Footwear retailer Steve Madden has announced strong financial results for Q1 2025, with revenue inching up by 0.2% to $439.3 million. Additionally, its gross profit totaled 35.7%, up from 35.1% in the year prior.
However, the company’s net income dropped to $40.4 million compared to $43.9 million year-over-year, and its DTC revenue dipped by 0.2% to $112.1 million.
Moving forward, the luxury footwear brand withheld its future outlook due to the changing trade policies in the US and unpredictable macroeconomic environment.
Edward Rosenfeld, President and CEO of Steve Madden, said: “We were pleased with our performance in the first quarter, as our team’s strong execution of our strategy enabled us to deliver earnings results that significantly exceeded expectations.
“Looking ahead, we face meaningful near-term headwinds and heightened uncertainty due to the impact of new tariffs on goods imported into the United States.
“We are moving swiftly to adapt to the changing landscape, with a focus on mitigating near-term impacts while positioning the company for long-term growth.”
Steve Madden recently acquired UK-based luxury footwear giant Kurt Geiger for $360 million, strengthening its overall brand portfolio.
The footwear giant strategically shifted its supply chain from China as a response to the additional tariffs recently imposed.
Rosenfeld commented in an earnings call: “Simultaneously, we sharply accelerated our shift of production out of China, capitalizing on the groundwork we’ve laid in alternative countries of production over the last several years to move quickly and minimize disruption as we did them.”
Retailers in the footwear industry, including Crocs, have also pulled their financial guidance for the upcoming year.
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