Exhibit 99.1
Steve
Madden Announces Third Quarter 2026 Results
LONG
ISLAND CITY, N.Y., November 5, 2026 – Steven Madden, Ltd. (Nasdaq: SHOO) (the “Company”), a leading designer and marketer
of fashion-forward footwear, accessories and apparel, today announced financial results for the third quarter ended September 30, 2026.
Amounts
referred to as “Adjusted” are non-GAAP measures that exclude certain items identified as “Non-GAAP Adjustments”
in the “Non-GAAP Reconciliation” section of the press release, which include the corresponding reconciliations of these non-GAAP
measures to the most comparable GAAP measure.
Third
Quarter 2026 Results
| ● | Revenue
increased 15.7% to $772.6 million, compared to $667.9 million in the same period of 2025. |
| ● | Gross
profit as a percentage of revenue was 44.6%, compared to 41.5% in the same period of 2025.
Adjusted gross profit as a percentage of revenue was 43.4% in the third quarter of 2025. |
| ● | Operating
expenses as a percentage of revenue were 34.9%, compared to 36.8% in the same period of 2025.
Adjusted operating expenses as a percentage of revenue were 34.3%, compared to 36.4% in the
same period of 2025. |
| ● | Income
from operations totaled $73.2 million, or 9.5% of revenue, compared to $31.4 million, or
4.7% of revenue, in the same period of 2025. Adjusted income from operations totaled $78.9
million, or 10.2% of revenue, compared to $46.3 million, or 6.9% of revenue, in the same
period of 2025. |
| ● | Net
income attributable to Steven Madden, Ltd. was $52.4 million, or $0.72 per diluted share,
compared to $20.5 million, or $0.29 per diluted share, in the same period of 2025. Adjusted
net income attributable to Steven Madden, Ltd. was $57.3 million, or $0.79 per diluted share,
compared to $30.4 million, or $0.43 per diluted share, in the same period of 2025. |
Edward
Rosenfeld, Chairman and Chief Executive Officer, commented, “We delivered an outstanding third quarter, with strong growth across
our brands and channels. The Steve Madden brand was a particular highlight, as our trend-right product assortments and compelling marketing
continue to resonate with consumers and drive strong momentum. We are also pleased with the performance across the broader brand portfolio,
reflecting our team’s disciplined execution of our strategy.
“Based
on our strong year-to-date results and the continued momentum we see in the business, we are raising our revenue and Adjusted diluted
earnings per share outlook for the year. Looking further ahead, the strength of our brands and the multiple growth opportunities across
our diversified portfolio give us confidence in our ability to drive sustainable growth and create long-term value for our stockholders.”
Third
Quarter 2026 Channel Results
Revenue
for the wholesale business in the third quarter of 2026 was $528.7 million, a 19.4% increase compared to the third quarter of 2025. Wholesale
footwear revenue increased 21.0%, and wholesale accessories/apparel revenue increased 17.0%. Gross profit as a percentage of wholesale
revenue was 36.8% in the third quarter of 2026, compared to 32.7% in the third quarter of 2025. Adjusted gross profit as a percentage
of wholesale revenue was 33.6% in the third quarter of 2025. Compared with the prior-year Adjusted gross margin, the increase reflected
strong underlying improvement as well as a smaller negative impact from tariffs, partially offset by higher freight expense.
Direct-to-consumer
revenue in the third quarter of 2026 was $239.2 million, an 8.0% increase compared to the third quarter of 2025. Gross profit as a percentage
of direct-to-consumer revenue was 60.7%, compared to 58.3% in the third quarter of 2025. Adjusted gross profit as a percentage of direct-to-consumer
revenue was 61.9% in the third quarter of 2025. Compared with the prior-year Adjusted gross margin, the decrease was primarily due to
higher freight expense, a shift in markdown cadence and deeper discounting on seasonal product.
The
Company ended the quarter with 381 company-operated brick-and-mortar retail stores, including 92 outlets, as well as eight e-commerce
websites and 190 company-operated concessions in international markets.
