Q1 2024 Steven Madden Ltd Earnings Call Transcript
Key Points
- Steven Madden Ltd (SHOO) reported a 19% increase in first quarter revenue and a 30% rise in diluted EPS compared to the same period in 2023.
- International revenue grew by 15%, with significant contributions from EMEA, the Americas excluding the U.S., and APAC regions.
- Accessories and apparel revenue rose by 73%, driven by strong performance in the Steve Madden handbag business and the addition of the Almost Famous business.
- Direct-to-consumer (DTC) revenue increased by 13%, with both digital and brick-and-mortar channels showing double-digit gains.
- Operating margin expanded to 11% from 10.3% in the first quarter of 2023, despite the inclusion of Almost Famous, indicating improved operational efficiency.
- The core U.S. wholesale footwear business experienced pressure, only achieving a 5% revenue increase due to cautious wholesale customer behavior.
- Consolidated gross margin declined to 40.7% from 42.1% in the previous year, impacted negatively by the Almost Famous acquisition.
- Wholesale gross margin decreased to 35.1% from 37% due to the mix shift towards private label business and the inclusion of Almost Famous.
- Licensing royalty income decreased to $1.8 million from $2.1 million in the first quarter of 2023.
- Inventory levels rose by 12.2% compared to the previous year, indicating potential excess stock that could affect future profitability.
Good day, and thank you for standing by. Welcome to the Steven Madden First Quarter 2024 Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Danielle McCoy, VP of Corporate Development and Investor Relations. Please go ahead.
Thanks, Didi, and good morning, everyone. Thank you for joining our first quarter 2024 earnings call and webcast.
Before we begin, I'd like to remind you that our remarks made that follow, including answers to your questions, contain statements that we believe to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks that could cause actual results to materially differ from those expressed or implied by such forward-looking statements.
These risks include, among others, matters that we have described in our press
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