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Steve Madden Announces Second Quarter 2022 Results

Steve Madden
Steve Madden

LONG ISLAND CITY, N.Y., July 27, 2022 (GLOBE NEWSWIRE) -- Steven Madden, Ltd. (Nasdaq: SHOO), a leading designer and marketer of fashion-forward footwear, accessories and apparel for women, men and children, today announced financial results for the second quarter ended June 30, 2022.

Amounts referred to as “Adjusted” exclude the items defined as “Non-GAAP Adjustments” in the “Non-GAAP Reconciliation” section.

Second Quarter 2022 Review

  • Revenue increased 34.5% to $535.0 million compared to $397.9 million in the same period of 2021.

  • Gross profit as a percentage of revenue was 40.7% compared to 42.7% in the same period of 2021. The decline was driven by a shift in revenue mix from the higher-margin direct-to-consumer business to the lower-margin wholesale business.

  • Operating expenses as a percentage of revenue decreased to 28.5% compared to 30.6% in the same period of 2021. Adjusted operating expenses as a percentage of revenue decreased to 28.2% compared to 29.9% in the second quarter of 2021.

  • Income from operations totaled $65.2 million, or 12.2% of revenue, compared to $47.7 million, or 12.0% of revenue, in the same period of 2021. Adjusted income from operations totaled $67.0 million, or 12.5% of revenue, compared to $51.0 million, or 12.8% of revenue, in the second quarter of 2021.

  • Net income attributable to Steven Madden, Ltd. was $48.5 million, or $0.62 per diluted share, compared to $36.9 million, or $0.45 per diluted share, in the same period of 2021. Adjusted net income attributable to Steven Madden, Ltd. was $49.8 million, or $0.63 per diluted share, compared to $39.7 million, or $0.48 per diluted share, in the second quarter of 2021.

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We delivered strong results in the second quarter, with revenue and earnings growing robustly compared to the prior year and exceeding our expectations. While macro pressures have increased, making the near-term outlook more uncertain, we are confident that our core strengths – our people, brands and business model – leave us well-positioned to drive growth and create significant value for our stakeholders over the long term.”

Second Quarter 2022 Channel Results

Revenue for the wholesale business was $397.1 million, a 51.5% increase compared to the second quarter of 2021, with a 47.1% increase in wholesale footwear and a 65.2% increase in wholesale accessories/apparel. Gross profit as a percentage of wholesale revenue increased to 31.6% compared to 30.6% in the second quarter of 2021.

Direct-to-consumer revenue was $135.5 million, a 2.2% increase compared to the second quarter of 2021. Gross profit as a percentage of direct-to-consumer revenue increased to 66.4% compared to 65.4% in the second quarter of 2021.

The Company ended the quarter with 213 brick-and-mortar retail stores and six e-commerce websites, as well as 19 company-operated concessions in international markets.

Balance Sheet and Cash Flow Highlights

As of June 30, 2022, cash, cash equivalents and short-term investments totaled $180.5 million.

During the second quarter of 2022, the Company repurchased approximately $34.6 million of the Company’s common stock, which includes shares acquired through the net settlement of employees’ stock awards.

Quarterly Cash Dividend

The Company’s Board of Directors approved a quarterly cash dividend of $0.21 per share. The dividend is payable on September 26, 2022 to stockholders of record as of the close of business on September 16, 2022.

Reiterating Fiscal 2022 Outlook

The Company is reiterating its fiscal 2022 guidance. For fiscal 2022, the Company expects revenue will increase 13% to 16% over fiscal 2021. The Company expects diluted EPS will be in the range of $2.87 to $2.97. The Company expects Adjusted diluted EPS will be in the range of $2.90 to $3.00.