Balance
Sheet Highlights
As
of September 30, 2026, total debt outstanding was $120.2 million, and cash and cash equivalents were $71.3 million. Net debt is a non-GAAP
financial measure that the Company defines as total debt less cash and cash equivalents. Net debt was $48.8 million as of September 30,
2026.
During
the third quarter of 2026, the Company did not repurchase any shares of its common stock in the open market.
Quarterly
Cash Dividend
The
Company’s Board of Directors declared a quarterly cash dividend of $0.21 per share. The dividend is payable on December 24, 2026
to stockholders of record as of the close of business on December 11, 2026.
Fiscal
2026 Outlook
The
Company now expects fiscal 2026 revenue to increase 12% to 13% compared with fiscal 2025, versus its previous guidance range of an 11%
to 13% increase. The Company now expects fiscal 2026 diluted earnings per share (“EPS”) to be in the range of $2.58 to $2.63,
compared to its previous guidance range of $2.55 to $2.65. The Company now expects Adjusted diluted EPS to be in the range of $2.15 to
$2.20, up from its previous guidance range of $2.05 to $2.15.
Conference
Call Information
Interested
stockholders are invited to listen to the conference call scheduled for today, November 5, 2026, at 8:30 a.m. Eastern Time, which will
include a discussion of the Company’s third quarter 2026 earnings results and fiscal 2026 outlook. The call will be webcast live
on the Company’s website at https://investor.stevemadden.com. A webcast replay of the conference call will be available
on the Company’s website or via the following webcast link https://event.choruscall.com/mediaframe/webcast.html?webcastid=ZV9vrVfv
beginning today at approximately 11:00 a.m. Eastern Time.
About
Steve Madden
Steve
Madden designs, sources and markets fashion-forward footwear, accessories and apparel. In addition to marketing products under its own
brands including Steve Madden®, Kurt Geiger London®, Dolce Vita®, Betsey Johnson®,
Carvela®, Blondo® and ATM®, Steve Madden licenses footwear, handbags and other accessory
categories for the Anne Klein® brand. Steve Madden also designs and sources products under private label brand names for
various retailers. Steve Madden’s wholesale distribution includes department stores, mass merchants, off-price retailers, shoe
chains, online retailers, national chains, specialty retailers and independent stores. Steve Madden also directly operates brick-and-mortar
retail stores and e-commerce websites. In addition, Steve Madden licenses certain of its brands to third parties for the marketing and
sale of certain products in the apparel, accessory and home categories.
Safe
Harbor Statement Under the U.S. Private Securities Litigation Reform Act of 1995
This
press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, among others, statements regarding revenue
and earnings guidance, plans, strategies, objectives, expectations and intentions. Forward-looking statements can be identified by words
such as: “may,” “will,” “expect,” “believe,” “should,” “anticipate,”
“project,” “predict,” “plan,” “intend,” “estimate,” or “confident,”
and similar expressions or the negative of these expressions. Forward-looking statements are neither historical facts nor assurances
of future performance. Instead, they represent the Company’s current beliefs, expectations, and assumptions regarding anticipated
events and trends affecting its business and industry based on information available as of the time such statements are made. Investors
are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted
with accuracy and some of which may be outside of the Company’s control. The Company’s actual results and financial condition
may differ materially from those indicated in these forward-looking statements. As such, investors should not rely upon them. Important
risk factors include:
| ● | our
ability to accurately anticipate fashion trends and promptly respond to consumer demand; |
