Steven Madden Reports $2.28 Billion Revenue for Fiscal Year 2024, 15.2% Increase

Steven Madden, Ltd. reported a total revenue of $2.28 billion for the fiscal year ending December 31, 2024, marking a 15.2% increase from $1.98 billion in 2023. The company's net income attributable to shareholders was $169.4 million, slightly down from $171.6 million in the previous year. The diluted earnings per share rose to $2.35, compared to $2.30 in 2023. The effective tax rate for the year was 23.7%, up from 21.1% in 2023, primarily due to a lower tax benefit related to equity-based awards and an increase in pre-tax income in higher tax jurisdictions.

The company experienced significant growth in its Wholesale Accessories/Apparel segment, which generated $662.7 million in revenue, a 59.1% increase from $416.5 million in 2023, largely due to the acquisition of Almost Famous. The Wholesale Footwear segment saw a modest increase of 1.0% in revenue to $1.06 billion, while the Direct-to-Consumer segment grew by 8.6% to $550.2 million. The total number of retail stores increased to 291, with 54 new stores opened during the year, offset by the closure of 18 locations.

Strategically, Steven Madden expanded its brand portfolio by acquiring the ATM Collection for approximately $9.8 million in November 2024, enhancing its presence in the high-end fashion market. Additionally, the company formed a joint venture with Luxury Ventures Pte. Ltd. to distribute products in Singapore and acquired the remaining interest in its China joint venture. The company is also in the process of acquiring Kurt Geiger, with plans to fund the transaction through a combination of debt financing and cash.

Operationally, the company reported an inventory turnover of 5.6 times for both 2024 and 2023, with accounts receivable average collection days slightly increasing to 72 days. As of December 31, 2024, Steven Madden had $203.4 million in cash and cash equivalents, no debt, and total stockholders' equity of $876 million. The company remains focused on enhancing its product offerings, expanding its international presence, and improving operational efficiency while navigating challenges such as inflation and geopolitical tensions.

Looking ahead, Steven Madden aims to continue delivering trend-right products, deepen consumer connections, and expand its digital commerce capabilities. The company is also committed to sustainability initiatives and managing costs effectively in response to ongoing economic pressures, including the recent announcement of new tariffs on imports from China, which could impact future profitability.