Steven Madden, Ltd. (Nasdaq: SHOO), a leading designer and marketer of fashion-forward footwear, accessories and apparel for women, men and children, announced financial results for the third quarter ended September 30, 2021.
Revenue increased 52.4% to $528.7 million compared to $346.9 million in the same period of 2020.
Gross profit as a percentage of revenue increased to 41.6% compared to 40.3% in the same period of 2020.
Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “In the third quarter, we delivered the highest quarterly sales and earnings in our history, as the trend-right merchandise assortments created by Steve and his design teams continue to drive strong consumer demand for our brands and products. Our retail segment was again the standout, with outstanding results in both digital and brick-and-mortar channels, and our wholesale business showed strong sequential improvement and is poised to return to growth in the fourth quarter compared to 2019. Looking ahead, we are confident that – based on the strength of our brands, business model and people – we are well-positioned to drive profitable growth and enhance value for our stakeholders over the long term.”
Revenue for the wholesale business was $402.0 million, a 41.6% increase compared to the third quarter of 2020, with a 42.6% increase in wholesale footwear and a 38.7% increase in wholesale accessories/apparel.
Gross profit as a percentage of wholesale revenue declined to 33.6% compared to 34.6% in the third quarter of 2020.
The Company ended the quarter with 216 company-operated retail stores, including six e-commerce websites, as well as 17 company-operated concessions in international markets.