0001493152-24-029685.txt : 20240731 0001493152-24-029685.hdr.sgml : 20240731 20240731070526 ACCESSION NUMBER: 0001493152-24-029685 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240731 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240731 DATE AS OF CHANGE: 20240731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STEVEN MADDEN, LTD. CENTRAL INDEX KEY: 0000913241 STANDARD INDUSTRIAL CLASSIFICATION: FOOTWEAR, (NO RUBBER) [3140] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 133588231 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23702 FILM NUMBER: 241159854 BUSINESS ADDRESS: STREET 1: 52-16 BARNETT AVE CITY: LONG ISLAND CITY STATE: NY ZIP: 11104 BUSINESS PHONE: 7184461800 MAIL ADDRESS: STREET 1: 52-16 BARNETT AVENUE CITY: LONG ISLAND CITY STATE: NY ZIP: 11104 FORMER COMPANY: FORMER CONFORMED NAME: MADDEN STEVEN LTD DATE OF NAME CHANGE: 19931008 8-K 1 form8-k.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report: July 31, 2024

(Date of earliest event reported)

 

STEVEN MADDEN, LTD.

(Exact name of registrant as specified in its charter)

 

Delaware   000-23702   13-3588231

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

52-16 Barnett Avenue, Long Island City, New York   11104
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (718) 446-1800

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.0001 per share   SHOO   The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On July 31, 2024, Steven Madden, Ltd. (the “Company”) issued a press release, furnished as Exhibit 99.1 and incorporated into this Item 2.02 by reference, announcing the Company’s financial results for the second quarter of its fiscal year ending December 31, 2024.

 

Item 8.01 Other Events.

 

The Company’s press release on July 31, 2024 also announced that the Company’s Board of Directors has declared a quarterly cash dividend of $0.21 per share on the Company’s outstanding shares of common stock. The dividend is payable on September 23, 2024 to stockholders of record as of the close of business on September 13, 2024.

 

The full text of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

 

The information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished, and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section 18. Furthermore, the information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in Item 2.02 of this Current Report is not intended to, and does not, constitute a determination or admission by the Company that the information in Item 2.02 of this Current Report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.   Description
     
99.1   Press Release, dated July 31, 2024, announcing the Company’s 2024 Second Quarter Results and Declaration of a Cash Dividend.
     
104   Cover Page Interactive Data File (formatted as Inline XBRL).

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: July 31, 2024

 

STEVEN MADDEN, LTD.  
     
By: /s/ Edward Rosenfeld  
Name: Edward Rosenfeld  
Title: Chief Executive Officer  

 

 

 EX-99.1 2 ex99-1.htm

 

Exhibit 99.1

 

Steve Madden Announces Second Quarter 2024 Results

 

LONG ISLAND CITY, N.Y., July 31, 2024 – Steven Madden, Ltd. (Nasdaq: SHOO), a leading designer and marketer of fashion-forward footwear, accessories and apparel, today announced financial results for the second quarter ended June 30, 2024.

 

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

 

Second Quarter 2024 Results

 

●Revenue increased 17.6% to $523.6 million, compared to $445.3 million in the same period of 2023.
●Gross profit as a percentage of revenue was 41.5%, compared to 42.6% in the same period of 2023.
●Operating expenses as a percentage of revenue were 31.3%, compared to 32.7% in the same period of 2023. Adjusted operating expenses as a percentage of revenue were 31.1%, compared to 32.6% in the same period of 2023.
●Income from operations totaled $46.9 million, or 9.0% of revenue, compared to $44.0 million, or 9.9% of revenue, in the same period of 2023. Adjusted income from operations totaled $54.5 million, or 10.4% of revenue, compared to $44.5 million, or 10.0% of revenue, in the same period of 2023.
●Net income attributable to Steven Madden, Ltd. was $35.4 million, or $0.49 per diluted share, compared to $34.5 million, or $0.46 per diluted share, in the same period of 2023. Adjusted net income attributable to Steven Madden, Ltd. was $41.2 million, or $0.57 per diluted share, compared to $34.9 million, or $0.47 per diluted share, in the same period of 2023.

