SHOO - Steven Madden: Momentum Set To Continue In Q4

• Steven Madden has had an incredible this year thus far, reporting record sales and earnings in its most recent quarter, prompting the company to raise its earnings guidance.
• While the wholesale business struggled in Q3 due to delayed shipments due to supply chain headwinds, retail performed exceptionally, driven by strength in both brick & mortar and e-commerce.
• Based on the strong results, we've seen significant margin expansion, with annual EPS now expected to increase ~20% vs. FY2019 levels.
• At a share price near $48.00, I don't see a meaningful margin of safety here, but I would view dips below $40.00 as low-risk buying opportunities.

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