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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report: July 29, 2026
(Date
of earliest event reported)
STEVEN
MADDEN, LTD.
(Exact
name of registrant as specified in its charter)
| Delaware |
|
000-23702 |
|
13-3588231 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
| 52-16
Barnett Avenue, Long Island City, New York |
|
11104 |
| (Address of principal executive
offices) |
|
(Zip Code) |
Registrant’s
telephone number, including area code: (718) 446-1800
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
| ☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| Common Stock, par value
$0.0001 per share |
|
SHOO |
|
The NASDAQ Stock Market
LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02 Results of Operations and Financial Condition.
On
July 30, 2026, Steven Madden, Ltd. (the “Company”) issued a press release, furnished as Exhibit 99.1 and incorporated into
this Item 2.02 by reference, announcing the Company’s financial results for the second quarter of its fiscal year ending December
31, 2026.
Item
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
Expansion
of the Board
On
July 29, 2026, the Board of Directors of the Company (the “Board”), upon the recommendation of the Nominating/Corporate Governance
Committee, unanimously determined to expand the size of the Board from ten members to eleven members, such expansion to be effective
as of October 1, 2026.
Appointment
of New Director
On
July 29, 2026, the Board, also upon the recommendation of the Nominating/Corporate Governance Committee, unanimously appointed Mr. Kenneth
Pilot to fill the newly-created directorship resulting from the expansion in the size of the Board from ten members to eleven members,
such appointment to be effective as of October 1, 2026. Mr. Pilot has been appointed to serve on the Corporate Social Responsibility
Committee of the Board, effective October 1, 2026.
Mr.
Pilot is the Founder and Chief Executive Officer of Ken Pilot Ventures, an advisory and investment firm focused on retail, consumer and
commerce technology, which he founded in 2015. From 2010 to 2015, Mr. Pilot was President of ABC Carpet & Home. Mr. Pilot has also
held senior executive roles at leading retail organizations, including serving as President of the Gap Brand Global division at Gap,
Inc., Chief Executive Officer of J.Crew, President of the Martin + Osa division at American Eagle Outfitters, and President of Factory
Stores and New Business Development at Ralph Lauren. Mr. Pilot currently serves in board and advisory roles at Provenance Digital, Fernbrook
Capital and Leap.
The
expansion of the Board and the appointment of Mr. Pilot were effected as part of the Company’s corporate governance planning.
There
is no arrangement or understanding between Mr. Pilot and any other person pursuant to which Mr. Pilot was selected as a director. In
2025, prior to his appointment to the Board, Mr. Pilot provided certain consulting services to the Company for which he received $160,000.
The consulting arrangement terminated in July 2025, and there are no ongoing payments or obligations under the arrangement. Other than
the foregoing, there are no transactions involving Mr. Pilot that are required to be disclosed pursuant to Item 404(a) of Regulation
S-K.
In
connection with his appointment, Mr. Pilot will receive customary compensation from the Company for serving as a non-employee director,
in accordance with the Company’s director compensation program as described in the Company’s proxy statement for its 2026
annual meeting of stockholders, filed with the Securities and Exchange Commission on April 6, 2026.
Item
8.01 Other Events.
On
July 29, 2026, the Board declared a quarterly cash dividend of $0.21 per share on the Company’s outstanding shares of common stock.
The dividend is payable on September 24, 2026 to stockholders of record as of the close of business on September 11, 2026. The Company’s
press release issued on July 30, 2026 also announced the Board expansion, Mr. Pilot’s appointment to the Board and the declaration
of the quarterly cash dividend.