 

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We delivered strong results in the second quarter, with revenue increasing 18% and Adjusted diluted EPS rising 23% compared to the same period in 2023. This performance was driven by exceptional growth in the accessories and apparel categories and robust gains in international markets and direct-to-consumer channels, demonstrating our team’s strong execution of our key strategic initiatives. While the near-term operating environment remains choppy, we are confident that our core strengths – our brands, business model and people – will enable us to drive sustainable revenue and earnings growth over the long term.”

 

Second Quarter 2024 Channel Results

 

Revenue for the wholesale business was $385.3 million, a 22.5% increase compared to the second quarter of 2023. Excluding the newly acquired Almost Famous, wholesale revenue increased 8.2%. Wholesale footwear revenue increased 0.9%. Wholesale accessories/apparel revenue increased 86.0%, or 29.8% excluding Almost Famous. Gross profit as a percentage of wholesale revenue was 33.1%, compared to 33.6% in the second quarter of 2023 driven by the impact of Almost Famous.

 

Direct-to-consumer revenue was $136.4 million, a 6.4% increase compared to the second quarter of 2023. Gross profit as a percentage of direct-to-consumer revenue increased to 64.3%, compared to 63.7% in the second quarter of 2023 driven by reduced promotional activity.

 

The Company ended the quarter with 273 brick-and-mortar retail stores and five e-commerce websites, as well as 27 company-operated concessions in international markets.

 

 

 

 

Balance Sheet and Cash Flow Highlights

 

As of June 30, 2024, cash, cash equivalents and short-term investments totaled $192.2 million. Inventory totaled $241.6 million, compared to $207.8 million at the end of the second quarter of 2023.

 

During the second quarter of 2024, the Company spent $38.2 million on repurchases of its common stock, which includes 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 September 23, 2024 to stockholders of record as of the close of business on September 13, 2024.

 

2024 Outlook

 

For fiscal 2024, the Company continues to expect revenue will increase 11% to 13% compared to 2023. The Company expects diluted EPS will be in the range of $2.43 to $2.53. The Company continues to expect Adjusted diluted EPS will be in the range of $2.55 to $2.65.

 

Conference Call Information

 

Interested stockholders are invited to listen to the conference call scheduled for today, July 31, 2024, at 8:30 a.m. Eastern Time, which will include a discussion of the Company’s second quarter 2024 earnings results and 2024 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/fqn8ogri 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®, Dolce Vita®, Betsey Johnson®, Blondo® and GREATS®, 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 and e-commerce websites. Steve Madden also licenses certain of its brands to third parties for the marketing and sale of certain products in the apparel, accessory and home categories. For local store information and the latest sandals, dress shoes, fashion sneakers, boots, booties, and more, please visit www.stevemadden.com, www.dolcevita.com and our other branded websites.

 

 

 

 

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:

 

●geopolitical tensions in the regions in which we operate and any related challenging macroeconomic conditions globally that may materially adversely affect our customers, vendors, and partners, and the duration and extent to which these factors may impact our future business and operations, results of operations and financial condition;
●the Company’s ability to navigate shifting macro-economic environments, including but not limited to inflation and the potential for recessionary conditions;
●the Company’s ability to accurately anticipate fashion trends and promptly respond to consumer demand;
●the Company’s ability to compete effectively in a highly competitive market;
●the Company’s ability to adapt its business model to rapid changes in the retail industry;
●supply chain disruptions to product delivery systems and logistics, and the Company’s ability to properly manage inventory;
●the Company’s reliance on independent manufacturers to produce and deliver products in a timely manner, especially when faced with adversities such as work stoppages, transportation delays, public health emergencies, social unrest, changes in local economic conditions, and political upheavals as well as their ability to meet the Company’s quality standards;
●the Company’s dependence on the hiring and retention of key personnel;
●the Company’s ability to successfully implement growth strategies and integrate acquired businesses;
●changes in trade policies and tariffs imposed by the United States government and the governments of other nations in which the Company manufactures and sells products;
●the Company’s ability to adequately protect its trademarks and other intellectual property rights;
●the Company’s ability to maintain adequate liquidity when negatively impacted by unforeseen events such as an epidemic or a pandemic, which may cause disruption to the Company’s business operations for an indeterminable period of time;
●legal, regulatory, political and economic risks that may affect the Company’s sales in international markets;
●changes in U.S. and foreign tax laws that could have an adverse effect on the Company’s financial results;
●additional tax liabilities resulting from audits by various taxing authorities;
●cybersecurity risks and costs of defending against, mitigating, and responding to data security threats and breaches impacting the Company;
●the Company’s ability to achieve operating results that are consistent with prior financial guidance; and
●other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission.

