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Steven Madden, Ltd. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports an increase in total revenue to $624,675,000, compared to $552,732,000 in the same quarter of the previous year. The increase is attributed to growth in the Wholesale Accessories/Apparel and Direct-to-Consumer segments.
Gross profit for the quarter was $259,544,000, representing 41.5% of total revenue, compared to 42.1% in the previous year. The decrease in gross profit margin is due to the impact of the Almost Famous acquisition.
Operating expenses increased to $178,915,000 from $149,887,000, primarily due to higher payroll-related expenses and marketing investments.
Net income attributable to Steven Madden, Ltd. was $55,278,000, down from $64,413,000 in the previous year. The decrease is attributed to increased operating expenses and impairment charges.
The company recorded an impairment charge of $8,635,000 related to intangible assets and a benefit of $2,584,000 due to the change in valuation of a contingent payment liability.
Cash provided by operating activities was $94,245,000, while cash used in investing activities was $16,715,000, primarily due to capital expenditures and acquisitions.
The company had cash and cash equivalents of $139,414,000 as of September 30, 2024. Working capital was $491,880,000.
Steven Madden, Ltd. does not anticipate any significant change in its liquidity and financial position in the near future.
The filing also details the company's share repurchase program, with $85,310,000 remaining available for future repurchases.
Steven Madden, Ltd. continues to focus on expanding its product offerings and enhancing its digital presence to drive growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Steven Madden Ltd. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.