Steve Madden Kicks Off Year with 19.1% Revenue Surge
Steve Madden, the renowned footwear and fashion company, has reported a strong start to the year with a 19.1% increase in revenue to $552.4 million. The company, which focuses primarily on its namesake brand, has also reaffirmed its fiscal year outlook, expecting revenue to grow by 11% to 13% year over year.
The company's success can be attributed to various factors. Steve Madden's wholesale business saw a significant boost, rising by 21% to $438.2 million, largely driven by the newly acquired Almost Famous brand. Additionally, the company's direct-to-consumer (DTC) revenue grew by 12.8% to $112.3 million, marking the end of five consecutive quarters of decline in this area.
The company's wholesale accessories and apparel division also performed well, increasing by 78.6%. Meanwhile, the wholesale footwear division grew by a steady 4.7%. This growth is particularly notable as it represents a return to year-over-year revenue growth in the U.S. wholesale famous footwear business for Steve Madden.
Steve Madden's broad product range and diverse business segments continue to drive its growth. The company is seeing 'tangible progress' in non-footwear categories, DTC, and international markets. With a strong first quarter and a positive outlook for the fiscal year, Steve Madden is well-positioned to continue its success in the footwear and fashion industry.
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