Steven Madden Turns Fashion Heat Into Earnings Fireworks

Steven Madden Ltd. (NASDAQ:SHOO) reported second-quarter fiscal 2026 results on Thursday that topped Wall Street expectations and raised its full-year adjusted earnings and revenue guidance, citing continued momentum across its brands.

Adjusted earnings came in at 44 cents per diluted share, beating the analyst consensus estimate of 32 cents. Revenue rose 19.1% year over year to $665.9 million, ahead of analysts’ estimate of $636.1 million.

On a GAAP basis, net income attributable to Steven Madden totaled $27.7 million, or 38 cents per diluted share, compared with a loss of $39.5 million, or 56 cents per share, a year earlier.

Gross margin expanded to 46.5% from 40.4%, while adjusted operating income nearly doubled to $44.5 million from $22.6 million.

Brand Momentum Drives Sales Growth

Chairman and Chief Executive Officer Edward Rosenfeld said strong demand for the Steve Madden brand, supported by new product assortments and marketing execution, drove growth across both wholesale and direct-to-consumer channels.

Wholesale revenue increased 13% to $407.5 million, while direct-to-consumer revenue climbed 30.6% to $255.4 million. Excluding the Kurt Geiger acquisition, wholesale revenue increased 11.5% and direct-to-consumer revenue rose 11.1%. The company also reported higher gross margins in both businesses, helped by stronger pricing, lower promotional activity and a smaller tariff impact.

Balance Sheet And Store Footprint

The company ended the quarter with 382 company-operated stores, eight e-commerce websites and 164 international concessions. Cash and cash equivalents totaled $94.7 million, while total debt stood at $124.8 million. Net debt was $30.1 million.

Steven Madden Raises 2026 Outlook

Steven Madden raised its fiscal 2026 adjusted EPS guidance to a range of $2.05 to $2.15 from its prior outlook of $2.00 to $2.10. The new range compares with the analyst consensus estimate of $2.14.

The company also increased its fiscal 2026 sales guidance to a range of $2.799 billion to $2.850 billion, up from its previous outlook of $2.787 billion to $2.838 billion.

Steven Madden affirmed its fiscal 2026 GAAP diluted EPS guidance of $2.55 to $2.65, compared with the analyst consensus estimate of $2.61.

SHOO Price Action: Steven Madden shares were up 5.58% at $45.82 at the time of publication on Thursday. The stock is approaching its 52-week high of $47.10, according to Benzinga Pro data.

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