The
full text of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The
information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished, and shall not be deemed
filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section
18. Furthermore, the information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be incorporated
by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified
therein as being incorporated therein by reference. The furnishing of the information in Item 2.02 of this Current Report is not intended
to, and does not, constitute a determination or admission by the Company that the information in Item 2.02 of this Current Report is
material or complete, or that investors should consider this information before making an investment decision with respect to any security
of the Company.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
| Exhibit No. |
|
Description |
| |
|
|
| 99.1 |
|
Press Release, dated July 30, 2026, announcing the Company’s Second Quarter 2026 Results, Declaration of a Cash Dividend, Board Expansion and Appointment of Kenneth Pilot to the Board of Directors. |
| |
|
|
| 104 |
|
Cover Page Interactive
Data File (formatted as Inline XBRL). |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated:
July 30, 2026
| STEVEN MADDEN, LTD. |
|
| |
|
|
| By: |
/s/ Edward
R. Rosenfeld |
|
| Name: |
Edward R. Rosenfeld |
|
| Title: |
Chairman and Chief Executive Officer |
|
Exhibit 99.1
Steve
Madden Announces Second Quarter 2026 Results
~
Raises Fiscal 2026 Revenue and Adjusted Diluted EPS Guidance; Reaffirms GAAP Diluted EPS Guidance ~
~
Announces Appointment of Ken Pilot to Board of Directors ~
LONG
ISLAND CITY, N.Y., July 30, 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 second quarter ended June 30, 2026.
Amounts
referred to as “Adjusted” are non-GAAP measures that exclude the items defined as “Non-GAAP Adjustments” in the
“Non-GAAP Reconciliation” section.
Second
Quarter 2026 Results
| ● | Revenue
increased 19.1% to $665.9 million, compared to $559.0 million in the same period of 2025. |
| | | |
| ● | Gross
profit as a percentage of revenue was 46.5%, compared to 40.4% in the same period of 2025.
Adjusted gross profit as a percentage of revenue was 46.5%, compared to 41.9% in the same
period of 2025. |
| | | |
| ● | Operating
expenses as a percentage of revenue were 40.6%, compared to 47.2% in the same period of 2025.
Adjusted operating expenses as a percentage of revenue were 39.8%, compared to 37.9% in the
same period of 2025. |
| | | |
| ● | Income
/ (loss) from operations totaled $39.3 million, or 5.9% of revenue, compared to ($40.3) million,
or (7.2%) of revenue, in the same period of 2025. Adjusted income from operations totaled
$44.5 million, or 6.7% of revenue, compared to $22.6 million, or 4.0% of revenue, in the
same period of 2025. |
| | | |
| ● | Net
income / (loss) attributable to Steven Madden, Ltd. was $27.7 million, or $0.38 per diluted
share, compared to ($39.5) million, or ($0.56) per diluted share, in the same period of 2025.
Adjusted net income attributable to Steven Madden, Ltd. was $31.7 million, or $0.44 per diluted
share, compared to $13.9 million, or $0.20 per diluted share, in the same period of 2025. |
Edward
Rosenfeld, Chairman and Chief Executive Officer, commented, “We delivered robust top- and bottom-line growth in the second quarter,
reflecting the strength of our brands and disciplined execution across the organization. The Steve Madden brand was the highlight, continuing
to gain momentum as consumers responded enthusiastically to the trend-right assortments created by Steve and his design team. Combined
with strong marketing execution, our compelling product offering generated increased brand heat and fueled strong performance across
both direct-to-consumer and wholesale channels.
“Based
on the strong results in the second quarter and the momentum we see across our brands, we are raising our revenue and Adjusted diluted
earnings per share outlook for 2026. Looking further ahead, we remain confident that our powerful brands, proven business model and talented
team provide a strong foundation to deliver sustainable growth and long-term value creation for our shareholders.”
Second
Quarter 2026 Channel Results
Revenue
for the wholesale business in the second quarter of 2026 was $407.5 million, a 13.0% increase compared to the second quarter of 2025.
Excluding Kurt Geiger, wholesale revenue increased 11.5%. Wholesale footwear revenue increased 9.0%, or 7.8% excluding Kurt Geiger. Wholesale
accessories/apparel revenue increased 19.2%, or 17.5% excluding Kurt Geiger. Gross profit as a percentage of wholesale revenue was 35.2%
in the second quarter of 2026, compared to 30.0% in the second quarter of 2025. Adjusted gross profit as a percentage of wholesale revenue
was 35.2%, compared to 30.9% in the second quarter of 2025, due to higher average selling prices, a smaller negative impact from tariffs
and a lower penetration of private label.
Direct-to-consumer
revenue in the second quarter of 2026 was $255.4 million, a 30.6% increase compared to the second quarter of 2025. Excluding Kurt Geiger,
direct-to-consumer revenue increased 11.1%. Gross profit as a percentage of direct-to-consumer revenue was 64.0%, compared to 58.7% in
the second quarter of 2025. Adjusted gross profit as a percentage of direct-to-consumer revenue was 64.0%, compared to 61.3% in the second
quarter of 2025, due to higher average selling prices, a reduction in promotional activity and a smaller negative impact from tariffs.
