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- **Revenue Growth**: 2025 revenue up 11% to $2.5 billion, driven by Kurt Geiger and Steve Madden recovery. Q4 revenue $753.7 million (+29.4% YoY). 
- **Private Label Decline**: 2026 private label expected to drop 20%, while Steve Madden and Dolce Vita grow mid-single to high-single digits. 
- **Tariff Impact**: No EPS guidance due to tariff uncertainty; 2026 SG&A headwinds include $0.15 EPS from incentives and labor costs. 
- **Brand Momentum**: Kurt Geiger pro forma growth 11% in 2025, targeting 50% YoY in 2026. Dolce Vita expands into handbags and international markets. 
- **Gross Margin**: Q4 gross margin 43.8% (up 340bps YoY), but DTC margin pressured by tariffs. AUR increases (+18% in Q4) offset部分影响.

**【CEO Summary Section】**
- **Challenging Year with Q4 Recovery**: 2025 revenue growth of 11% to $2.5 billion, driven by Kurt Geiger acquisition and Steve Madden's recovery in Q4. Tariffs caused significant disruption, especially in private label (down 15% YoY). 
- **Brand Momentum**: Steve Madden footwear returned to growth in Q4, with women's footwear demand across silhouettes. Dolce Vita expects high single-digit growth in 2026, expanding into handbags and international markets. Kurt Geiger grew 11% pro forma in 2025, with 5-7 store openings planned for 2026.
- **Private Label Decline**: Private label revenue expected to decline nearly 20% in 2026 due to price sensitivity and lack of brand leverage. Off-price channel recovery in 2026, but mass channel remains under pressure.

**【CFO Financial Commentary】**
- **Q4 Financials**: Revenue $753.7 million (+29.4% YoY), driven by Kurt Geiger. GAAP net income $34.3 million ($0.48 EPS), down 13% YoY due to tariffs. Full year net income $120.9 million ($1.70 EPS), down 38% YoY.
- **Gross Margin**: 43.8% in Q4, up 340bps YoY, driven by Kurt Geiger. Direct-to-consumer gross margin 59.8% (down 220bps YoY) due to tariffs and lower-margin concessions.
- **SG&A**: $278.9 million (37% of revenue), up 53% YoY, due to Kurt Geiger, incentive comp, and salary restoration. 2026 SG&A headwinds include $0.15 EPS from incentives and labor inefficiencies.

**【Q&A Highlights】**
- **Tariff Uncertainty**: Supreme Court ruling caused tariff policy uncertainty, leading to no EPS guidance. China sourcing declined from 70% to 40% in 2025, with diversification to Cambodia, Vietnam, and Brazil.
- **Private Label Risk**: 2026 private label decline of ~$70 million (20% YoY), offset by branded growth. DTC gross margin pressure from tariffs, but AUR increases (+18% in Q4) mitigate部分影响.
- **Kurt Geiger Potential**: Targeting low double-digit operating margins for Kurt Geiger, with 50% YoY revenue growth in 2026. Integration progress on track, with digital and store comp growth in Q4.


Steven Madden, Ltd. (SHOO) Q4 2025 Earnings Call Transcript

- **Q3 Challenges & Resilience**: Tariffs caused 14.8% organic revenue decline, but DTC sales surged 76.6% driven by KG. Steve Madden boots and dress shoes outperformed, with DTC sales accelerating 1.5% excluding KG.
- **Q4 Growth Outlook**: Revenue expected to jump 27-30% YoY, driven by KG ($182-187 million) and improved Steve Madden execution. EPS guidance of $0.41-0.46 reflects margin recovery efforts.
- **Strategic Moves**: KG expansion in US and international markets, with 70% DTC mix. Tariff mitigation through pricing, diversification, and sourcing from Mexico. Reduced promotions in Q4 due to strong product demand.
- **Long-Term Vision**: Targeting pre-tariff margins through consumer price pass-through and KG margin expansion to Steve Madden levels over time.

