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Steve Madden Announces Fourth Quarter and Full Year 2025 Results

globenewswire.com
SHOO The company reported above-guidance earnings for Q4 2025, driven by its core footwear business and the acquisition of Kurt Geiger. However, it anticipates pressure on its private label business and higher SG&A costs in 2026. While the company's fundamentals are strong and it expects revenue growth, uncertainty regarding tariffs and the inability to provide earnings guidance temper the outlook.

~ Provides 2026 Revenue Outlook ~

LONG ISLAND CITY, N.Y., Feb. 25, 2026 (GLOBE NEWSWIRE) -- Steven Madden, Ltd. (Nasdaq: SHOO), a leading designer and marketer of fashion-forward footwear, accessories and apparel, today announced financial results for the fourth quarter and full year ended December 31, 2025 and provided its 2026 revenue outlook.

Amounts referred to as “Adjusted” are non-GAAP measures that exclude the items defined as “Non-GAAP Adjustments” in the “Non-GAAP Reconciliation” section.

Fourth Quarter 2025 Results

Full Year 2025 Results

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We are pleased to have delivered above‑guidance earnings results for the fourth quarter, driven by improved performance in our core Steve Madden footwear business as well as a strong contribution from the newly acquired Kurt Geiger. Looking to 2026, we are encouraged by the momentum building in our flagship Steve Madden brand and the opportunity for growth in Kurt Geiger London. That said, we expect pressure on our private label business as well as higher SG&A driven by the normalization of incentive compensation and the restoration of senior executive salaries. While we continue to face uncertainty related to tariffs, the fundamentals of our business are strong. Our product assortments and marketing campaigns are resonating with consumers, our brands are powerful and gaining relevance, and we have a sound strategy for long‑term value creation with multiple levers for growth.”

Fourth Quarter 2025 Channel Results

Revenue for the wholesale business in the fourth quarter of 2025 was $433.3 million, a 7.5% increase compared to the fourth quarter of 2024. Excluding the recently acquired Kurt Geiger, wholesale revenue declined 2.6%. Wholesale footwear revenue increased 11.0%, or 5.5% excluding Kurt Geiger. Wholesale accessories/apparel revenue increased 3.1%, or decreased 13.0% excluding Kurt Geiger. Gross profit as a percentage of wholesale revenue was 30.7% in the fourth quarter of 2025, compared to 30.5% in the fourth quarter of 2024. Adjusted gross profit as a percentage of wholesale revenue was 31.5%, compared to 30.5% in the fourth quarter of 2024, driven by the addition of the Kurt Geiger business, partially offset by the impact of new tariffs on goods imported into the United States.

Direct-to-consumer revenue in the fourth quarter of 2025 was $316.6 million, a 79.9% increase compared to the fourth quarter of 2024. Excluding Kurt Geiger, direct-to-consumer revenue increased 1.6%. Gross profit as a percentage of direct-to-consumer revenue was 57.7%, compared to 62.0% in the fourth quarter of 2024. Adjusted gross profit as a percentage of direct-to-consumer revenue was 59.8%, compared to 62.0% in the fourth quarter of 2024, as a result of the addition of the Kurt Geiger concessions business and the impact of new tariffs on goods imported into the United States.

The Company ended the quarter with 399 company-operated brick-and-mortar retail stores, including 98 outlets, as well as seven e-commerce websites and 133 company-operated concessions in international markets.

Balance Sheet and Cash Flow Highlights

As of December 31, 2025, total debt outstanding was $234.2 million, and cash, cash equivalents totaled $112.4 million, for net debt of $121.7 million.

The Company did not repurchase any shares of its common stock in the open market in 2025. During the fourth quarter and full year 2025, the Company spent $5.2 million and $13.5 million, respectively, on shares acquired through the net settlement of employees' stock awards.

Quarterly Cash Dividend

The Company's Board of Directors approved a quarterly cash dividend of $0.21 per share. The dividend is payable on March 20, 2026 to stockholders of record as of the close of business on March 11, 2026.

2026 Outlook

For 2026, the Company expects revenue will increase 9% to 11% compared to 2025. Due to uncertainty related to recent developments with respect to tariff policy in the United States, the Company is not providing earnings guidance at this time.

Conference Call Information

Interested stockholders are invited to listen to the conference call scheduled for today, February 25, 2026 at 8:30 a.m. Eastern Time, which will include a discussion of the Company's fourth quarter and fiscal year end 2025 earnings results and fiscal year 2026 revenue outlook. The call will be webcast live on the Company’s website at https://investor.stevemadden.com. A webcast replay of the conference call will be available on the Company's website or via the following webcast link https://edge.media-server.com/mmc/p/iirmqugn beginning today at approximately 10:00 a.m. Eastern Time.

About Steve Madden

Steve Madden designs, sources and markets fashion-forward footwear, accessories and apparel. In addition to marketing products under its own brands including Steve Madden®, Kurt Geiger London®, Dolce Vita®, Betsey Johnson®, Carvela ®, Blondo ® and ATM ®, Steve Madden licenses footwear, handbags and other accessory categories for the Anne Klein® brand. Steve Madden also designs and sources products under private label brand names for various retailers. Steve Madden’s wholesale distribution includes department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers and independent stores. Steve Madden also directly operates brick-and-mortar retail stores, e-commerce websites and concessions in certain international markets. In addition, Steve Madden licenses certain of its brands to third parties for the marketing and sale of certain products in the apparel, accessory and home categories.

Safe Harbor Statement Under the U.S. Private Securities Litigation Reform Act of 1995

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, among others, statements regarding revenue and earnings guidance, plans, strategies, objectives, expectations and intentions. Forward-looking statements can be identified by words such as: “may,” “will,” “expect,” “believe,” “should,” “anticipate,” “project,” “predict,” “plan,” “intend,” “estimate,” or “confident,” and similar expressions or the negative of these expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they represent the Company’s current beliefs, expectations, and assumptions regarding anticipated events and trends affecting its business and industry based on information available as of the time such statements are made. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which may be outside of the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in these forward-looking statements. As such, investors should not rely upon them. Important risk factors include:

The company does not undertake, and disclaims, any obligation to publicly update any forward-looking statement, including, without limitation, any guidance regarding revenue or earnings, whether as a result of new information, future developments, or otherwise.

STEVEN MADDEN, LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

STEVEN MADDEN, LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

STEVEN MADDEN, LTD. AND SUBSIDIARIES

CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

STEVEN MADDEN, LTD. AND SUBSIDIARIES

NON-GAAP RECONCILIATION

(In thousands, except per share amounts)

(Unaudited)

The Company uses non-GAAP financial information to evaluate its operating performance and to represent the manner in which the Company conducts and views its business. Additionally, the Company believes the information assists investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding items that are not indicative of its core business. The non-GAAP financial information is provided in addition to, and not as an alternative to, the Company’s reported results prepared in accordance with GAAP. The following reconciles the Company’s reported results in accordance with GAAP with the non-GAAP information that the Company also presents. Additional information regarding Non-GAAP Adjustments is presented below.

Non-GAAP Adjustments include the items below.

For the fourth quarter of 2025:

For the fourth quarter of 2024:

For the full year 2025:

For the full year 2024:

Contact

Steven Madden, Ltd.

VP of Corporate Development & Investor Relations

Danielle McCoy

718-308-2611

InvestorRelations@stevemadden.com