Steven Madden, Ltd. has announced its financial results for the second quarter ended June 30, 2025. The company reported a 6.8% increase in revenue, reaching $559.0 million compared to the same period in 2024 when it was $523.6 million.
The gross profit as a percentage of revenue was 40.4%, down from 41.5% in the second quarter of 2024. Adjusted gross profit as a percentage of revenue was 41.9% in the second quarter of 2025.
Operating expenses as a percentage of revenue were 47.2%, up from 31.3% in the same period of 2024. However, adjusted operating expenses as a percentage of revenue were 37.9%, compared to 31.1% in the same period of 2024.
The loss from operations totaled ($40.3) million, or (7.2%) of revenue, compared to income from operations of $46.9 million, or 9.0% of revenue in the same period of 2024. Adjusted income from operations totaled $22.6 million, or 4.0% of revenue, compared to adjusted income from operations of $54.5 million, or 10.4% of revenue, in the same period of 2024.
The net loss attributable to Steven Madden, Ltd. was ($39.5) million, or ($0.56) per diluted share, compared to net income of $35.4 million, or $0.49 per diluted share, in the same period of 2024. Adjusted net income attributable to Steven Madden, Ltd. was $13.9 million, or $0.20 per diluted share, compared to adjusted net income of $41.2 million, or $0.57 per diluted share, in the same period of 2024.
In terms of the company's channels, the wholesale business saw a 6.4% decrease in revenue compared to the second quarter of 2024. Excluding the newly acquired Kurt Geiger, wholesale revenue declined 12.8%.
Direct-to-consumer revenue was $195.5 million, a 43.3% increase compared to the second quarter of 2024. Excluding Kurt Geiger, direct-to-consumer revenue decreased 3.0%, with declines in both brick-and-mortar and e-commerce channels.
The company ended the quarter with 392 company-operated brick-and-mortar retail stores, including 98 outlets, as well as seven e-commerce websites and 130 company-operated concessions in international markets.
As of June 30, 2025, the company's total debt outstanding was $293.5 million, and cash, cash equivalents, and short-term investments were $111.9 million, resulting in net debt of $181.6 million.
The company's board of directors approved a quarterly cash dividend of $0.21 per share, payable on September 23, 2025, to stockholders of record as of the close of business on September 12, 2025.
Due to continued macroeconomic uncertainty related to the impact of new tariffs on goods imported into the United States, the company is not providing 2025 financial guidance at this time. Today the company's shares have moved -2.5% to a price of $26.32. For the full picture, make sure to review STEVEN MADDEN's 8-K report.