The
Company ended the quarter with 382 Company-operated brick-and-mortar retail stores, including 92 outlets, as well as eight e-commerce
websites and 164 Company-operated concessions in international markets.
Balance
Sheet Highlights
As
of June 30, 2026, total debt outstanding was $124.8 million and cash and cash equivalents were $94.7 million. Net debt is a non-GAAP
financial measure that the Company defines as total debt less cash and cash equivalents. Net debt was $30.1 million as of June 30, 2026.
During
the second 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 approved a quarterly cash dividend of $0.21 per share. The dividend is payable on September 24, 2026
to stockholders of record as of the close of business on September 11, 2026.
Board
Appointment
The
Company also announced that, effective October 1, 2026, its Board of Directors will expand from ten to eleven directors, and Ken Pilot
will join the Board as the newly appointed director. Mr. Pilot is the Founder and Chief Executive Officer of Ken Pilot Ventures, an advisory
and investment firm focused on retail, consumer and commerce technology companies. He brings more than 30 years of leadership experience
across retail and consumer businesses, having served in senior executive roles at leading retailers including J.Crew, Gap Inc., Ralph
Lauren, American Eagle Outfitters and ABC Carpet & Home. Mr. Pilot currently advises and invests in a number of companies focused
on artificial intelligence, e-commerce infrastructure and retail technology platforms.
Mr.
Rosenfeld commented, “We are pleased to welcome Ken to our Board of Directors. His decades of experience building brands and driving
growth, together with his deep understanding of digital innovation and emerging technologies, will be invaluable as we continue to execute
our long-term growth strategy. We look forward to benefiting from his insights and perspective.”
Fiscal
2026 Outlook
The
Company now expects fiscal 2026 revenue will increase 11% to 13% compared to fiscal 2025, up from its previous guidance of 10% to 12%.
The Company continues to expect fiscal 2026 diluted earnings per share (“EPS”) will be in the range of $2.55 to $2.65. The
Company now expects Adjusted diluted EPS will be in the range of $2.05 to $2.15, up from its previous guidance range of $2.00 to $2.10.
Conference
Call Information
Interested
stockholders are invited to listen to the conference call scheduled for today, July 30, 2026, at 8:30 a.m. Eastern Time, which will include
a discussion of the Company’s second quarter 2026 earnings results and updated 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=BqLiaYAB
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
loss of a significant license; |
| ● | the
actions of our licensees and diminished brand integrity; |
| ● | 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 | | |
Six Months Ended | |
| | |
June 30, 2026 | | |
June 30, 2025 | | |
June 30, 2026 | | |
June 30, 2025 | |
| | |
| | |
| | |
| | |
| |
| Net sales | |
$ | 662,914 | | |
$ | 556,090 | | |
$ | 1,312,574 | | |
$ | 1,107,472 | |
| Licensing fee income | |
| 2,951 | | |
| 2,910 | | |
| 6,387 | | |
| 5,062 | |
| Total revenue | |
| 665,865 | | |
| 559,000 | | |
| 1,318,961 | | |
| 1,112,534 | |
| Cost of sales | |
| 356,206 | | |
| 332,973 | | |
| 651,882 | | |
| 660,240 | |
| Gross profit | |
| 309,659 | | |
| 226,027 | | |
| 667,079 | | |
| 452,294 | |
| Operating expenses | |
| 270,340 | | |
