Q2 2024 Steven Madden Ltd Earnings Call Transcript
Key Points
- Revenue increased by 18% and adjusted diluted EPS rose by 23% compared to the same period in 2023.
- Exceptional growth in accessories and apparel categories, with overall accessories and apparel revenue rising 74%.
- Strong international market performance, with revenue in international markets growing 13% in the second quarter.
- Direct-to-consumer (DTC) revenue grew 6%, including a 4% increase on a comp basis.
- Successful integration and performance of the Almost Famous acquisition, contributing $45 million in revenue.
- US wholesale footwear business saw only a 2% revenue increase, with branded business experiencing a decline.
- Consolidated gross margin decreased to 41.5% from 42.6% in the comparable period of 2023.
- Licensing royalty income dropped to $1.8 million from $2.5 million in the second quarter of 2023.
- Inventory levels increased by 16.3% compared to the prior year, potentially indicating slower inventory turnover.
- The company faces significant headwinds in the back half of the year, including a $0.09 impact from freight costs and an $0.08 impact from tax changes.
Good day. And thank you for standing by. Welcome to the Q2 2024 Steven Madden Limited earnings 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, Vice President of Corporate Development and Investor Relations. Please go ahead.
Thanks, Tanya. And good morning, everyone. Thank you for joining our second-quarter 2024 earnings call and webcast.
Before we begin, I'd like to remind you that our remarks 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
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