Steve Madden, Ltd. has experienced an impressive surge in revenue during the second quarter of 2021, with a year-over-year growth of 178.6%. The primary driver of this growth has been the company’s retail channel, although overall sales have not yet reached pre-pandemic levels.

During the second quarter that ended on June 30, 2021, Steve Madden, Ltd. generated $397.9 million in revenue, a significant increase from the $142.8 million reported during the same period last year. However, when compared to the second quarter of 2019, prior to the Covid-19 pandemic, the company’s revenues have actually declined by 11.3%.

The retail channel of the company saw sales of $132.7 million in the second quarter, representing a noteworthy increase of 220.6% compared to 2020 and a significant 63% increase compared to 2019. This growth has largely been attributed to the outstanding performance of Steve Madden’s e-commerce business.

Furthermore, the wholesale business also experienced substantial growth, with sales increasing by 162.2% year over year to reach $262.1 million. Both the wholesale footwear and accessories/apparel segments saw significant growth, with increases of 154.1% and 190.7%, respectively.

Steve Madden, Ltd. reported a quarterly net income of $36.9 million, or $0.45 per diluted share, which marks a significant improvement compared to a net loss of $16.6 million, or $0.21 per diluted share, during the same period last year.

Edward Rosenfeld, the chairman and CEO of Steve Madden, Ltd., expressed enthusiasm about the strong recovery the company is currently undergoing. He stated that the second quarter results exceeded expectations, with earnings slightly surpassing those of the pre-Covid-19 second quarter in 2019.

In the first half of the fiscal year, Steve Madden, Ltd. reported total revenues of $753.7 million, representing a 51.6% increase from the same period in 2020. Net income for the first six months amounted to $58.0 million, or $0.71 per diluted share, compared to a loss of $34.0 million, or $0.43 per diluted share, in the previous year.

Looking ahead to the future, Rosenfeld expressed confidence in the company’s ability to drive revenue and earnings growth in the second half of 2021 and beyond. Despite acknowledging the volatile business environment, he believes that the strength of Steve Madden’s brands and the momentum it has built will continue to support growth.

For the full year of 2021, Steve Madden, Ltd. expects revenue to increase between 43% and 47% compared to 2020. The company also anticipates annual diluted earnings per share to fall within the range of $1.90 to $2.00.

Overall, Steve Madden, Ltd. has shown remarkable recovery in both its retail and wholesale channels, with notable growth in revenue and a return to profitability. The company remains optimistic about its future performance, confident in its ability to sustain growth, and continue making strides in the fashion industry.

Useful links:
1. Steve Madden Official Website
2. Retail Dive Article on Steve Madden Sales Increase