Steve Madden reported strong financial results for 2024, with revenue growing 15.2% to $2.28 billion. However, gross profit margins declined slightly to 41.0% from 42.0% in 2023 due to a greater mix of private label business and increased promotional activity. Net income was $169.4 million, or $2.35 per diluted share, compared to $171.6 million, or $2.30 per diluted share, in 2023. Adjusted net income, which excludes non-GAAP items, rose to $192.4 million, or $2.67 per diluted share.

In Q4 2024, revenue increased 12.0% to $582.3 million, driven by strong growth in wholesale accessories and apparel (+35.4%) and direct-to-consumer sales (+8.4%). Wholesale footwear revenue grew modestly at 1.0%. Gross profit margin declined to 40.4% from 41.3% due to increased private label sales.

CEO Edward Rosenfeld expressed confidence despite 2025 headwinds, particularly new U.S. import tariffs. He highlighted the pending acquisition of luxury footwear brand Kurt Geiger, expected to close in Q2 2025, as a major growth opportunity.

For 2025, Steve Madden expects revenue growth of 17-19%, with diluted EPS ranging between $2.30 and $2.40. The company maintained a strong balance sheet with $203.4 million in cash and equivalents, ending the year with 291 retail stores and 42 international concessions.

The company repurchased $98.4 million in stock in 2024 and announced a quarterly dividend of $0.21 per share, payable on March 21, 2025.