| ● | our
ability to compete effectively in a highly competitive market; |
| ● | our
ability to adapt our business model to rapid changes in the retail industry; |
| ● | our
dependence on the hiring and retention of key personnel; |
| ● | our
ability to successfully implement growth strategies and integrate acquired businesses; |
| ● | changes
in trade policies, additional tariffs on product imported to the United States, retaliatory
trade actions taken by other countries, and resulting trade wars; |
| ● | supply
chain disruptions to product delivery systems and logistics, and our ability to properly
manage inventory; |
| ● | geopolitical
tensions in the regions in which we operate and any related challenging macroeconomic conditions
globally that may materially adversely affect our customers, vendors, and partners, and the
duration and extent to which these factors may impact our future business and operations,
results of operations, and financial condition; |
| ● | our
reliance on independent manufacturers to produce and deliver products in a timely manner
or to meet our quality standards if we experience a supply chain disruption and we are unable
to secure an alternative source of raw materials or end products; |
| ● | our
dependence on one or more of our significant customers; |
| ● | quarterly
fluctuations of our financial results; |
| ● | extreme
or unseasonable weather conditions in locations where we or our customers and suppliers are
located; |
| ● | fluctuation
of our stock price if our operating results are inconsistent with our forecasts or those
of analysts who follow us; |
| ● | our
exposure to risks related to integrating the operations, systems, processes, reporting, supply
chains, and personnel of Kurt Geiger into our business; |
| ● | our
exposure to risks associated with increased indebtedness used to finance the acquisition
of Kurt Geiger, including related debt service requirements; |
| ● | our
ability to manage risks associated with substantial goodwill and intangible assets recorded
from the acquisition of Kurt Geiger, which could subsequently become impaired upon adverse
changes to the business environment in which we operate; |
| ● | disruption
of our information technology systems or e-commerce platforms; |
| ● | cybersecurity
risks and costs of defending against, mitigating, and responding to data security threats
and breaches impacting the Company; |
| ● | our
ability to effectively implement artificial intelligence and data-driven technologies across
our operations, and the risks that such technologies may not perform as expected, may be
subject to regulatory constraints, or may increase operational, legal, or cybersecurity risks; |
| ● | litigation
or other legal proceedings could divert management resources and result in costs; |
| ● | legal,
regulatory, political, and economic risks that may affect our operations in international
markets; |
| ● | exposure
to foreign exchange rate fluctuations; |
| ● | our
ability to adequately protect our trademarks and other intellectual property rights; |
| ● | changes
in economic conditions; |
| ● | additional
tax liabilities resulting from audits by various taxing authorities; |
| ● | changes
in U.S. and foreign tax laws that could have an adverse effect on our financial results; |
| ● | the
actions of our licensees or the loss of a significant licensee and diminished brand integrity; |
| ● | failure
of our manufacturers, the manufacturers used by our licensees, or our licensees themselves
to use acceptable labor practices or to otherwise comply with local laws and other standards; |
| ● | our
ability to maintain effective internal control over our financial reporting; and |
| ● | other
risks and uncertainties indicated from time to time in our filings with the Securities and
Exchange Commission. |
The
Company does not undertake, and disclaims, any obligation to publicly update any forward-looking statement, including, without limitation,