 

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

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

 

(In thousands, except per share amounts)

(Unaudited)

 

   Three Months Ended   Six Months Ended 
   June 30, 2024   June 30, 2023   June 30, 2024   June 30, 2023 
                 
Net sales  $521,709   $442,837   $1,072,276   $904,574 
Licensing fee income   1,844    2,465    3,658    4,562 
Total revenue   523,553    445,302    1,075,934    909,136 
Cost of sales   306,424    255,432    633,990    524,174 
Gross profit   217,129    189,870    441,944    384,962 
Operating expenses   163,709    145,830    328,428    294,411 
Change in valuation of contingent payment liability   6,550    —    8,200    — 
Impairment of intangible   —    —    1,700    — 
Income from operations   46,870    44,040    103,616    90,551 
Interest and other income, net   1,354    1,956    2,909    3,976 
Income before provision for income taxes   48,224    45,996    106,525    94,527 
Provision for income taxes   11,276    10,923    25,015    22,668 
Net income   36,948    35,073    81,510    71,859 
Less: net income attributable to noncontrolling interest   1,572    544    2,200    600 
Net income attributable to Steven Madden, Ltd.  $35,376   $34,529   $79,310   $71,259 
                     
Basic income per share  $0.50   $0.47   $1.10   $0.96 
                     
Diluted income per share  $0.49   $0.46   $1.09   $0.95 
                     
Basic weighted average common shares outstanding   71,458    73,613    71,875    74,053 
                     
Diluted weighted average common shares outstanding   72,004    74,883    72,430    75,361 
                     
Cash dividends declared per common share  $0.21   $0.21   $0.42   $0.42 

 

 

 

 

STEVEN MADDEN, LTD. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

(In thousands)

 

   As of 
   June 30, 2024   December 31, 2023   June 30, 2023 
   (Unaudited)       (Unaudited) 
ASSETS               
Current assets:               
Cash and cash equivalents  $180,457   $204,640   $258,056 
Short-term investments   11,761    15,173    16,358 
Accounts receivable, net of allowances   36,624    40,246    41,332 
Factor accounts receivable   341,967    320,723    256,627 
Inventories   241,643    228,990    207,839 
Prepaid expenses and other current assets   28,448    29,009    24,282 
Income tax receivable and prepaid income taxes   19,208    16,051    23,405 
Total current assets   860,108    854,832    827,899 
Note receivable - related party   —    —    201 
Property and equipment, net   49,056    47,199    42,267 
Operating lease right-of-use asset   143,480    122,783    116,871 
Deposits and other   15,553    16,250    10,858 
Deferred tax assets   609    609    2,135 
Goodwill   183,374    180,003    168,967 
Intangibles, net   122,884    126,267    101,047 
Total Assets  $1,375,064   $1,347,943   $1,270,245 
LIABILITIES               
Current liabilities:               
Accounts payable  $189,772   $161,140   $130,417 
Accrued expenses   143,127    154,751    134,469 
Operating leases - current portion   44,961    40,342    36,593 
Income taxes payable   7,204    5,998    7,773 
Contingent payment liability - current portion   11,957    3,325    1,153 
Accrued incentive compensation   8,909    12,068    7,237 
Total current liabilities   405,930    377,624    317,642 
Contingent payment liability - long-term portion   9,543    9,975    — 
Operating leases - long-term portion   112,988    98,536    96,277 
Deferred tax liabilities   9,078    8,606    3,923 
Other liabilities   5,169    5,170    10,686 
Total Liabilities   542,708    499,911    428,528 
                