**【CEO Summary Section】**
- Q3 was challenging due to 145% tariffs on Chinese imports, causing order cancellations and shipment delays. However, consumer demand remains strong, with Steve Madden boots and dress shoes outperforming. DTC sales for Steve Madden accelerated, driven by effective marketing on TikTok, YouTube, and other platforms. Kurt Geiger London (KG) saw mid-teens comp sales growth, and integration efforts with Steve Madden are progressing, including expanding KG in international markets.
- Despite tariffs, the team executed strategic pricing and sourcing to mitigate margin pressure. The fall product assortment, particularly boots, resonated with consumers, leading to improved sell-throughs. The CEO expects Q4 to show improved financial performance and long-term growth through brand relevance and operational efficiency.

**【CFO Financial Commentary】**
- Q3 revenue: $667.9 million (+6.9% YoY), excluding KG: -14.8%. DTC revenue: $221.5 million (+76.6%), driven by KG. Gross margin: 43.4% (up from 41.6% YoY) due to KG's higher DTC mix. Operating expenses: $243.4 million (+39.7% YoY), reflecting higher DTC investments. Net income: $30.4 million ($0.43 EPS) vs. $4.8 million ($0.91 EPS) YoY.
- Q4 guidance: Revenue +27-30% YoY, EPS $0.41-0.46. KG contributes $182-187 million, with ~70% DTC mix. Margins impacted by tariffs but expected to improve as pricing actions and diversification efforts take effect.

**【Q&A Highlights】**
- **Tariff Impact & Sourcing**: Tariffs reduced wholesale revenue (-19% excluding KG), but order patterns are normalizing. The company is diversifying sourcing beyond China, with 30-day reorder capabilities in Mexico. A 10% tariff reduction on China may allow some production shift, but diversification will continue.
- **KG Expansion**: KG plans to open new US stores and expand internationally. Q4 KG DTC revenue预计$135 million, contributing to higher margins. Long-term, KG aims to achieve Steve Madden-like margins through SG&A synergies and scale.
- **DTC vs. Wholesale**: DTC outperformed wholesale, with Steve Madden e-commerce up mid-teens. Outlet stores lag due to border closures and supply chain disruptions. Promotional activity reduced in Q4, reflecting stronger product demand.
- **Margin Recovery**: CFO estimates tariffs added ~100bps margin pressure in Q3, with Q4 slightly worse. Over time, pricing actions and diversification should offset tariffs, with KG margins improving as synergies materialize.

Steven Madden, Ltd. (SHOO) Q3 2025 Earnings Call Transcript

- **Tariff-Driven Challenges**: Q2 revenue growth (+6.8% YoY) masked 10% decline ex-Kurt Geiger, with 95% of organic wholesale decline from mass/off-price channels.
- **Strategic Mitigation**: 10% price increases, 30% China sourcing (down from 71%), and DTC mix shift offset 230bps tariff margin pressure.
- **Kurt Geiger Potential**: $1B+ brand target supported by U.S. digital growth (+double digits), 6 new stores, and international expansion.
- **DTC Resilience**: E-commerce comps improved post-ERP, outperforming stores (+43.3% DTC revenue vs. -3% ex-Kurt).
- **Long-Term Growth**: Strong balance sheet ($111M cash), 8% international revenue growth (ex-Kurt), and Kurt's 9.3% EBIT margin in 2024.


**【Management Opening Remarks】**
- CEO Ed Rosenfeld highlighted Q2 as extremely challenging due to new U.S. tariffs on Chinese imports, leading to order cancellations, shipment delays, and organic gross margin decline.
- The company diversified sourcing out of China to 30% of U.S. imports (down from 71% in 2024) and implemented price increases, with consumer acceptance strongest in new fashion categories.
- Long-term focus remains on brand growth through design innovation, marketing, and the Kurt Geiger acquisition integration.