any guidance regarding revenue or earnings, whether as a result of new information, future developments, or otherwise.
STEVEN
MADDEN, LTD. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In
thousands, except per share amounts)
(Unaudited)
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, 2026 | | |
September 30, 2025 | | |
September 30, 2026 | | |
September 30, 2025 | |
| | |
| | |
| | |
| | |
| |
| Net sales | |
$ | 767,892 | | |
$ | 664,200 | | |
$ | 2,080,466 | | |
$ | 1,771,672 | |
| Licensing income | |
| 4,714 | | |
| 3,675 | | |
| 11,101 | | |
| 8,737 | |
| Total revenue | |
| 772,606 | | |
| 667,875 | | |
| 2,091,567 | | |
| 1,780,409 | |
| Cost of sales | |
| 428,354 | | |
| 390,500 | | |
| 1,080,236 | | |
| 1,050,740 | |
| Gross profit | |
| 344,252 | | |
| 277,375 | | |
| 1,011,331 | | |
| 729,669 | |
| Operating expenses | |
| 270,025 | | |
| 246,017 | | |
| 798,658 | | |
| 687,145 | |
| Change in valuation of contingent payment liability | |
| 1,021 | | |
| — | | |
| 1,406 | | |
| (2,075 | ) |
| Income from operations | |
| 73,206 | | |
| 31,358 | | |
| 211,267 | | |
| 44,599 | |
| Gain on derivative | |
| — | | |
| — | | |
| — | | |
| 9,252 | |
| Interest and other expense, net | |
| (1,826 | ) | |
| (4,947 | ) | |
| (6,688 | ) | |
| (7,913 | ) |
| Income before provision for income taxes | |
| 71,380 | | |
| 26,411 | | |
| 204,579 | | |
| 45,938 | |
| Provision for income taxes | |
| 18,737 | | |
| 4,593 | | |
| 52,368 | | |
| 21,572 | |
| Net income | |
| 52,643 | | |
| 21,818 | | |
| 152,211 | | |
| 24,366 | |
| Less: net income attributable to noncontrolling interest | |
| 228 | | |
| 1,290 | | |
| 247 | | |
| 2,892 | |
| Net income attributable to Steven Madden, Ltd. | |
$ | 52,415 | | |
$ | 20,528 | | |
$ | 151,964 | | |
$ | 21,474 | |
| | |
| | | |
| | | |
| | | |
| | |
| Basic net income per share | |
$ | 0.73 | | |
$ | 0.29 | | |
$ | 2.13 | | |
$ | 0.30 | |
| | |
| | | |
| | | |
| | | |
| | |
| Diluted net income per share | |
$ | 0.72 | | |
$ | 0.29 | | |
$ | 2.10 | | |
$ | 0.30 | |
| | |
| | | |
| | | |
| | | |
| | |
| Basic weighted average common shares outstanding | |
| 71,400 | | |
| 70,906 | | |
| 71,286 | | |
| 70,850 | |
| | |
| | | |
| | | |
| | | |
| | |
| Diluted weighted average common shares outstanding | |
| 72,577 | | |
| 71,157 | | |
| 72,196 | | |
| 71,022 | |
| | |
| | | |
| | | |
| | | |
| | |
| Cash dividends declared per common share | |
$ | 0.21 | | |
$ | 0.21 | | |
$ | 0.63 | | |
$ | 0.63 | |
STEVEN
MADDEN, LTD. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In
thousands)
| | |
As of | |
| | |
September 30, 2026 | | |
December 31, 2025 | | |
September 30, 2025 | |
| | |
(Unaudited) | | |
| | |
(Unaudited) | |
| ASSETS | |
| | | |
| | | |
| | |
| Current assets: | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 71,334 | | |
$ | 112,423 | | |
$ | 108,722 | |
| Short-term investments | |
| — | | |
| — | | |
| 140 | |
| Accounts receivable, net of allowances | |
| 96,986 | | |
| 91,854 | | |
| 91,285 | |
| Factor accounts receivable | |
| 398,075 | | |
| 311,563 | | |
| 333,198 | |
| Inventories | |
| 415,339 | | |
| 417,016 | | |
| 476,027 | |
| Prepaid expenses and other current assets | |
| 51,660 | | |
| 46,759 | | |
| 56,760 | |
| Income tax receivable and prepaid income taxes | |
| 15,948 | | |
| 21,084 | | |
| 26,582 | |
| Total current assets | |
| 1,049,342 | | |
| 1,000,699 | | |
| 1,092,714 | |
| Property and equipment, net | |
| 118,619 | | |
| 115,802 | | |
| 112,301 | |
| Operating lease right-of-use asset | |
| 234,907 | | |
| 235,855 | | |
| 220,656 | |
| Deposits and other | |
| 15,224 | | |
| 22,764 | | |
| 21,363 | |
| Deferred tax assets | |
| 3,220 | | |
| 3,220 | | |
| 1,389 | |
| Goodwill | |
| 256,449 | | |
| 254,518 | | |
| 273,836 | |
| Intangibles, net | |
| 273,627 | | |
| 281,419 | | |
| 277,268 | |
| Total assets | |
$ | 1,951,388 | | |
$ | 1,914,277 | | |
$ | 1,999,527 | |