STOCKHOLDERS’ EQUITY               
Total Steven Madden, Ltd. stockholders’ equity   808,279    829,598    824,516 
Noncontrolling interest   24,077    18,434    17,201 
Total stockholders’ equity   832,356    848,032    841,717 
Total Liabilities and Stockholders’ Equity  $1,375,064   $1,347,943   $1,270,245 

 

 

 

 

STEVEN MADDEN, LTD. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(In thousands)

(Unaudited)

 

   Six Months Ended 
   June 30, 2024   June 30, 2023 
Cash flows from operating activities:          
Net income   $81,510   $71,859 
Adjustments to reconcile net income to net cash provided by operating activities:          
Stock-based compensation   12,579    12,239 
Depreciation and amortization   9,569    7,257 
Loss on disposal of fixed assets   75    193 
Impairment of intangible   1,700    — 
Impairment of lease right-of-use asset   —    95 
Accrued interest on note receivable - related party   —    (4)
Notes receivable - related party   —    204 
Change in valuation of contingent payment liability   8,200    — 
Other operating activities   238    26 
Changes, net of acquisitions, in:          
Accounts receivable   2,787    (3,395)
Factor accounts receivable   (22,988)   (6,256)
Inventories   (10,938)   22,417 
Prepaid expenses, income tax receivables, prepaid taxes, and other assets   (4,700)   (8,572)
Accounts payable and accrued expenses   18,122    (7,316)
Accrued incentive compensation   (3,109)   (4,551)
Leases and other liabilities   756    (1,939)
           
Net cash provided by operating activities   93,801    82,257 
           
Cash flows from investing activities:          
Capital expenditures   (9,272)   (7,793)
Purchases of short-term investments   (10,510)   (11,406)
Maturity/sale of short-term investments   13,485    10,445 
Acquisition of business   (4,259)   — 
Other investing activities   371    — 
Net cash used in investing activities   (10,185)   (8,754)
           
Cash flows from financing activities:          
Common stock repurchased and net settlements of stock awards   (75,549)   (64,235)
Proceeds from exercise of stock options   749    870 
Investment of noncontrolling interest   —    4,582 
Cash dividends paid on common stock   (30,708)   (31,895)
Net cash used in financing activities   (105,508)   (90,678)
Effect of exchange rate changes on cash and cash equivalents   (2,291)   518 
Net decrease in cash and cash equivalents   (24,183)   (16,657)
Cash and cash equivalents – beginning of period   204,640    274,713 
           
Cash and cash equivalents – end of period  $180,457   $258,056 

 

 

 

 

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 in order 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.

 

Table 1 - Reconciliation of GAAP gross profit to Adjusted gross profit

 

   Three Months Ended   Six Months Ended 
   June 30, 2024   June 30, 2023   June 30, 2024   June 30, 2023 
                 
GAAP gross profit  $217,129   $189,870   $441,944   $384,962 
Non-GAAP Adjustments   126    —    333    — 
Adjusted gross profit  $217,255   $189,870   $442,277   $384,962 

 

Table 2 - Reconciliation of GAAP operating expenses to Adjusted operating expenses

 

   Three Months Ended   Six Months Ended 
   June 30, 2024   June 30, 2023   June 30, 2024   June 30, 2023 
                 
GAAP operating expenses  $163,709   $145,830   $328,428   $294,411 
Non-GAAP Adjustments   (958)   (495)   (1,623)   (1,676)
Adjusted operating expenses  $162,751   $145,335   $326,805   $292,735 

 

Table 3 - Reconciliation of GAAP income from operations to Adjusted income from operations

 

