As of September 30, 2024, Steven Madden, Ltd. reported total assets of $1,457.1 million, an increase from $1,347.9 million at the end of 2023 and $1,292.2 million a year earlier. Total current assets rose to $944.8 million, up from $854.8 million at the end of 2023. However, cash and cash equivalents decreased to $139.4 million from $204.6 million at the end of 2023. Factor accounts receivable increased significantly to $426.4 million, compared to $320.7 million at the end of 2023, and inventories rose to $268.7 million from $229.0 million.

Total liabilities increased to $597.1 million from $499.9 million at the end of 2023, with current liabilities also rising to $453.0 million. Total stockholders’ equity was $860.1 million, slightly up from $848.0 million at the end of 2023. Retained earnings increased to $1,768.2 million from $1,679.5 million.

For the three months ended September 30, 2024, net sales reached $621.2 million, up from $549.8 million in the same period of 2023. Total revenue for the quarter was $624.7 million, compared to $552.7 million a year prior. Gross profit increased to $259.5 million, while income from operations fell to $74.6 million from $82.7 million in the prior year. Net income for the quarter was $56.6 million, down from $65.1 million in Q3 2023, resulting in a basic net income per share of $0.78, compared to $0.88 a year earlier.

For the nine months ended September 30, 2024, net sales totaled $1,693.4 million, up from $1,454.4 million in the same period of 2023. Total revenue increased to $1,700.6 million from $1,461.9 million, with gross profit rising to $701.5 million. Net income attributable to Steven Madden, Ltd. was $134.6 million, slightly down from $135.7 million in the prior year.

Strategically, the company completed the acquisition of Almost Famous on October 20, 2023, for $73.2 million, with potential contingent payments based on EBIT targets. Additionally, Steven Madden divested its GREATS® business on August 13, 2024, incurring a loss of $3.2 million. The company also formed joint ventures in Southeastern Europe and Latin America in 2024.

Operating expenses for the three months ended September 30, 2024, were $178.9 million, up from $149.9 million in the prior year, reflecting increased costs associated with acquisitions and operational adjustments. The effective tax rate for the quarter was 25.5%, compared to 23.1% in Q3 2023, primarily due to higher pre-tax income in jurisdictions with elevated tax rates.