Steven Madden, Ltd. (NASDAQ:SHOO) shares are trading lower on Thursday. The company reported third-quarter adjusted EPS of 91 cents, beating the Wall Street View of 89 cents.

Quarterly revenues of $624.7 million surpassed the analyst consensus of $607.9 million. Revenue increased 13.0% year over year.

Direct-to-consumer revenue was $125.5 million, a 7.8% increase year over year. Revenue for the wholesale business was $495.7 million, a 14.4% increase year over year.

Gross profit as a percentage of revenue was 41.5% compared to 42.1% in the same period of 2022. Adjusted operating expenses as a percentage of revenue were 27.9% compared to 27.0% in the same period of 2022.

The company ended the quarter with 282 company-operated brick-and-mortar retail stores and five e-commerce websites, as well as 67 company-operated concessions in international markets.

As of Sept. 30, cash and equivalents and short-term investments totaled $150.5 million. Inventory totaled $268.7 million as of the same date.

Dividend: The company approved a quarterly cash dividend of 21 cents per share. The dividend is payable on Dec. 27, to stockholders of record on Dec. 13.

Buyback: The company repurchased shares worth $20.2 million, which includes shares acquired through the net settlement of employees' stock awards.

Outlook: Steve Madden raised its FY24 revenue guidance to a 13%-14% increase (up from 11%-13%) and now expects adjusted EPS to be in the range of $2.62-$2.67, up from the prior range of $2.55-$2.65. The consensus estimate for adjusted EPS is $2.64.

Edward Rosenfeld, chairman and chief executive officer, said, "This performance was driven by outstanding growth in the accessories and apparel categories – including another quarter of exceptional performance in Steve Madden handbags and a strong contribution from newly acquired Almost Famous – and robust top line gains in international markets and direct-to-consumer channels, demonstrating our team's strong execution of our key strategic initiatives."

Price Action: SHOO shares are up 1.1% at $44.75 at last check Thursday.

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