| LIABILITIES | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Accounts payable | |
$ | 244,122 | | |
$ | 197,247 | | |
$ | 254,346 | |
| Accrued expenses and other current liabilities | |
| 220,296 | | |
| 258,794 | | |
| 237,736 | |
| Operating leases - current portion | |
| 57,158 | | |
| 58,827 | | |
| 55,957 | |
| Income taxes payable | |
| 21,423 | | |
| 4,488 | | |
| 16,351 | |
| Contingent payment liability - current portion | |
| 3,251 | | |
| — | | |
| 3,221 | |
| Accrued incentive compensation | |
| 18,927 | | |
| 6,351 | | |
| 4,591 | |
| Total current liabilities | |
| 565,177 | | |
| 525,707 | | |
| 572,202 | |
| Contingent payment liability - long-term portion | |
| 13,035 | | |
| 14,880 | | |
| 15,164 | |
| Operating leases - long-term portion | |
| 194,877 | | |
| 193,145 | | |
| 190,459 | |
| Long-term debt | |
| 120,170 | | |
| 234,166 | | |
| 293,828 | |
| Deferred tax liabilities | |
| 36,592 | | |
| 36,142 | | |
| 39,867 | |
| Other liabilities | |
| 5,413 | | |
| 6,255 | | |
| 1,872 | |
| Total liabilities | |
| 935,264 | | |
| 1,010,295 | | |
| 1,113,392 | |
| | |
| | | |
| | | |
| | |
| STOCKHOLDERS’ EQUITY | |
| | | |
| | | |
| | |
| Total Steven Madden, Ltd. stockholders’ equity | |
| 983,429 | | |
| 866,388 | | |
| 850,841 | |
| Noncontrolling interest | |
| 32,695 | | |
| 37,594 | | |
| 35,294 | |
| Total stockholders’ equity | |
| 1,016,124 | | |
| 903,982 | | |
| 886,135 | |
| Total liabilities and stockholders’ equity | |
$ | 1,951,388 | | |
$ | 1,914,277 | | |
$ | 1,999,527 | |
STEVEN
MADDEN, LTD. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In
thousands)
(Unaudited)
| | |
Nine Months Ended | |
| | |
September 30, 2026 | | |
September 30, 2025 | |
| Cash flows from operating activities: | |
| | | |
| | |
| Net income | |
$ | 152,211 | | |
$ | 24,366 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
| Stock-based compensation | |
| 24,296 | | |
| 22,175 | |
| Depreciation and amortization | |
| 27,647 | | |
| 25,108 | |
| Amortization of debt issuance costs | |
| 1,339 | | |
| 725 | |
| Loss on disposal of fixed assets | |
| 1,187 | | |
| 180 | |
| Deferred taxes | |
| 5 | | |
| — | |
| Change in valuation of contingent payment liability | |
| 1,406 | | |
| (2,075 | ) |
| Amortization of inventory step-up and other | |
| 321 | | |
| 21,267 | |
| Changes, net of acquisitions, in: | |
| | | |
| | |
| Accounts receivable | |
| (7,103 | ) | |
| (11,614 | ) |
| Factor accounts receivable | |
| (86,989 | ) | |
| 17,184 | |
| Inventories | |
| (937 | ) | |
| (40,673 | ) |
| Prepaid expenses, income tax receivables, prepaid taxes, and other assets | |
| (2,853 | ) | |
| (19,146 | ) |
| Accounts payable, accrued expenses, and other current liabilities | |
| 28,282 | | |
| 47,905 | |
| Accrued incentive compensation | |
| 12,608 | | |
| (10,574 | ) |
| Leases and other liabilities | |
| 1,315 | | |
| (3,756 | ) |
| Net cash provided by operating activities | |
| 152,735 | | |
| 71,072 | |
| | |
| | | |
| | |
| Cash flows from investing activities: | |
| | | |
| | |
| Capital expenditures | |
| (28,818 | ) | |
| (32,338 | ) |
| Maturity and sale of short-term investments | |
| — | | |
| 13,410 | |
| Acquisition of businesses | |
| (1,328 | ) | |
| (371,554 | ) |
| Other investing activities | |
| 7,701 | | |
| (2,379 | ) |
| Net cash used in investing activities | |
| (22,445 | ) | |
| (392,861 | ) |
| | |
| | | |
| | |
| Cash flows from financing activities: | |
| | | |
| | |
| Common stock repurchased and net settlements of stock awards | |
| (8,695 | ) | |
| (8,367 | ) |
| Proceeds from exercise of stock options | |
| 3,442 | | |
| — | |
| Investment of noncontrolling interest | |
| — | | |
| 3,500 | |
| Borrowings, net of repayments | |
| (115,000 | ) | |
| 300,000 | |
| Financing costs paid | |
| — | | |
| (8,955 | ) |
| Cash dividends paid on common stock | |
| (46,004 | ) | |
| (45,692 | ) |
| Distribution of noncontrolling interest | |
| (5,482 | ) | |
| (2,946 | ) |
