SHOO · Steven Madden, Ltd.

Steven Madden, Ltd. reported a solid start to fiscal 2026, with first quarter revenue increasing 18.0% to $653.1 million. The results were significantly influenced by the acquisition of Kurt Geiger, which contributed to growth in both wholesale and direct-to-consumer channels. Excluding Kurt Geiger, wholesale revenue declined 8.2% and direct-to-consumer revenue increased 8.0%, highlighting a divergence between acquired and organic performance. GAAP gross margin expanded significantly to 54.7% from 40.9%, though Adjusted gross margin showed a more modest improvement to 46.3%. The disparity between GAAP and Adjusted operating income—$98.7 million versus $46.3 million—reflects the impact of non-GAAP adjustments related to the acquisition. Management noted healthy underlying demand and strong marketing execution, with the Steve Madden brand gaining momentum. Looking forward, the Company raised its fiscal 2026 revenue guidance to 10-12% growth and introduced diluted EPS guidance of $2.55 to $2.65. The Board also declared a quarterly dividend of $0.21 per share. The Company ended the quarter with net debt of $209.3 million and did not repurchase shares during the period.