Steven Madden (SHOO) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 increased 18% year-over-year to $653.1 million, driven by strong demand, compelling assortments, and the Kurt Geiger acquisition.

• Net income attributable to shareholders rose to $71.8 million ($1.00 per diluted share), up from $40.4 million ($0.57 per diluted share) in Q1 2025, aided by a $55.1 million IEEPA tariff refund; adjusted net income was $32.1 million ($0.45 per diluted share), down from $42.4 million ($0.60 per diluted share) due to non-recurring items.

• Gross profit margin improved to 54.7% from 40.9%, with an adjusted gross margin of 46.3%.

• Direct-to-consumer revenue surged 83.8% year-over-year to $206 million, with strong comps and robust sell-through.

• The company remains focused on product innovation, international expansion, and operational efficiency.

Financial highlights

• Consolidated revenue reached $653.1 million, up 18% year-over-year; excluding Kurt Geiger, revenue declined 4.8%.

• Operating income rose to $98.7 million (15.1% of revenue) from $53.5 million (9.7%); adjusted operating income was $46.3 million (7.1%).

• Net income was $32.1 million ($0.45 per diluted share) on an adjusted basis.

• Cash and cash equivalents at quarter-end were $77.2 million; net debt stood at $209.3 million.

• Dividend of $0.21 per share declared for Q2 2026.

Outlook and guidance

• Fiscal 2026 revenue guidance raised to 10%-12% growth over 2025.

• Fiscal 2026 diluted EPS expected in the range of $2.55–$2.65; adjusted diluted EPS expected at $2.00–$2.10.

• Management expects ongoing benefits from the IEEPA tariff refund but notes potential offset from new tariffs.

• Expect mid to high single-digit revenue growth for Steve Madden, mid-teens for Kurt Geiger, and high single digits for Dolce Vita.

• Anticipate return to earnings growth in Q2 and strong top and bottom line growth for the full year.