Conference Call Information

Interested stockholders are invited to listen to the conference call scheduled for today, July 27, 2022, at 8:30 a.m. Eastern Time, which will include a discussion of the Company's second quarter 2022 earnings results and fiscal year outlook. The call will be webcast live on the Company’s website at https://investor.stevemadden.com. The webcast is listen-only. Those interested in participating in the question-and-answer session may register for the conference call here. A webcast replay of the conference call will be available on the Company's website or via the following webcast link https://edge.media-server.com/mmc/p/42ck36vz beginning today at approximately 10:00 a.m. Eastern Time.

About Steve Madden

Steve Madden designs, sources and markets fashion-forward footwear, accessories and apparel for women, men and children. In addition to marketing products under its own brands including Steve Madden®, Dolce Vita®, Betsey Johnson®, Blondo®, GREATS®, BB Dakota® and Mad Love®, Steve Madden is a licensee of various brands, including Anne Klein® and Superga®. Steve Madden also designs and sources products under private label brand names for various retailers. Steve Madden’s wholesale distribution includes department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers and independent stores. Steve Madden also operates brick-and-mortar retail stores and e-commerce websites. Steve Madden also licenses certain of its brands to third parties for the marketing and sale of certain products, including outerwear, eyewear, sunglasses, hosiery, jewelry, watches, swimwear, fragrance, luggage, bedding and bath products as well as other select product categories. For local store information and the latest Steve Madden boots, booties, dress shoes, fashion sneakers, sandals, slippers and more, please visit www.stevemadden.com.

Safe Harbor Statement Under the U.S. Private Securities Litigation Reform Act of 1995

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, among others, statements regarding revenue and earnings guidance, plans, strategies, objectives, expectations and intentions. Forward-looking statements can be identified by words such as: “may”, “will”, “expect”, “believe”, “should”, “anticipate”, “project”, “predict”, “plan”, “intend”, “estimate”, or “confident” and similar expressions or the negative of these expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they represent the Company’s current beliefs, expectations and assumptions regarding anticipated events and trends affecting its business and industry based on information available as of the time such statements are made. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which may be outside of the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in these forward-looking statements. As such, investors should not rely upon them. Important risk factors include:

  • the Company’s ability to navigate shifting macro-economic environments including the potential for recessionary conditions;

  • the Company’s ability to accurately anticipate fashion trends and promptly respond to consumer demand;

  • the Company’s ability to compete effectively in a highly competitive market;

  • the Company’s ability to adapt its business model to rapid changes in the retail industry;

  • the Company’s dependence on the retention and hiring of key personnel;

  • the Company’s ability to successfully implement growth strategies and integrate acquired businesses;

  • the Company’s reliance on independent manufacturers to produce and deliver products in a timely manner, especially when faced with adversities such as work stoppages, transportation delays, public health emergencies, social unrest, changes in local economic conditions, and political upheavals as well as meet the Company’s quality standards;

  • changes in trade policies and tariffs imposed by the United States government and the governments of other nations in which the Company manufactures and sells products;

  • supply chain disruptions to product delivery systems and logistics, and the Company’s ability to properly manage inventory;

  • the Company’s ability to adequately protect its trademarks and other intellectual property rights;

  • the Company’s ability to maintain adequate liquidity when negatively impacted by unforeseen events such as an epidemic or the ongoing COVID-19 pandemic, which may cause disruption to the Company’s business operations for an indeterminable period of time;

  • legal, regulatory, political and economic risks that may affect the Company’s sales in international markets;

  • changes in U.S. and foreign tax laws that could have an adverse effect on the Company’s financial results;

  • additional tax liabilities resulting from audits by various taxing authorities;

  • cybersecurity risks and costs of defending against, mitigating and responding to data security threats and breaches impacting the Company;

  • the Company’s ability to achieve operating results that are consistent with prior financial guidance; and

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

The Company does not undertake, and disclaims, any obligation to publicly update any forward-looking statement, including, without limitation, any guidance regarding revenue or earnings, whether as a result of new information, future developments or otherwise.

