SHOO - Steven Madden smashes earnings estimates off strong demand

Steven Madden (NASDAQ:SHOO) said it recorded the highest quarterly earnings in its history. Revenue for the wholesale business increased 54.1% to $449.0M during the quarter, with a 59.9% increase in wholesale footwear and a 37.1% increase in wholesale accessories/apparel. Direct-to-consumer revenue was up 60.5% to $108.3M. Gross profit as a percentage of revenue increased to 40.7% vs. 38.5% a year ago. Adjusted operating expenses as a percentage of revenue came in at 23.8% vs. 28.7% last year. The retailer ended the quarter with 213 brick-and-mortar retail stores and 6 e-commerce websites, as well as 19 company-operated concessions in international markets. Looking ahead, Steven Madden sees FY22 revenue of $2.09B to $2.15B vs. $2.08B consensus and EPS of $2.90 to $3.00. CEO update: "We got off to an outstanding start to the year, delivering the highest quarterly earnings in our history in the first quarter. The trend-right product assortments created by

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Steven Madden smashes earnings estimates off strong demand