]
Estimated Lives		1 year
Minimum \| Customer relationships [Member]
Estimated Lives			10 years
Maximum \| Trade names [Member]
Estimated Lives		10 years
Maximum \| Customer relationships [Member]
Estimated Lives			20 years

Goodwill and Intangible Assets (Detail) - (Table 3) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
2023 (remaining three months)		$ 416
2024		1,664
2025		1,664
2026		1,664
2027		1,438
Thereafter		3,842
Total		10,688
Finite-Lived Intangible Assets, Accumulated Amortization		(42,556)			$ (41,134)
Impairment of Intangible Assets, Finite-lived	$ (13,532)	(13,485)
Finite-Lived Intangible Assets, Gross				$ 57,375	57,375
Finite-Lived Intangible Assets, Net Of Amortization		10,688		12,047
Accumulated amortization		(42,556)			(41,134)
Indefinite-Lived Contractual Rights		25,707		25,768
Indefinite-Lived Trademarks		63,422		63,377
Intangibles – net		99,817	$ 102,967	101,192
Purchase of a trademark		0	$ 2,000	2,000
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment of Intangible Assets, Finite-lived	(94)	(139)
Accumulated amortization		0			0
Re-acquired right [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment of Intangible Assets, Finite-lived	(9,432)	(9,493)
Accumulated amortization		0			0
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Total		0		0
Finite-Lived Intangible Assets, Accumulated Amortization		(16,075)			(16,075)
Impairment of Intangible Assets, Finite-lived	(2,620)	(2,620)
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Total		10,688		$ 12,047
Finite-Lived Intangible Assets, Accumulated Amortization		(26,481)			$ (25,059)
Impairment of Intangible Assets, Finite-lived	(1,574)	(1,511)
Finite-Lived Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Impairment of Intangible Assets, Finite-lived	$ (4,194)	$ (4,131)

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill [Line Items]
Amortization of Intangible Assets	$ 463	$ 2,250	$ 1,347	$ 6,753

Derivative Instruments Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative Instruments [Abstract]
Forward contracts	$ 1,418	$ 916
Foreign Currency Contracts, Liability, Fair Value Disclosure	839	$ 1,241
Derivative, Notional Amount	$ 74,930

Commitments, Contingencies and Other Commitments (Details)	Sep. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Other Commitment	$ 18,000,000
Letters of Credit Outstanding, Amount	$ 504,000

Operating Segment Information (Detail) - (Table 1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues	$ 552,732,000	$ 556,643,000	$ 1,461,868,000	$ 1,651,366,000
Gross profit	232,625,000	229,476,000	617,587,000	675,139,000
Operating Income (Loss)	82,738,000	78,752,000	173,289,000	241,887,000
Capital expenditures	6,106,000	4,852,000	13,899,000	10,115,000
Corporate
Revenues	0	0	0	0
Gross profit	0	0	0	0
Operating Income (Loss)	(21,615,000)	(21,892,000)	(66,836,000)	(65,504,000)
Capital expenditures	970,000	2,434,000	3,865,000	5,269,000
Wholesale Footwear \| Operating Segments
Revenues	306,058,000	330,775,000	823,288,000	968,886,000
Gross profit	112,288,000	124,355,000	298,856,000	360,296,000
Operating Income (Loss)	68,291,000	78,577,000	174,072,000	232,669,000
Capital expenditures	1,577,000	146,000	2,271,000	344,000
Wholesale Accessories/Apparel \| Operating Segments
Revenues	127,395,000	103,851,000	286,935,000	311,877,000
Gross profit	43,366,000	29,054,000	96,590,000	76,616,000
Operating Income (Loss)	24,164,000	8,974,000	44,983,000	25,470,000
Capital expenditures	39,000	144,000	130,000	234,000
Total Wholesale \| Operating Segments
Revenues	433,453,000	434,626,000	1,110,223,000	1,280,763,000
Gross profit	155,654,000	153,409,000	395,446,000	436,912,000
Operating Income (Loss)	92,455,000	87,551,000	219,055,000	258,139,000
Capital expenditures	1,616,000	290,000	2,401,000	578,000
Direct-to-Consumer \| Operating Segments
Revenues	116,393,000	118,494,000	344,197,000	362,381,000
Gross profit	74,085,000	72,544,000	214,693,000	230,005,000
Operating Income (Loss)	9,741,000	9,885,000	15,823,000	42,667,000
Capital expenditures	3,520,000	2,128,000	7,633,000	4,268,000
First Cost \| Operating Segments
Revenues	0	1,000	0	914,000
Gross profit	0	1,000	0	914,000
Operating Income (Loss)	0	(60,000)	0	710,000
Capital expenditures	0	0	0	0
Licensing \| Operating Segments
Revenues	2,886,000	3,522,000	7,448,000	7,308,000
Gross profit	2,886,000	3,522,000	7,448,000	7,308,000
Operating Income (Loss)	2,157,000	3,268,000	5,247,000	5,875,000
Capital expenditures	$ 0	$ 0	$ 0	$ 0