| Net cash (used in) / provided by financing activities | |
| (171,739 | ) | |
| 237,540 | |
| Effect of exchange rate changes on cash and cash equivalents | |
| 360 | | |
| 3,047 | |
| Net decrease in cash and cash equivalents | |
| (41,089 | ) | |
| (81,202 | ) |
| Cash and cash equivalents – beginning of period | |
| 112,423 | | |
| 189,924 | |
| Cash and cash equivalents – end of period | |
$ | 71,334 | | |
$ | 108,722 | |
STEVEN
MADDEN, LTD. AND SUBSIDIARIES
NON-GAAP
RECONCILIATION
(In
thousands, except per share amounts)
(Unaudited)
The
Company uses non-GAAP financial information to evaluate its operating performance and in order to represent the manner in which the Company
conducts and views its business. Additionally, the Company believes the information assists investors in comparing the Company’s
performance across reporting periods on a consistent basis by excluding items that are not indicative of its core business. The non-GAAP
financial information is provided in addition to, and not as an alternative to, the Company’s reported results prepared in accordance
with GAAP.
Table
1 - Reconciliation of GAAP gross profit to Adjusted gross profit
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, 2026 | | |
September 30, 2025 | | |
September 30, 2026 | | |
September 30, 2025 | |
| | |
| | |
| | |
| | |
| |
| GAAP gross profit | |
$ | 344,252 | | |
$ | 277,375 | | |
$ | 1,011,331 | | |
$ | 729,669 | |
| Non-GAAP Adjustments | |
| — | | |
| 12,309 | | |
| (55,090 | ) | |
| 20,840 | |
| Adjusted gross profit | |
$ | 344,252 | | |
$ | 289,684 | | |
$ | 956,241 | | |
$ | 750,509 | |
Table
2 - Reconciliation of GAAP operating expenses to Adjusted operating expenses
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, 2026 | | |
September 30, 2025 | | |
September 30, 2026 | | |
September 30, 2025 | |
| | |
| | |
| | |
| | |
| |
| GAAP operating expenses | |
$ | 270,025 | | |
$ | 246,017 | | |
$ | 798,658 | | |
$ | 687,145 | |
| Non-GAAP Adjustments | |
| (4,723 | ) | |
| (2,585 | ) | |
| (12,189 | ) | |
| (61,597 | ) |
| Adjusted operating expenses | |
$ | 265,302 | | |
$ | 243,432 | | |
$ | 786,469 | | |
$ | 625,548 | |
Table 3 - Reconciliation of GAAP income from operations to Adjusted income from operations
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, 2026 | | |
September 30, 2025 | | |
September 30, 2026 | | |
September 30, 2025 | |
| | |
| | |
| | |
| | |
| |
| GAAP income from operations | |
$ | 73,206 | | |
$ | 31,358 | | |
$ | 211,267 | | |
$ | 44,599 | |
| Non-GAAP Adjustments | |
| 5,744 | | |
| 14,895 | | |
| (41,495 | ) | |
| 80,360 | |
| Adjusted income from operations | |
$ | 78,950 | | |
$ | 46,253 | | |
$ | 169,772 | | |
$ | 124,959 | |
Table 4 - Reconciliation of GAAP interest and other expense, net to Adjusted interest and other expense, net
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, 2026 | | |
September 30, 2025 | | |
September 30, 2026 | | |
September 30, 2025 | |
| | |
| | |
| | |
| | |
| |
| GAAP interest and other expense, net | |
$ | (1,826 | ) | |
$ | (4,947 | ) | |
$ | (6,688 | ) | |
$ | (7,913 | ) |
| Non-GAAP Adjustments | |
| — | | |
| — | | |
| — | | |
| 840 | |
| Adjusted interest and other expense, net | |
$ | (1,826 | ) | |
$ | (4,947 | ) | |
$ | (6,688 | ) | |
$ | (7,073 | ) |
Table 5 - Reconciliation of GAAP provision for income taxes to Adjusted provision for income taxes
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, 2026 | | |
September 30, 2025 | | |
September 30, 2026 | | |
September 30, 2025 | |
| | |
| | |
| | |
| | |
| |
| GAAP provision for income taxes | |
$ | 18,737 | | |
$ | 4,593 | | |
$ | 52,368 | | |
$ | 21,572 | |
| Non-GAAP Adjustments | |
| 817 | | |
| 5,065 | | |
| (10,610 | ) | |
| 6,794 | |
| Adjusted provision for income taxes | |
$ | 19,554 | | |
$ | 9,658 | | |
$ | 41,758 | | |
$ | 28,366 | |
Table 6 - Reconciliation of GAAP net income attributable to Steven Madden, Ltd. to Adjusted net income attributable to Steven Madden, Ltd.
