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- **Revenue Beat & Guidance Raise**: Q2 revenue up 19%, FY26 growth raised to 11%-13% on strong DTC (30.6% Q2) and Steve Madden brand momentum.
- **Gross Margin Expansion**: 46.5% vs. 41.9% YoY, driven by higher ASPs and tariff refunds.
- **Freight Cost Risk**: $0.06 EPS added for Middle East conflict-related air freight, with potential $0.05-$0.10 from new tariffs.
- **Store Recovery**: Outlet sales rebounded 12% Q2, reversing 1% Q1 decline.
- **Brand Growth**: Steve Madden handbags up 30% Q2, Kurt Geiger personalization driving 17% of handbag sales.


**【CEO Opening Remarks】**
- **Revenue Growth**: Total revenue increased 19% YoY in Q2, driven by strong performance across brands. Excluding Kurt Geiger, revenue grew 11%.
- **Steve Madden Brand Momentum**: Women’s footwear and handbags led growth, with global online searches rising 71%. FY26 revenue forecast raised to high single-digit growth.
- **Kurt Geiger Expansion**: Opened 2 U.S. stores, achieving 12% comp store sales growth. One-of-a-kind personalization service contributed 17% of handbag sales in enabled stores. FY26 pro forma revenue expected to grow mid-teens.
- **Dolce Vita Performance**: Q2 revenue up 20% YoY, with international expansion in Canada, Mexico, and the U.K. FY26 revenue forecast raised to high single-digit to low double-digit growth.
- **Updated Guidance**: Consolidated revenue growth raised to 11%-13% (from 10%-12%), EPS to $2.05-$2.15 (from $2.00-$2.10).

**【CFO Financial Commentary】**
- **Q2 Financials**: 
  - **Revenue**: $665.9M (19.1% YoY), with DTC up 30.6% and wholesale up 13%.
  - **Gross Margin**: 46.5% (vs. 41.9% YoY), driven by higher ASPs and reduced tariffs.
  - **Operating Expenses**: 39.8% of revenue (vs. 37.9% YoY), reflecting Kurt Geiger inclusion and incentives.
  - **Net Income**: $31.7M ($0.44 EPS) vs. $13.9M ($0.20 EPS) YoY.
- **Balance Sheet**: $92.1M tariff refunds used to reduce debt to $124.8M. Inventory down 13.7% YoY.
- **FY26 Outlook**: 
  - **Revenue**: 11%-13% growth (vs. prior 10%-12%).
  - **EPS**: $2.05-$2.15 (vs. prior $2.00-$2.10), with $0.06 added for freight cost pressure from Middle East conflict.

**【Q&A Highlights】**
- **Sales Guide Rationale**: Q2 beat driven by gross margin upside, but FY26 guide reflects organic momentum vs. Kurt Geiger anniversary. DTC growth (high single-digit ex-KG) outpaces wholesale (low single-digit ex-KG).
- **Nordstrom Anniversary Sale**: Steve Madden women’s footwear saw double-digit sell-through growth, with Kurt Geiger stores performing strongly.
- **Freight Pressure**: $0.06 EPS impact from higher air freight costs due to Middle East conflict disrupting ocean shipping.
- **DTC vs. Wholesale**: DTC ASPs moderating in Q3 as price increases lap, while wholesale ASPs remain strong. Outlet stores rebounded 12% Q2 vs. 1% Q1 decline.
- **Tariff Impact**: Q3 includes 10%-12.5% tariffs on Brazil, Q4 assumes 15% tariffs on Vietnam. Potential further tariffs could add $0.05-$0.10 EPS pressure.
- **Private Label Decline**: Expected mid-high teens YoY decline, offset by branded wholesale growth.


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Steven Madden (SHOO) Financials Overview

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