Operating Segment Information (Detail) - (Table 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Domestic	$ 552,732	$ 556,643	$ 1,461,868	$ 1,651,366
Domestic Destination [Member]
Segment Reporting Information [Line Items]
Domestic	443,435	448,873	1,182,981	1,387,539
Non-US [Member]
Segment Reporting Information [Line Items]
Domestic	109,297	107,770	278,887	263,827
Geographical [Member]
Segment Reporting Information [Line Items]
Domestic	$ 73,205	$ 50,417	$ 195,272	$ 222,915

Extraordinary and Unusual Items (Details) $ in Thousands	Jul. 22, 2020 USD ($)
Line of credit facility, maximum borrowing capacity	$ 150,000

Debt (Details) - USD ($)	9 Months Ended
Debt (Details) - USD ($)	Sep. 30, 2023	Jul. 22, 2020
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Maximum Increase of Availability of Credit		$ 100,000,000
Line Cap Dollar Amount After Base Trigger	$ 15,000
Line of Credit Facility, Commitment Fee Percentage	0.25%
Line Cap Percentage After Base Trigger	$ 0.10
Line of credit facility, maximum borrowing capacity		150,000,000
Line Cap Dollar Amount Before Base Trigger		22,500,000
Line Cap Percentage Before Base Trigger		$ 0.15
Letters of credit outstanding	$ 504,000
Minimum
Line of Credit Facility [Line Items]
Debt Instrument, Fee	1.25
Maximum
Line of Credit Facility [Line Items]
Debt Instrument, Fee	2.50
Bloomberg Short-Term Bank
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Credit Agreement \| Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Cash borrowings	$ 0
Letters of credit outstanding	$ 0

Factor Receivable (Detail)	9 Months Ended
Factor Receivable (Detail)	Sep. 30, 2023 USD ($)
Rosenthal
Factors Receivable [Line Items]
Termination Notice in Days	$ 60
Factoring Fee	0.20%
CIT Group
Factors Receivable [Line Items]
Termination Notice in Days	$ 60
Factoring Fee	0.15%

Subsequent Events (Details) - USD ($) $ in Thousands	Oct. 23, 2023	Oct. 20, 2023	Jul. 22, 2020
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity			$ 150,000
Subsequent Event
Subsequent Event [Line Items]
Business combination, consideration transferred		$ 52,000
Line of credit facility, maximum borrowing capacity	$ 150,000
Factoring agreement, prior written notice of termination, term (in days)	10 days
Subsequent Event \| Minimum
Subsequent Event [Line Items]
Factoring agreement, base fee, percentage	0.10%
Subsequent Event \| Maximum
Subsequent Event [Line Items]
Factoring agreement, base fee, percentage	0.20%