STEVEN MADDEN, LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)
(Unaudited)

 

Three Months Ended

 

Six Months Ended

 

June 30, 2022

 

June 30, 2021

 

June 30, 2022

 

June 30, 2021

 

 

 

 

 

 

 

 

Net sales

$

532,680

 

 

$

394,797

 

 

$

1,090,024

 

 

$

753,698

 

Commission and licensing fee income

 

2,309

 

 

 

3,097

 

 

 

4,699

 

 

 

5,221

 

Total revenue

 

534,989

 

 

 

397,894

 

 

 

1,094,723

 

 

 

758,919

 

Cost of sales

 

317,224

 

 

 

227,839

 

 

 

649,060

 

 

 

449,760

 

Gross profit

 

217,765

 

 

 

170,055

 

 

 

445,663

 

 

 

309,159

 

Operating expenses

 

152,526

 

 

 

121,860

 

 

 

282,528

 

 

 

232,308

 

Impairment of fixed assets and lease right-of-use assets

 

 

 

 

477

 

 

 

 

 

 

1,089

 

Income from operations

 

65,239

 

 

 

47,718

 

 

 

163,135

 

 

 

75,762

 

Interest and other expense – net

 

(1,291

)

 

 

(777

)

 

 

(1,234

)

 

 

(814

)

Income before provision for income taxes

 

63,948

 

 

 

46,941

 

 

 

161,901

 

 

 

74,948

 

Provision for income taxes

 

15,033

 

 

 

9,600

 

 

 

38,393

 

 

 

15,276

 

Net income

 

48,915

 

 

 

37,341

 

 

 

123,508

 

 

 

59,672

 

Less: net income attributable to noncontrolling interest

 

455

 

 

 

489

 

 

 

535

 

 

 

1,623

 

Net income attributable to Steven Madden, Ltd.

$

48,460

 

 

$

36,852

 

 

$

122,973

 

 

$

58,049

 

 

 

 

 

 

 

 

 

Basic net income per share

$

0.63

 

 

$

0.47

 

 

$

1.60

 

 

$

0.74

 

 

 

 

 

 

 

 

 

Diluted net income per share

$

0.62

 

 

$

0.45

 

 

$

1.55

 

 

$

0.71

 

 

 

 

 

 

 

 

 

Basic weighted average common shares outstanding

 

76,556

 

 

 

78,899

 

 

 

76,902

 

 

 

78,968

 

 

 

 

 

 

 

 

 

Diluted weighted average common shares outstanding

 

78,714

 

 

 

82,061

 

 

 

79,190

 

 

 

81,981

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

$

0.21

 

 

$

0.15

 

 

$

0.42

 

 

$

0.30

 

STEVEN MADDEN, LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

 

As of

 

 

 

June 30, 2022

 

December 31, 2021

 

June 30, 2021

 

(Unaudited)

 

 

 

(Unaudited)

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

150,929

 

$

219,499

 

$

262,144

Short-term investments

 

29,569

 

 

44,037

 

 

40,513

Accounts receivable, net of allowances

 

31,377

 

 

26,546

 

 

24,598

Factor accounts receivable

 

344,716

 

 

364,982

 

 

254,545

Inventories

 

306,547

 

 

255,213

 

 

125,525

Prepaid expenses and other current assets

 

31,047

 

 

20,845

 

 

20,549

Income tax receivable and prepaid income taxes

 

12,225

 

 

13,538

 

 

15,906

Total current assets

 

906,410

 

 

944,660

 

 

743,780

Note receivable – related party

 

598

 

 

794

 

 

987

Property and equipment, net

 

35,004

 

 

35,790

 

 

38,213

Operating lease right-of-use asset

 

85,608

 

 

85,449

 

 

97,222

Deposits and other

 

4,029

 

 

4,180

 

 

4,574

Deferred taxes

 

6,517

 

 

4,581

 

 

5,415

Goodwill – net

 

167,959

 

 

167,995

 

 