| 263,865 | | |
| 528,633 | | |
| 441,128 | |
| Change in valuation of contingent payment liability | |
| — | | |
| 2,420 | | |
| 385 | | |
| (2,075 | ) |
| Income / (loss) from operations | |
| 39,319 | | |
| (40,258 | ) | |
| 138,061 | | |
| 13,241 | |
| Gain on derivative | |
| — | | |
| 9,252 | | |
| — | | |
| 9,252 | |
| Interest and other (expense) / income, net | |
| (1,257 | ) | |
| (3,795 | ) | |
| (4,862 | ) | |
| (2,966 | ) |
| Income / (loss) before provision for income taxes | |
| 38,062 | | |
| (34,801 | ) | |
| 133,199 | | |
| 19,527 | |
| Provision for income taxes | |
| 10,137 | | |
| 3,911 | | |
| 33,631 | | |
| 16,979 | |
| Net income / (loss) | |
| 27,925 | | |
| (38,712 | ) | |
| 99,568 | | |
| 2,548 | |
| Less: net income attributable to noncontrolling interest | |
| 198 | | |
| 765 | | |
| 19 | | |
| 1,602 | |
| Net income / (loss) attributable to Steven Madden, Ltd. | |
$ | 27,727 | | |
$ | (39,477 | ) | |
$ | 99,549 | | |
$ | 946 | |
| | |
| | | |
| | | |
| | | |
| | |
| Basic net income / (loss) per share | |
$ | 0.39 | | |
$ | (0.56 | ) | |
$ | 1.40 | | |
$ | 0.01 | |
| | |
| | | |
| | | |
| | | |
| | |
| Diluted net income / (loss) per share | |
$ | 0.38 | | |
$ | (0.56 | ) | |
$ | 1.38 | | |
$ | 0.01 | |
| | |
| | | |
| | | |
| | | |
| | |
| Basic weighted average common shares outstanding | |
| 71,292 | | |
| 70,870 | | |
| 71,228 | | |
| 70,822 | |
| | |
| | | |
| | | |
| | | |
| | |
| Diluted weighted average common shares outstanding | |
| 72,164 | | |
| 70,870 | | |
| 72,012 | | |
| 70,970 | |
| | |
| | | |
| | | |
| | | |
| | |
| Cash dividends declared per common share | |
$ | 0.21 | | |
$ | 0.21 | | |
$ | 0.42 | | |
$ | 0.42 | |
STEVEN
MADDEN, LTD. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In
thousands)
| | |
| | |
As of | | |
| |
| | |
June 30, 2026 | | |
December 31, 2025 | | |
June 30, 2025 | |
| | |
(Unaudited) | | |
| | |
(Unaudited) | |
| ASSETS | |
| | |
| | |
| |
| Current assets: | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 94,739 | | |
$ | 112,423 | | |
$ | 111,714 | |
| Short-term investments | |
| — | | |
| — | | |
| 140 | |
| Accounts receivable, net of allowances | |
| 80,347 | | |
| 91,854 | | |
| 86,211 | |
| Factor accounts receivable | |
| 307,387 | | |
| 311,563 | | |
| 289,942 | |
| Inventories | |
| 377,207 | | |
| 417,016 | | |
| 436,968 | |
| Prepaid expenses and other current assets | |
| 54,993 | | |
| 46,759 | | |
| 54,002 | |
| Income tax receivable and prepaid income taxes | |
| 15,088 | | |
| 21,084 | | |
| 18,799 | |
| Total current assets | |
| 929,761 | | |
| 1,000,699 | | |
| 997,776 | |
| Property and equipment, net | |
| 113,688 | | |
| 115,802 | | |
| 104,423 | |
| Operating lease right-of-use asset | |
| 235,322 | | |
| 235,855 | | |
| 220,089 | |
| Deposits and other | |
| 22,912 | | |
| 22,764 | | |
| 21,641 | |
| Deferred tax assets | |
| 3,220 | | |
| 3,220 | | |
| 2,175 | |
| Goodwill | |
| 256,341 | | |
| 254,518 | | |
| 266,602 | |
| Intangibles, net | |
| 274,818 | | |
| 281,419 | | |
| 282,372 | |
| Total Assets | |
$ | 1,836,062 | | |
$ | 1,914,277 | | |
$ | 1,895,078 | |
| LIABILITIES | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Accounts payable | |
$ | 202,095 | | |
$ | 197,247 | | |
$ | 235,716 | |
| Accrued expenses and other current liabilities | |
| 202,641 | | |
| 258,794 | | |
| 181,270 | |
| Operating leases - current portion | |
| 58,588 | | |
| 58,827 | | |
| 56,179 | |
| Income taxes payable | |
