Thu, Aug 1, 9:25 PM (88 days ago)
Steven Madden, Ltd. reported a strong Q2 2024 with total revenue increasing by 17.6% to $523.6 million compared to Q2 2023. The Wholesale Accessories/Apparel segment showed substantial growth, driven by the Almost Famous acquisition and strong performance in the Steve Madden handbag and apparel lines. Net income attributable to Steven Madden, Ltd. was $35.4 million, up from $34.5 million in Q2 2023. The company maintained a healthy gross profit margin of 41.5%, despite a slight decrease from 42.6% in Q2 2023, due to acquisition impacts. Operating expenses were 31.3% of total revenue, showing improved efficiency compared to 32.7% in the prior year. Notably, an expense of $6.6 million was recorded for the change in valuation of a contingent payment liability. The effective tax rate decreased slightly to 23.4%. Cash flow from operations was robust at $93.8 million for the first half of 2024, compared to $82.3 million in the same period last year. The company ended the quarter with $192.2 million in cash and short-term investments, no debt, and total stockholders' equity of $832.4 million. The company continues to manage its inventory and receivables efficiently, although inventory turnover and accounts receivable collection days saw slight increases. Overall, Steven Madden, Ltd. demonstrated solid financial health and operational efficiency, with strategic acquisitions contributing to revenue growth and stable profit margins.