168,426

Intangibles – net

 

107,167

 

 

112,093

 

 

114,526

Total Assets

$

1,313,292

 

$

1,355,542

 

$

1,173,143

LIABILITIES

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

$

105,130

 

$

136,766

 

$

91,822

Accrued expenses

 

219,005

 

 

243,163

 

 

139,717

Operating leases – current portion

 

31,074

 

 

30,759

 

 

33,561

Income taxes payable

 

14,100

 

 

4,522

 

 

1,477

Contingent payment liability – current portion

 

2,000

 

 

5,109

 

 

3,660

Accrued incentive compensation

 

8,334

 

 

14,871

 

 

8,921

Total current liabilities

 

379,643

 

 

435,190

 

 

279,158

Contingent payment liability – long term portion

 

 

 

6,960

 

 

4,381

Operating leases – long-term portion

 

76,023

 

 

80,072

 

 

92,179

Deferred tax liabilities

 

3,378

 

 

3,378

 

 

2,921

Other liabilities

 

10,930

 

 

9,404

 

 

11,982

Total Liabilities

 

469,974

 

 

535,004

 

 

390,621

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

Total Steven Madden, Ltd. stockholders’ equity

 

833,534

 

 

812,098

 

 

774,335

Noncontrolling interest

 

9,784

 

 

8,440

 

 

8,187

Total stockholders’ equity

 

843,318

 

 

820,538

 

 

782,522

Total Liabilities and Stockholders’ Equity

$

1,313,292

 

$

1,355,542

 

$

1,173,143

STEVEN MADDEN, LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)
(Unaudited)

 

Six Months Ended

 

June 30, 2022

 

June 30, 2021

Cash flows from operating activities:

 

 

 

Net income

$

123,508

 

 

$

59,672

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Stock-based compensation

 

12,150

 

 

 

11,019

 

Depreciation and amortization

 

10,471

 

 

 

7,993

 

Loss on disposal of fixed assets

 

260

 

 

 

303

 

Impairment of lease right-of-use asset and fixed assets

 

 

 

 

1,089

 

Deferred taxes

 

(1,936

)

 

 

359

 

Accrued interest on note receivable - related party

 

(8

)

 

 

(11

)

Notes receivable - related party

 

204

 

 

 

204

 

Change in valuation of contingent payment liabilities

 

(4,960

)

 

 

7,834

 

Gain on sale of trademark

 

 

 

 

(8,000

)

Recovery of receivables, related to the Payless ShoeSource bankruptcy

 

 

 

 

(919

)

Changes, net of acquisitions, in:

 

 

 

Accounts receivable

 

(4,564

)

 

 

1,365

 

Factor accounts receivable

 

20,589

 

 

 

(1,874

)

Inventories

 

(53,222

)

 

 

(24,105

)

Prepaid expenses, income tax receivables, prepaid taxes, and other assets

 

(7,676

)

 

 

(2,125

)

Accounts payable and accrued expenses

 

(44,197

)

 

 

35,836

 

Accrued incentive compensation

 

(6,537

)

 

 

5,048

 

Leases and other liabilities

 

(3,457

)

 

 

(1,765

)

Payment of contingent consideration

 

(339

)

 

 

 

 

 

 

 

Net cash provided by operating activities

 

40,286

 

 

 

91,923

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Capital expenditures

 

(5,263

)

 

 

(2,782

)

(Purchase)/sale of a trademark

 

(2,000

)

 

 

8,000

 

Purchases of short-term investments

 

(38,951

)

 

 

(26,574

)

Maturity/sale of short-term investments

 

53,803

 

 

 

26,460

 

 

 

 

 

Net cash provided by investing activities

 

7,589

 

 

 

5,104

 

 

 

 

 

Cash flows from financing activities:

 

 

 

Proceeds from exercise of stock options

 

415

 

 

 

6,823

 

Distribution of noncontrolling interest earnings

 

 

 

 