**【CEO Commentary】**
- Tariffs caused 95% of organic wholesale revenue decline, concentrated in mass and off-price channels. Q3 will see continued tariff-related disruption but systems implementation impacts are resolved.
- 10% average price increases across styles show early consumer acceptance, particularly in dress shoes and boots, with sandals and sneakers facing greater elasticity.
- Kurt Geiger is on track to become a $1B brand, with strong U.S. digital growth, new retail store openings, and international expansion opportunities.
- DTC segment outperformed brick-and-mortar, with e-commerce comps improving post-ERP implementation.

**【CFO Financial Commentary】**
- Q2 revenue: $559M (+6.8% YoY, -10% ex-Kurt Geiger). Wholesale down 12.8% ex-Kurt, DTC up 43.3% (+195.5M).
- Gross margin: 41.9% (230bps tariff pressure offset by higher DTC mix). Wholesale GM: 31.0% (-210bps), DTC GM: 61.3% (-300bps ex-Kurt).
- Operating expenses: $211.6M (+30.7% YoY) due to Kurt integration and inflation. Net income: $13.9M ($0.20 EPS) vs. $41.2M ($0.57 EPS) YoY.
- Inventory: $437M (+80% YoY, +1% ex-Kurt). Debt: $293.5M, cash: $111.9M. Dividend: $0.21/share.

**【Q&A Highlights】**
- **Channel Performance**: Mass/off-price channels drove 95% of organic wholesale decline. DTC e-commerce outperformed stores (+110bps ERP impact resolved).
- **Tariff Impact**: Q2 gross margin pressure of 230bps expected to persist in Q3, potentially easing in Q4. Brazil sourcing uncertainty complicates diversification.
- **Kurt Geiger**: U.S. digital sales up double-digits, 6 new stores performing ahead of expectations. EBIT margin ~9.3% in 2024, targeting long-term double digits.
- **Apparel Growth**: Small but profitable category with consistent product flow and distribution expansion.
- **Boots Momentum**: Spring/summer boot sales strong, outperforming sneakers. Back-to-school demand expected to favor boots.


Steven Madden, Ltd. (SHOO) Q2 2025 Earnings Call Transcript

- **Q1 2025 Results**: Flat revenue ($553.5M) with strong March sales, 40.9% gross margin despite tariffs. DTC softness offset by wholesale gains.
- **Tariff Mitigation**: 95% fall production out of China, 10-15% price increases, $12M cost savings. Inventory up 18% due to lead time delays.
- **Kurt Geiger Deal**: £289M acquisition to boost intl. growth; 80% China-sourced goods to shift out by spring 2026.
- **Key Risks**: Tariff-related revenue declines, slower reorder business, 10-15% margin compression in new production countries.
- **Long-Term Outlook**: U.S. off-price channel cautious, intl. expansion opportunities, and fortress balance sheet to navigate disruption.

**【CEO Summary Section】**
- **Q1 2025 Performance**: Revenue of $553.5M, flat YoY, driven by strong March sales and disciplined execution of on-trend assortments. Direct-to-consumer (DTC) revenue declined 0.2% due to brick-and-mortar challenges, offset by digital growth.
- **Tariff Mitigation**: Moved 95% of fall 2025 footwear/accessories production out of China, now sourced at mid-teens (vs. 71% in 2024). Negotiated factory discounts on China imports and raised prices selectively (+10% avg. across styles). $12M annual savings from workforce reduction.
- **Kurt Geiger Acquisition**: Closed for £289M (Enterprise Value), with 71% of FY24 revenue ($400M) in the U.S. Integration priorities: shifting 80% China-sourced goods out, leveraging Steve Madden's intl. network, and expanding DTC in the U.S. and Europe.

**【CFO Financial Commentary】**
- **Gross Margin**: 40.9% (up 20bps vs. Q1 2024), despite 20bps tariff impact. Wholesale gross margin improved to 35.7% (vs. 35.1%), offset by DTC margin decline to 60.1% (vs. 61.9%) due to promotions.
- **Operating Expenses**: $170.5M (30.8% of revenue), up 3.7% YoY. Net income $42.4M ($0.60 EPS), down 10% YoY due to higher tariffs and costs.
- **Balance Sheet**: $147.2M cash, $238.6M inventory (up 18% YoY) due to longer lead times and accelerated shipments ahead of tariffs.

