Steven Madden, Ltd., the owner of the Steve Madden, Kurt Geiger London, Dolce Vita, Betsey Johnson, Carvela, Blondo and ATM footwear brands and licensee for footwear, handbags and other accessory categories for the Anne Klein brand, reported that third quarter revenue increased 6.9 percent to $667.9 million, compared to $624.7 million in the Q3 period of 2024.

  • Wholesale business revenues in the third quarter reached $442.7 million, a 10.7 percent decrease compared to the third quarter of 2024. Excluding the recently acquired Kurt Geiger, Wholesale revenue declined 19.0 percent. Wholesale footwear revenue decreased 10.9 percent, or 16.7 percent excluding Kurt Geiger. Wholesale accessories/apparel revenue decreased 10.3 percent, or 22.5 percent excluding Kurt Geiger.
  • Direct-to-Consumer (DTC) revenue in the third quarter was $221.5 million; a 76.6 percent increase compared to the third quarter of 2024. Excluding Kurt Geiger, DTC revenue increased 1.5 percent.

“As anticipated, the third quarter was challenging, driven largely by the impact of new tariffs on goods imported into the United States,” commented Edward Rosenfeld, chairman and CEO, Steven Madden, Ltd. “That said, we are pleased with the underlying demand for our brands and products. Consumers have responded favorably to our Fall assortments, particularly in our flagship Steve Madden brand. The improved trend in Steve Madden, together with our tariff mitigation strategies and the contribution from our recent acquisition, Kurt Geiger, positions us to deliver stronger financial results beginning in the fourth quarter.”

Third-quarter gross profit as a percentage of total revenue was 41.5 percent, flat to the comparative period of 2024. Adjusted gross profit as a percentage of total revenue was 43.4 percent, compared to 41.6 percent in the same period of 2024.

  • Wholesale gross margin was 32.7 percent of Wholesale revenue in the third quarter, compared to 35.5 percent in the third quarter of 2024. Wholesale Adjusted gross margin was 33.6 percent, compared to 35.5 percent in the third quarter of 2024, said to be a result of the impact of new tariffs on goods imported into the U.S.
  • DTC gross margin was 58.3 percent of DTC revenue, compared to 64.0 percent in Q3 2024. Adjusted gross margin was 61.9 percent of revenue, compared to 64.0 percent in the 2024 third quarter, reportedly due to the impact of new tariffs on goods imported into the U.S. and the addition of the Kurt Geiger concessions business.

Operating expenses as a percentage of revenue were 36.8 percent, compared to 28.6 percent in the same period of 2024. Adjusted operating expenses as a percentage of revenue were 36.4 percent, compared to 27.9 percent in the same period of 2024.

Income from operations totaled $31.4 million, or 4.7 percent of revenue, compared to $74.6 million, or 11.9 percent of revenue, in the same period of 2024. Adjusted income from operations totaled $46.3 million, or 6.9 percent of revenue, compared to $85.4 million, or 13.7 percent of revenue, in the Q3 period of 2024.

Net income attributable to Steven Madden, Ltd. was $20.5 million, or 29 cents per diluted share, compared to $55.3 million, or 77 cents per diluted share, in the third quarter of 2024. Adjusted net income attributable to Steven Madden, Ltd. was $30.4 million, or 43 cents per diluted share, compared to $64.8 million, or 91 cents per diluted share, in the third quarter of 2024.

Stores
The company ended the quarter with 397 company-operated brick-and-mortar retail stores, including 99 outlets, as well as seven e-commerce websites and 133 company-operated concessions in international markets.

Balance Sheet and Cash Flow Summary
As of September 30, 2025, total debt outstanding was $293.8 million, and cash, cash equivalents, and short-term investments were $108.9 million, resulting in net debt of $ 184.9 million.

During the third quarter of 2025, 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 21 cents per share. The dividend is payable on December 26, 2025, to stockholders of record as of the close of business on December 15, 2025.

Fourth Quarter 2025 Outlook
For the fourth quarter of 2025, the company expects revenue to increase by 27 percent to 30 percent compared to the same period in 2024. The company expects diluted EPS to be in the range of 30 cents to 35 cents. The company expects Adjusted diluted EPS to be in the range of $0.41 to $0.46 for the fourth quarter.

Image courtesy Steve Madden