Steven Madden, Ltd. reported third‑quarter 2025 revenue of $667.9 million, a 6.9% year‑over‑year increase that was driven almost entirely by a 76.6% jump in direct‑to‑consumer sales to $221.5 million. Wholesale revenue fell 10.7% to $442.7 million, reflecting the continued impact of U.S. import tariffs on the company’s wholesale channel.
Diluted earnings per share were $0.29, missing the consensus estimate of $0.44 by $0.15, while adjusted diluted EPS of $0.43 missed the consensus of $0.44–$0.45 by $0.01–$0.02. The miss was largely attributable to tariff‑related cost increases that eroded wholesale margins, higher operating‑expense growth to 36.8% of revenue (up from 28.6% a year ago), and integration costs associated with the Kurt Geiger acquisition.
Gross‑profit margins contracted across both segments: wholesale gross profit fell to 32.7% from 35.5% a year earlier, and direct‑to‑consumer gross profit slipped to 58.3% from 64.0%. The compression reflects higher input costs from tariffs and the need to absorb integration expenses, while the company’s operating‑expense expansion further pressured profitability.
Management guided fourth‑quarter revenue to grow 27%–30% versus the same period in 2024 and projected adjusted diluted EPS of $0.41–$0.46. The guidance signals confidence that tariff‑mitigation strategies and the contribution from Kurt Geiger will lift demand and improve margins in the coming quarter.
CEO Edward Rosenfeld said the company was “pleased with underlying demand for our brands” and that “tariff‑mitigation strategies and the contribution from Kurt Geiger position us to deliver stronger financial results beginning in the fourth quarter.” CFO Amine Mazouzi added that “consolidated revenue was $667.9 million, a 6.9% increase compared to the third quarter of 2024, but excluding Kurt Geiger, revenue decreased 14.8%.”
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