| 13,681 | | |
| 4,488 | | |
| 11,419 | |
| Current portion of long-term debt | |
| — | | |
| — | | |
| 5,625 | |
| Contingent payment liability - current portion | |
| — | | |
| — | | |
| 2,979 | |
| Accrued incentive compensation | |
| 10,825 | | |
| 6,351 | | |
| 3,404 | |
| Total current liabilities | |
| 487,830 | | |
| 525,707 | | |
| 496,592 | |
| Contingent payment liability - long-term portion | |
| 15,265 | | |
| 14,880 | | |
| 17,406 | |
| Operating leases - long-term portion | |
| 193,722 | | |
| 193,145 | | |
| 189,404 | |
| Long-term debt | |
| 124,832 | | |
| 234,166 | | |
| 287,865 | |
| Deferred tax liabilities | |
| 36,628 | | |
| 36,142 | | |
| 38,574 | |
| Other liabilities | |
| 5,681 | | |
| 6,255 | | |
| 1,874 | |
| Total Liabilities | |
| 863,958 | | |
| 1,010,295 | | |
| 1,031,715 | |
| | |
| | | |
| | | |
| | |
| STOCKHOLDERS’ EQUITY | |
| | | |
| | | |
| | |
| Total Steven Madden, Ltd. stockholders’ equity | |
| 939,603 | | |
| 866,388 | | |
| 833,230 | |
| Noncontrolling interest | |
| 32,501 | | |
| 37,594 | | |
| 30,133 | |
| Total stockholders’ equity | |
| 972,104 | | |
| 903,982 | | |
| 863,363 | |
| Total Liabilities and Stockholders’ Equity | |
$ | 1,836,062 | | |
$ | 1,914,277 | | |
$ | 1,895,078 | |
STEVEN
MADDEN, LTD. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In
thousands)
(Unaudited)
| | |
Six Months Ended | |
| | |
June 30, 2026 | | |
June 30, 2025 | |
| Cash flows from operating activities: | |
| | | |
| | |
| Net income | |
$ | 99,568 | | |
$ | 2,548 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
| Stock-based compensation | |
| 15,741 | | |
| 14,690 | |
| Depreciation and amortization | |
| 18,433 | | |
| 13,926 | |
| Amortization of debt issuance costs | |
| 887 | | |
| 480 | |
| Loss on disposal of fixed assets | |
| 135 | | |
| 1 | |
| Deferred taxes | |
| 5 | | |
| — | |
| Change in valuation of contingent payment liability | |
| 385 | | |
| (2,075 | ) |
| Other operating activities | |
| 1,902 | | |
| (550 | ) |
| Changes, net of acquisitions, in: | |
| | | |
| | |
| Accounts receivable | |
| 10,375 | | |
| (7,197 | ) |
| Factor accounts receivable | |
| 3,033 | | |
| 59,110 | |
| Inventories | |
| 38,437 | | |
| 35,004 | |
| Prepaid expenses, income tax receivables, prepaid taxes, and other assets | |
| (5,476 | ) | |
| (7,119 | ) |
| Accounts payable, accrued expenses, and other current liabilities | |
| (40,076 | ) | |
| (34,420 | ) |
| Accrued incentive compensation | |
| 4,436 | | |
| (11,721 | ) |
| Leases and other liabilities | |
| 1,478 | | |
| (15,042 | ) |
| Net cash provided by operating activities | |
| 149,263 | | |
| 47,635 | |
| | |
| | | |
| | |
| Cash flows from investing activities: | |
| | | |
| | |
| Capital expenditures | |
| (14,411 | ) | |
| (17,516 | ) |
| Maturity / sale of short-term investments | |
| — | | |
| 13,410 | |
| Acquisition of businesses | |
| (1,328 | ) | |
| (371,554 | ) |
| Other investing activities | |
| — | | |
| (2,196 | ) |
| Net cash used in investing activities | |
| (15,739 | ) | |
| (377,856 | ) |
| | |
| | | |
| | |
| Cash flows from financing activities: | |
| | | |
| | |
| Common stock repurchased and net settlements of stock awards | |
| (8,352 | ) | |
| (8,198 | ) |
| Proceeds from exercise of stock options | |
| 2,973 | | |
| — | |
| Borrowings, net of repayments | |
| (110,000 | ) | |
| 300,000 | |
| Financing costs paid | |
| — | | |
| (8,955 | ) |
| Cash dividends paid on common stock | |
