Steven Madden (SHOO) Q4 2024 earnings summary

Executive summary

• Achieved Q4 2024 earnings at the high end of guidance, with full-year revenue up 15.2% to $2,282.9M and adjusted diluted EPS up 9% to $2.67 year-over-year.

• Growth driven by international expansion, non-footwear categories, direct-to-consumer channels, and a rebound in U.S. wholesale footwear.

• Announced acquisition of Kurt Geiger, expected to close in Q2 2025, anticipated to enhance international and accessories growth.

Financial highlights

• Q4 consolidated revenue: $582.3M (+12% YoY); wholesale revenue: $402.9M (+13.6% YoY); DTC revenue: $176M (+8.4% YoY).

• Q4 net income: $39.3M ($0.55/diluted share) adjusted; full-year adjusted net income: $192.4M ($2.67/share).

• Full-year gross margin: 41.0% (adjusted 41.1%), down from 42.0% (adjusted 42.1%) in 2023.

• Operating income for 2024: $224.9M (9.9% margin); adjusted operating income: $253.5M (11.1% margin).

• Year-end cash and equivalents: $203.4M; inventory: $257.6M, up from $229.0M at end of 2023.

Outlook and guidance

• 2025 revenue expected to rise 17–19% (including Kurt Geiger); EPS forecasted at $2.30–$2.40.

• Excluding Kurt Geiger, revenue to grow low single digits; EPS $2.22–$2.23.

• Q1 2025 EPS expected to decline 30–35% YoY due to tough comps and increased marketing spend.

• Management notes meaningful headwinds in 2025, especially from new U.S. tariffs, production shifts, and handbag inventory pressures.