Steve Madden steered to ‘solid’ growth
US shoe group Steve Madden has reported revenue of $556.6 million for the third quarter ended September 30, representing an increase of 5.3% year on year.
In addition to its flagship Steve Madden business, the company, which also sells apparel and accessories, owns brands such as Dolce Vita, Betsey Johnson, Blondo and Greats. It is likewise a licensee of Superga and Anne Klein, among others.
The group said that it had closed out the quarter with six e-commerce websites, 216 brick-and-mortar stores and 20 company-operated international concessions.
Notably, wholesale footwear revenue rose by 8.7% year on year, with wholesale revenue across the board up 8.1%, reaching $434.6 million. Direct-to-consumer revenue declined 3.7% versus the comparative three-month period, however, which the New York-based firm largely attributed to a drop-off in its e-commerce revenue.
Chairman and chief executive Edward Rosenfeld called the results “solid” and, in reference to ongoing macroeconomic instability, emphasised the group’s “proven ability to navigate difficult market conditions”.
Image: Steve Madden via Instagram.