**【Key Q&A Takeaways】**
- **Production Shift**: Moving to Mexico/Brazil for faster delivery, Cambodia/Vietnam for diversification. Margins in new countries 10-15% higher than pre-tariff China. Fall 2025 China-sourced footwear/accessories <5%.
- **Price Elasticity**: Early price increases (+10% avg.) show no immediate demand impact; monitoring elasticity.
- **Kurt Geiger Strategy**: Focus on U.S. expansion (digital, store openings), intl. partnerships, and reducing China dependency to mid-single digits by spring 2026.
- **Tariff Impact**: 2025 guidance withdrawn; expect Q2+ margin pressure from tariffs and production delays. No plans to return to China unless tariffs reverse.


Steven Madden (SHOO)-7 May 25-2025 Q1 Earnings call transcript

- **Record 2024 Growth**: 15% revenue rise to $2.3B, fueled by 53% accessories/apparel expansion and 31% handbag growth.
- **Kurt Geiger Acquisition**: £400M brand with 2025 EPS contribution of $0.10, targeting 7% operating margin long-term.
- **2025 Outlook**: 17-19% revenue growth (10-12% ex-Kurt), EPS $2.30-$2.40. Challenges include $0.10 EPS tariff impact and handbag inventory constraints.
- **Financial Strength**: $203M cash, 12.5% inventory growth, no debt.

**【CEO Summary Section】**
- **2024 Year-Over-Year Growth**: Revenue increased 15% to $2.3 billion, driven by international expansion (12% growth) and accessories/apparel (53% growth). Handbag revenue surpassed $300 million, up 31%.
- **Strategic Initiatives**: 
  - **International Expansion**: Converted 14 stores and e-commerce in Singapore/Malaysia to JVs; launched 8 stores in Australia. 
  - **DTC Growth**: DTC revenue rose 9% to $550 million, with Dolce Vita up 36%.
  - **Kurt Geiger Acquisition**: £400M in 12-month revenue, 7% EPS contribution in 2025. 
- **2025 Outlook**: 17-19% revenue growth (10-12% ex-Kurt Geiger), EPS $2.30-$2.40. Challenges include tariffs (+$0.10 EPS impact) and handbag inventory constraints.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: Revenue $582.3M (+12%), EPS $0.55. Full-year EPS $2.67 (+9%).
- **Gross Margin**: 40.4% (down 1.3pts vs. 2023), pressured by private label mix and promotions.
- **Operating Expenses**: 31.4% of revenue, stable vs. prior year. 
- **Balance Sheet**: $203.4M cash, $257.6M inventory (+12.5%).
- **2025 Guidance**: Revenue +17-19%, EPS $2.30-$2.40 (including Kurt Geiger from Q2).

Actual											0.16	-0.19	0.39	0.27	0.33	0.48	0.82	0.87	0.92	0.63	0.79	0.44	0.5	0.47	0.88	0.61	0.65	0.57	0.91	0.55	0.6	0.2	0.43	0.48
Forecast											0.1735	-0.2677	0.2224	0.2127	0.1688	0.3099	0.7716	0.7225	0.5094	0.5938	0.7791	0.4449	0.4845	0.4624	0.8593	0.5691	0.5606	0.5279	0.89	0.5294	0.4528	0.203	0.4372	0.4696
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-7.78%	+29.03%	+75.36%	+26.94%	+95.50%	+54.89%	+6.27%	+20.42%	+80.60%	+6.10%	+1.40%	-1.10%	+3.20%	+1.64%	+2.41%	+7.19%	+15.95%	+7.97%	+2.25%	+3.89%	+32.51%	-1.48%	-1.65%	+2.21%

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