American footwear brand Steve Madden announced on Wednesday a 15.2% increase in 2024 full-year revenue to $2,282.9 million, following a double-digit jump in wholesale revenues in the fourth quarter.
Steve Madden reports 15% revenue surge in 2024. – Steve Madden
The Long Island City, New York-based company said fourth quarter revenue increased 12% to $582.3 million, backed by a 13.6% increase in its wholesale business. Wholesale footwear revenue increased 1%, while wholesale accessories and apparel revenue increased 35.4%.
In the quarter, direct-to-consumer revenue was $176.0 million, an 8.4% increase compared to the fourth quarter of 2023, driven by increases in both the brick-and-mortar and e-commerce businesses.
Profit as a percentage of direct-to-consumer revenue was relatively flat at 62%, compared to 62.7% in the fourth quarter of 2023, driven by an increase in promotional activity.
“We are pleased to have delivered earnings results at the high end of our guidance range for the fourth quarter and full year 2024. For the year, revenue grew 15% and Adjusted diluted EPS increased 9% compared to 2023,” said Edward Rosenfeld, chairman and chief executive officer.
“Our strong performance in 2024 was driven by our team’s disciplined execution of our key strategic initiatives, with robust gains in international markets, non-footwear categories and direct-to-consumer channels, as well as a return to revenue growth in our U.S. wholesale footwear business.”
Earlier this month, Steve Madden announced plans to buy UK-based luxury brand Kurt Geiger in an all-cash deal valued at $360.09 million, expanding its presence in international markets.
For 2025, the company expects revenue will increase 17% to 19% compared to 2024. Diluted EPS is expected to be in the range of $2.30 to $2.40, assuming the Kurt Geiger acquisition closes on May 1, 2025.
“Looking ahead, we are cautious on the near-term outlook, as we face meaningful headwinds in 2025, most notably the impact of new tariffs on goods imported into the United States. That said, we have a proven ability to navigate difficult market conditions with our agile business model, and we are set to add a powerful new growth engine to the company with the pending acquisition of Kurt Geiger, which we expect to close in the second quarter of 2025,” added Rosenfeld.