| (30,641 | ) | |
| (30,435 | ) |
| Distribution of noncontrolling interest | |
| (5,482 | ) | |
| (2,946 | ) |
| Net cash (used in) / provided by financing activities | |
| (151,502 | ) | |
| 249,466 | |
| Effect of exchange rate changes on cash and cash equivalents | |
| 294 | | |
| 2,545 | |
| Net decrease in cash and cash equivalents | |
| (17,684 | ) | |
| (78,210 | ) |
| Cash and cash equivalents – beginning of period | |
| 112,423 | | |
| 189,924 | |
| Cash and cash equivalents – end of period | |
$ | 94,739 | | |
$ | 111,714 | |
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 | | |
Six Months Ended | |
| | |
June 30, 2026 | | |
June 30, 2025 | | |
June 30, 2026 | | |
June 30, 2025 | |
| | |
| | |
| | |
| | |
| |
| GAAP gross profit | |
$ | 309,659 | | |
$ | 226,027 | | |
$ | 667,079 | | |
$ | 452,294 | |
| Non-GAAP Adjustments | |
| — | | |
| 8,251 | | |
| (55,090 | ) | |
| 8,530 | |
| Adjusted gross profit | |
$ | 309,659 | | |
$ | 234,278 | | |
$ | 611,989 | | |
$ | 460,824 | |
Table
2 - Reconciliation of GAAP operating expenses to Adjusted operating expenses
| | |
Three Months Ended | | |
Six Months Ended | |
| | |
June 30, 2026 | | |
June 30, 2025 | | |
June 30, 2026 | | |
June 30, 2025 | |
| | |
| | |
| | |
| | |
| |
| GAAP operating expenses | |
$ | 270,340 | | |
$ | 263,865 | | |
$ | 528,633 | | |
$ | 441,128 | |
| Non-GAAP Adjustments | |
| (5,201 | ) | |
| (52,216 | ) | |
| (7,466 | ) | |
| (59,012 | ) |
| Adjusted operating expenses | |
$ | 265,139 | | |
$ | 211,649 | | |
$ | 521,167 | | |
$ | 382,116 | |
Table 3 - Reconciliation of GAAP income / (loss) from operations to Adjusted income from operations
| | |
Three Months Ended | | |
Six Months Ended | |
| | |
June 30, 2026 | | |
June 30, 2025 | | |
June 30, 2026 | | |
June 30, 2025 | |
| | |
| | |
| | |
| | |
| |
| GAAP income / (loss) from operations | |
$ | 39,319 | | |
$ | (40,258 | ) | |
$ | 138,061 | | |
$ | 13,241 | |
| Non-GAAP Adjustments | |
| 5,201 | | |
| 62,887 | | |
| (47,239 | ) | |
| 65,467 | |
| Adjusted income from operations | |
$ | 44,520 | | |
$ | 22,629 | | |
$ | 90,822 | | |
$ | 78,708 | |
Table 4 - Reconciliation of GAAP interest and other (expense) / income, net to Adjusted interest and other (expense) / income, net
| | |
Three Months Ended | | |
Six Months Ended | |
| | |
June 30, 2026 | | |
June 30, 2025 | | |
June 30, 2026 | | |
June 30, 2025 | |
| | |
| | |
| | |
| | |
| |
| GAAP interest and other (expense) / income, net | |
$ | (1,257 | ) | |
$ | (3,795 | ) | |
$ | (4,862 | ) | |
$ | (2,966 | ) |
| Non-GAAP Adjustments | |
| — | | |
| 840 | | |
| — | | |
| 840 | |
| Adjusted interest and other (expense) / income, net | |
$ | (1,257 | ) | |
$ | (2,955 | ) | |
$ | (4,862 | ) | |
$ | (2,126 | ) |
Table 5 - Reconciliation of GAAP provision for income taxes to Adjusted provision for income taxes
| | |
Three Months Ended | | |
Six Months Ended | |
| | |
June 30, 2026 | | |
June 30, 2025 | | |
June 30, 2026 | | |
June 30, 2025 | |
| | |
| | |
| | |
| | |
| |
| GAAP provision for income taxes | |
$ | 10,137 | | |
$ | 3,911 | | |
$ | 33,631 | | |
$ | 16,979 | |
| Non-GAAP Adjustments | |
| 1,257 | | |
| 1,117 | | |
| (11,426 | ) | |
| 1,729 | |
| Adjusted provision for income taxes | |
$ | 11,394 | | |
$ | 5,028 | | |
$ | 22,205 | | |
$ | 18,708 | |
Table 6 - Reconciliation of GAAP net income / (loss) attributable to Steven Madden, Ltd. to Adjusted net income attributable to Steven Madden, Ltd.
