Steve Madden Reports Q3 Revenue Dip Amid Industry Shifts
Steve Madden, the footwear and accessories retailer, has reported a slight dip in revenue for its third quarter. The company's total revenue stood at $552.7 million, a 0.7% decrease from the same period last year. This follows a recent acquisition and a shift in industry trends.
The company's wholesale business, which accounts for a significant portion of its revenue, saw a marginal decrease of 0.3% to $433.5 million. This follows a steeper drop of 21% in the previous quarter. The footwear segment within wholesale contributed to this decline, with a 7.5% decrease, although this was offset by gains from accessories and apparel.
Steve Madden's direct-to-consumer (DTC) revenue also experienced a 1.8% drop, primarily due to a decline in its e-commerce business. The company's chairman and CEO, Edward Rosenfeld, attributed these 'softer trends' in the industry to a more cautious outlook for the near term.
Last month, Steve Madden acquired apparel brand Almost Famous for $52 million in cash. Almost Famous' most recent annual revenue was $163 million. However, specific details about its latest revenues are not available.
Steve Madden has updated its full-year outlook for 2023, now expecting a revenue decline of about 7% compared to 2022. This is a slight revision from the previously estimated range of 6.5% to 8%. The company continues to navigate industry trends and integrate its recent acquisition, with a focus on strategic growth.
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