The following is a summary of the Steven Madden, Ltd. (SHOO) Q3 2024 Earnings Call Transcript:
Financial Performance:
Q3 2024 revenue reached $624.7 million, marking a 13% increase year-over-year.
Net income for the quarter was $64.8 million, with diluted EPS at $0.91.
Direct-to-consumer revenue grew by 8%, with e-commerce specifically up by 10%.Wholesale accessories and apparel revenue increased by 54.2%, largely driven by strong growth in Steve Madden handbag business.
Business Progress:
Successfully launched Madden Girl apparel at Kohl's, outperforming the overall department.
Strong international market expansion, especially in the EMEA region, projecting over 20% revenue growth for 2024.
Expanded direct-to-consumer capabilities with both digital and brick-and-mortar showing growth.
Increased marketing strategies, including a new campaign 'Never Miss A Beat' which positively impacted organic search and revenue.
Opportunities:
Targeting mid-teens revenue growth internationally for full year, particularly through expansion in new joint ventures such as in the Middle East and Latin America.
Growing non-footwear categories, which now include MaddEN Girl apparel, demonstrating robust sell-through at major retailers and significant revenue contributions.
Enhanced full funnel marketing and significant investments in leading campaigns to strengthen brand awareness and consumer engagement.
Risks:
Wholesale footwear revenue declined by 4% as customers adjusted delivery timings and maintained caution in order placements.
More details: Steven Madden IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