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
September 30, 2026 | | |
September 30, 2025 | | |
September 30, 2026 | | |
September 30, 2025 | |
| | |
| | |
| | |
| | |
| |
| GAAP net income attributable to Steven Madden, Ltd. | |
$ | 52,415 | | |
$ | 20,528 | | |
$ | 151,964 | | |
$ | 21,474 | |
| Non-GAAP Adjustments | |
| 4,927 | | |
| 9,830 | | |
| (30,886 | ) | |
| 65,155 | |
| Adjusted net income attributable to Steven Madden, Ltd. | |
$ | 57,342 | | |
$ | 30,358 | | |
$ | 121,078 | | |
$ | 86,629 | |
| | |
| | | |
| | | |
| | | |
| | |
| GAAP diluted net income per share | |
$ | 0.72 | | |
$ | 0.29 | | |
$ | 2.10 | | |
$ | 0.30 | |
| | |
| | | |
| | | |
| | | |
| | |
| Adjusted diluted net income per share | |
$ | 0.79 | | |
$ | 0.43 | | |
$ | 1.68 | | |
$ | 1.22 | |
Table 7 - Reconciliation of GAAP diluted net income per share to Adjusted diluted net income per share in fiscal 2026 outlook
| | |
Fiscal 2026 Outlook | |
| | |
Low End | | |
High End | |
| GAAP diluted net income per share | |
$ | 2.58 | | |
$ | 2.63 | |
| Non-GAAP Adjustments | |
| (0.43 | ) | |
| (0.43 | ) |
| Adjusted diluted net income per share | |
$ | 2.15 | | |
$ | 2.20 | |
Non-GAAP
Adjustments include the items below.
For
the third quarter of 2026:
| ● | $3.9
million pre-tax ($3.1 million after-tax) expense in connection with acquisition-related costs
attributable to Kurt Geiger, included in operating expenses. |
| ● | $0.8
million pre-tax ($0.6 million after-tax) expense in connection with legal settlements and
related fees, included in operating expenses. |
| ● | $1.0
million pre-tax ($1.2 million after-tax) net expense in connection with the change in valuation
of contingent payment liabilities related to acquisitions. |
For
the third quarter of 2025:
| ● | $12.3
million pre-tax ($9.2 million after-tax) expense in connection with the purchase accounting
fair value adjustment of inventory from acquired businesses,
included in cost of sales. |
| ● | $1.1
million pre-tax ($0.8 million after-tax) expense in connection with severances and related
charges, included in operating expenses. |
| ● | $0.8
million pre-tax ($0.6 million after-tax) expense in connection with legal settlements and
related fees, included in operating expenses. |
| ● | $0.7
million pre-tax expense ($0.8 million after-tax benefit) in connection with acquisition costs
and formation of joint ventures, included in operating expenses. |
Contact
Steven
Madden, Ltd.
VP
of Corporate Development & Investor Relations
Danielle
McCoy
718-308-2611
InvestorRelations@stevemadden.com
