Steven Madden (SHOO) Q4 2024 earnings summary

Executive summary

• Q4 2024 earnings reached the high end of guidance, with full-year revenue up 15.2% to $2,282.9M and adjusted diluted EPS up 9% to $2.67, reflecting strong brand performance and disciplined execution.

• Growth was driven by international expansion, category diversification into accessories and apparel, direct-to-consumer (DTC) growth, and a rebound in U.S. wholesale footwear.

• The pending acquisition of Kurt Geiger, expected to close in Q2 2025, is positioned as a major new growth engine, enhancing international and accessories growth.

Financial highlights

• Q4 consolidated revenue was $582.3 million, up 12% year-over-year; full-year revenue was $2.3 billion, up 15.2%.

• Q4 net income was $39.3 million ($0.55 per diluted share, adjusted), down from $45 million ($0.61) in Q4 2023; full-year adjusted net income was $192.4 million ($2.67 per share).

• Full-year gross margin was 41.0% (adjusted 41.1%), down from 42.0% (adjusted 42.1%) in 2023.

• DTC revenue for 2024 was $550 million, up 9% year-over-year; Steve Madden DTC up 6%, Dolce Vita DTC up 36%.

• Accessories and apparel revenue rose 53% (25% excluding Almost Famous); Steve Madden handbags surpassed $300 million, up 31%.

Outlook and guidance

• 2025 revenue expected to increase 17–19% (including Kurt Geiger); excluding Kurt Geiger, revenue to rise low single digits.

• 2025 diluted EPS forecasted at $2.30–$2.40 (including Kurt Geiger); excluding Kurt Geiger, $0.22–$0.23.

• Q1 2025 diluted EPS expected to decline 30–35% year-over-year due to tough comparisons and increased marketing investment.

• Kurt Geiger expected to contribute ~$0.10 to EPS for the partial year (May–December 2025).

• Management notes meaningful headwinds in 2025, especially from new U.S. tariffs.