SHOO - Steve Madden: Limited Margin Of Safety At Current Levels

• Steve Madden released its Q1 results in late April, reporting a beat on revenue vs. estimates despite softness in its wholesale business.
• However, while wholesale business was down 4% year-over-year, the company's retail segment performed quite well, helped by strength in E-commerce.
• Though margin pressures remain due to supply chain headwinds, Steve Madden should continue to see margin improvement long-term if its higher-margin retail business can continue to gain market share.
• At a share price above $43.00, I don't see enough of a margin of safety in the stock, but I would view pullbacks below $35.00 as low-risk buying opportunities.

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