   Three Months Ended   Six Months Ended 
   June 30, 2024   June 30, 2023   June 30, 2024   June 30, 2023 
                 
GAAP income from operations  $46,870   $44,040   $103,616   $90,551 
Non-GAAP Adjustments   7,633    495    11,855    1,676 
Adjusted income from operations  $54,503   $44,535   $115,471   $92,227 

 

Table 4 - Reconciliation of GAAP provision for income taxes to Adjusted provision for income taxes

 

   Three Months Ended   Six Months Ended 
   June 30, 2024   June 30, 2023   June 30, 2024   June 30, 2023 
                 
GAAP provision for income taxes  $11,276   $10,923   $25,015   $22,668 
Non-GAAP Adjustments   1,799    116    2,793    394 
Adjusted provision for income taxes  $13,075   $11,039   $27,808   $23,062 

 

Table 5 - Reconciliation of GAAP net income attributable to noncontrolling interest to Adjusted net income attributable to noncontrolling interest

 

   Three Months Ended   Six Months Ended 
   June 30, 2024   June 30, 2023   June 30, 2024   June 30, 2023 
                 
GAAP net income attributable to noncontrolling interest  $1,572   $544   $2,200   $600 
Non-GAAP Adjustments   —    —    130    — 
Adjusted net income attributable to noncontrolling interest  $1,572   $544   $2,330   $600 

 

 

 

 

Table 6 - Reconciliation of GAAP net income attributable to Steven Madden, Ltd. to Adjusted net income attributable to Steven Madden, Ltd.

 

   Three Months Ended   Six Months Ended 
   June 30, 2024   June 30, 2023   June 30, 2024   June 30, 2023 
                 
GAAP net income attributable to Steven Madden, Ltd.  $35,376   $34,529   $79,310   $71,259 
Non-GAAP Adjustments   5,835    378    8,931    1,282 
Adjusted net income attributable to Steven Madden, Ltd.  $41,211   $34,907   $88,241   $72,541 
                     
GAAP diluted net income per share  $0.49   $0.46   $1.09   $0.95 
                     
Adjusted diluted net income per share  $0.57   $0.47   $1.22   $0.96 

 

Table 7 - Reconciliation of GAAP diluted net income per share to Adjusted diluted net income per share in 2024 outlook

 

   2024 Outlook 
   Low End   High End 
         
GAAP diluted net income per share  $2.43   $2.53 
Non-GAAP Adjustments   0.12    0.12 
Adjusted diluted net income per share  $2.55   $2.65 

 

Non-GAAP Adjustments include the items below.

 

For the second quarter of 2024:

 

●$0.1 million pre-tax ($0.1 million after-tax) expense in connection with the purchase accounting fair value adjustment of inventory from acquired businesses, included in cost of goods sold.
●$1.0 million pre-tax ($0.7 million after-tax) expense in connection with an acquisition and formation of joint ventures, included in operating expenses.
●$6.6 million pre-tax ($5.0 million after-tax) expense in connection with the change in valuation of a contingent consideration in connection with the acquisition of Almost Famous.

 

For the second quarter of 2023:

 

●$0.5 million pre-tax ($0.4 million after-tax) expense in connection with certain severances and termination benefits, included in operating expenses.

 

Contact

 

Steven Madden, Ltd.

VP of Corporate Development & Investor Relations

Danielle McCoy

718-308-2611

InvestorRelations@stevemadden.com

 

 

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Jul. 31, 2024
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Document Type 8-K
Amendment Flag false
Document Period End Date Jul. 31, 2024
Entity File Number 000-23702
Entity Registrant Name STEVEN MADDEN, LTD.
Entity Central Index Key 0000913241
Entity Tax Identification Number 13-3588231
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 52-16 Barnett Avenue
Entity Address, City or Town Long Island City
Entity Address, State or Province NY
Entity Address, Postal Zip Code 11104
City Area Code (718)
Local Phone Number 446-1800
Written Communications false
Soliciting Material false
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Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.0001 per share
Trading Symbol SHOO
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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