| | |
Three Months Ended | | |
Six Months Ended | |
| | |
June 30, 2026 | | |
June 30, 2025 | | |
June 30, 2026 | | |
June 30, 2025 | |
| | |
| | |
| | |
| | |
| |
| GAAP net income / (loss) attributable to Steven Madden, Ltd. | |
$ | 27,727 | | |
$ | (39,477 | ) | |
$ | 99,549 | | |
$ | 946 | |
| Non-GAAP Adjustments | |
| 3,944 | | |
| 53,357 | | |
| (35,813 | ) | |
| 55,326 | |
| Adjusted net income attributable to Steven Madden, Ltd. | |
$ | 31,671 | | |
$ | 13,880 | | |
$ | 63,736 | | |
$ | 56,272 | |
| | |
| | | |
| | | |
| | | |
| | |
| GAAP diluted net income / (loss) per share | |
$ | 0.38 | | |
$ | (0.56 | ) | |
$ | 1.38 | | |
$ | 0.01 | |
| | |
| | | |
| | | |
| | | |
| | |
| GAAP diluted weighted shares outstanding | |
| 72,164 | | |
| 70,870 | | |
| 72,012 | | |
| 70,970 | |
| | |
| | | |
| | | |
| | | |
| | |
| Adjusted diluted net income per share | |
$ | 0.44 | | |
$ | 0.20 | | |
$ | 0.89 | | |
$ | 0.79 | |
| | |
| | | |
| | | |
| | | |
| | |
| Adjusted diluted weighted average shares outstanding | |
| 72,164 | | |
| 70,911 | | |
| 72,012 | | |
| 70,970 | |
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 | |
$ | 2.55 | | |
$ | 2.65 | |
| Non-GAAP Adjustments | |
| (0.50 | ) | |
| (0.50 | ) |
| Adjusted diluted net income per share | |
$ | 2.05 | | |
$ | 2.15 | |
Non-GAAP
Adjustments include the items below.
For
the second quarter of 2026:
| ● | $1.5
million pre-tax ($1.1 million after-tax) expense in connection with severances and related
charges, included in operating expenses. |
| ● | $3.4
million pre-tax ($2.6 million after-tax) expense in connection with legal settlements and
related fees, included in operating expenses. |
| ● | $0.3
million pre-tax ($0.3 million after-tax) expense in connection with an acquisition and formation
of joint ventures, included in operating expenses. |
For
the second quarter of 2025:
| ● | $8.3
million pre-tax ($6.2 million after-tax) expense in connection with the purchase accounting
fair value adjustment of inventory from acquired businesses, included in cost of sales. |
| ● | $38.8
million pre-tax ($38.8 million after-tax) expense in connection with acquisition-related
compensation paid to management sellers and certain employees of Kurt Geiger, as determined
by the institutional shareholders as part of the sellers’ negotiated transaction waterfall,
included in operating expenses. |
| ● | $8.1
million pre-tax ($8.9 million after-tax) expense in connection with an acquisition and formation
of joint ventures, included in operating expenses. |
| ● | $4.7
million pre-tax ($3.6 million after-tax) expense in connection with legal settlements and
related fees, included in operating expenses. |
| ● | $0.5
million pre-tax ($0.4 million after-tax) expense in connection with severances and related
charges, included in operating expenses. |
| ● | $2.4
million pre-tax ($1.8 million after-tax) net expense in connection with the change in valuation
of contingent payment liabilities related to the acquisitions of Almost Famous and ATM. |
| ● | $9.3
million pre-tax ($7.1 million after-tax) benefit in connection with the settlement of a foreign
exchange hedging contract entered into as part of the company’s acquisition of Kurt
Geiger. |
| ● | $0.8
million pre-tax ($0.6 million after-tax) expense in connection with the write-off of unamortized
debt issuance costs associated with the replacement of the company’s previous revolving
credit facility, included in interest and other expense, net. |
Contact
Steven
Madden, Ltd.
VP
of Corporate Development & Investor Relations
Danielle
McCoy
718-308-2611
InvestorRelations@stevemadden.com