(2,859

)

Acquisition of noncontrolling interest

 

 

 

 

(19,127

)

Common stock purchased for treasury

 

(77,027

)

 

 

(42,794

)

Cash dividends paid on common stock

 

(33,389

)

 

 

(24,772

)

Payment of contingent consideration

 

(4,770

)

 

 

 

Net cash used in financing activities

 

(114,771

)

 

 

(82,729

)

Effect of exchange rate changes on cash and cash equivalents

 

(1,674

)

 

 

(18

)

Net (decrease)/increase in cash and cash equivalents

 

(68,570

)

 

 

14,280

 

Cash and cash equivalents – beginning of period

 

219,499

 

 

 

247,864

 

 

 

 

 

Cash and cash equivalents – end of period

$

150,929

 

 

$

262,144

 

STEVEN MADDEN, LTD. AND SUBSIDIARIES

NON-GAAP RECONCILIATION

(In thousands, except per share amounts)

(Unaudited)

The Company uses non-GAAP financial information to evaluate its operating performance and in order to represent the manner in which the Company conducts and views its business. Additionally, the Company believes the information assists investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding items that are not indicative of its core business. The non-GAAP financial information is provided in addition to, and not as an alternative to, the Company’s reported results prepared in accordance with GAAP.

Table 1 - Reconciliation of GAAP operating expenses to Adjusted operating expenses

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

June 30, 2022

 

June 30, 2021

 

June 30, 2022

 

June 30, 2021

 

 

 

 

 

 

 

 

GAAP operating expenses

$

152,526

 

 

$

121,860

 

 

$

282,528

 

$

232,308

 

Non-GAAP Adjustments

 

(1,713

)

 

 

(2,764

)

 

 

1,753

 

 

(9,716

)

Adjusted operating expenses

$

150,813

 

 

$

119,096

 

 

$

284,281

 

$

222,592

 


Table 2 - Reconciliation of GAAP income from operations to Adjusted income from operations

 

Three Months Ended

 

Six Months Ended

 

June 30, 2022

 

June 30, 2021

 

June 30, 2022

 

June 30, 2021

 

 

 

 

 

 

 

 

GAAP income from operations

$

65,239

 

$

47,718

 

$

163,135

 

 

$

75,762

Non-GAAP Adjustments

 

1,713

 

 

3,241

 

 

(1,753

)

 

 

10,805

Adjusted income from operations

$

66,952

 

$

50,959

 

$

161,382

 

 

$

86,567


Table 3 - Reconciliation of GAAP interest and other expense, net to Adjusted interest and other expense, net

 

Three Months Ended

 

Six Months Ended

 

June 30, 2022

 

June 30, 2021

 

June 30, 2022

 

June 30, 2021

 

 

 

 

 

 

 

 

GAAP interest and other expense, net

$

(1,291

)

 

$

(777

)

 

$

(1,234

)

 

$

(814

)

Non-GAAP Adjustments

 

 

 

 

500

 

 

 

 

 

 

500

 

Adjusted interest and other expense, net

$

(1,291

)

 

$

(277

)

 

$

(1,234

)

 

$

(314

)


Table 4 - Reconciliation of GAAP provision for income taxes to Adjusted provision for income taxes

 

Three Months Ended

 

Six Months Ended

 

June 30, 2022

 

June 30, 2021

 

June 30, 2022

 

June 30, 2021

 

 

 

 

 

 

 

 

GAAP provision for income taxes

$

15,033

 

$

9,600

 

$

38,393

 

 

$

15,276

Non-GAAP Adjustments

 

399

 

 

898

 

 

(1,934

)

 

 

2,708

Adjusted provision for income taxes

$

15,432

 

$

10,498

 

$

36,459

 

 

$

17,984


Table 5 - Reconciliation of GAAP net income attributable to noncontrolling interest to Adjusted net income attributable to noncontrolling interest

 

Three Months Ended

 

