Revenue for the wholesale business increased 51.5% to $397.1 million, and Direct-to-consumer revenue rose 2.2% to $135.5 million.
The gross profit margin contracted 200 basis points Y/Y to 40.7%.
The operating margin was 12.2%, and operating income for the quarter was $65.2 million.
Adjusted EPS of $0.63 beat the analyst consensus of $0.60.
Steven Madden held $180.5 million in cash and equivalents as of June 30, 2022. Cash provided by operating activities for the six months totaled $40.3 million.
The company’s Board approved a quarterly cash dividend of $0.21 per share, payable on September 26, 2022, to stockholders of record on September 16, 2022.
Outlook, reiterated: Steven Madden sees FY22 adjusted EPS of $2.90 – $3.00 versus the consensus of $2.98.
The company expects FY22 revenue to increase 13% – 16%.
Price Action: SHOO shares are trading lower by 3.94% at $32.17 on the last check Wednesday.
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