Large retailers are rejecting Steve Madden's price hikes -- Jefferies

Large retailers are rejecting Steve Madden's (SHOO) price hikes, leading Jefferies' Corey Tarlowe to downgrade the stock to Underperform and cut its target price by 23% to $30. Major accounts like Walmart, Target, and TJ Maxx are pushing back on prices and opting for private-label options. With 70% of SHOO's business tied to wholesale sales, Tarlowe sees significant headwinds, reducing FY26 wholesale revenue estimates by $250M. The company faces ongoing pressure from import tariffs and has shifted production to mitigate costs, but this has resulted in shipment delays and reduced orders, impacting revenue and margins.