Six Months Ended

 

June 30, 2022

 

June 30, 2021

 

June 30, 2022

 

June 30, 2021

 

 

 

 

 

 

 

 

GAAP net income attributable to noncontrolling interest

$

455

 

$

489

 

$

535

 

$

1,623

Non-GAAP Adjustments

 

 

 

 

 

 

 

24

Adjusted net income attributable to noncontrolling interest

$

455

 

$

489

 

$

535

 

$

1,647


Table 6 - Reconciliation of GAAP net income attributable to Steven Madden, Ltd. to Adjusted net income attributable to Steven Madden, Ltd.

 

Three Months Ended

 

Six Months Ended

 

June 30, 2022

 

June 30, 2021

 

June 30, 2022

 

June 30, 2021

 

 

 

 

 

 

 

 

GAAP net income attributable to Steven Madden, Ltd.

$

48,460

 

$

36,852

 

$

122,973

 

$

58,049

Non-GAAP Adjustments

 

1,313

 

 

2,850

 

 

180

 

 

8,571

Adjusted net income attributable to Steven Madden, Ltd.

$

49,773

 

$

39,702

 

$

123,153

 

$

66,620

 

 

 

 

 

 

 

 

GAAP diluted net income per share

$

0.62

 

$

0.45

 

$

1.55

 

$

0.71

 

 

 

 

 

 

 

 

Adjusted diluted net income per share

$

0.63

 

$

0.48

 

$

1.56

 

$

0.81

 

 

 

 

 

 

 

 

Adjusted diluted weighted average shares outstanding

 

78,714

 

 

82,061

 

 

79,190

 

 

81,981


Table 7 - Reconciliation of GAAP diluted net income per share to Adjusted diluted net income per share in fiscal 2022 outlook

 

Fiscal 2022 Outlook

 

Low End

 

High End

 

 

 

 

GAAP diluted net income per share

$

2.87

 

$

2.97

Non-GAAP Adjustments

 

0.03

 

 

0.03

Adjusted diluted net income per share

$

2.90

 

$

3.00

Non-GAAP Adjustments include the items below.

For the second quarter of 2022:

  • $1.8 million pre-tax ($1.4 million after-tax) expense in connection with the accelerated amortization of a trademark, included in operating expenses.

  • $0.1 million pre-tax ($0.04 million after-tax) benefit in connection with the change in valuation of contingent considerations, included in operating expenses.

For the second quarter of 2021:

  • $8.0 million pre-tax ($6.1 million after-tax) benefit associated with the sale of a trademark, included in operating expenses.

  • $7.4 million pre-tax ($5.6 million after-tax) expense in connection with the change in valuation of contingent considerations, included in operating expenses.

  • $2.9 million pre-tax ($2.2 million after-tax) expense in connection with payments related to rent restructuring of various leases, included in operating expenses.

  • $0.5 million pre-tax ($0.4 million after-tax) expense in connection with restructuring and related charges, included in operating expenses.

  • $0.5 million pre-tax ($0.4 million after-tax) expense associated with the impairment of fixed assets and lease right-of-use assets.

  • $0.5 million pre-tax ($0.4 million after-tax) expense in connection with the write-off of an investment, included in interest and other (expense) / income, net.

For the fiscal year 2022 outlook:

  • $7.1 million pre-tax ($5.4 million after-tax) expense in connection with the accelerated amortization of a trademark, included in operating expenses.

  • $5.0 million pre-tax ($3.8 million after-tax) benefit in connection with the change in valuation of contingent considerations, included in operating expenses.

  • $0.3 million pre-tax ($0.2 million after-tax) benefit in connection with the exit of a lease, included in operating expenses.

  • $1.5 million tax expense in connection with a deferred tax adjustment.

Contact

Steven Madden, Ltd.
VP of Corporate Development & Investor Relations
Danielle McCoy
718-308-2611
InvestorRelations@stevemadden.com