Steven Madden, Ltd. (SHOO) Bundle
An Overview of Steven Madden, Ltd. (SHOO)
General Summary of Steven Madden, Ltd. (SHOO)
Steven Madden, Ltd. (SHOO) was founded in 1990 by Steven Madden and has grown into a leading designer and marketer of branded footwear and accessories. The company's product portfolio includes a wide range of footwear, handbags, and other fashion accessories, catering to both men and women. As of 2024, Steven Madden operates 287 retail stores and has a significant presence in the wholesale market, distributing products across various channels, including department stores and specialty retailers.
In the latest data available for 2024, Steven Madden reported total revenue of $1.700 billion for the nine months ended September 30, 2024, reflecting a 16.3% increase compared to $1.462 billion in the same period of the previous year. The company continues to enhance its product offerings and expand its market reach through strategic acquisitions and partnerships.
Company's Financial Performance in the Latest Financial Reports
In the third quarter of 2024, Steven Madden achieved total revenue of $624.7 million, a 13.0% increase from $552.7 million in the same quarter of 2023. The growth was primarily driven by strong performance in the Wholesale Accessories/Apparel segment, which saw a 54.2% increase in revenue. The breakdown of total revenue for the third quarter of 2024 is as follows:
| Segment | Revenue (in thousands) | Percentage of Total Revenue |
|---|---|---|
| Wholesale Footwear | $299,315 | 47.9% |
| Wholesale Accessories/Apparel | $196,400 | 31.4% |
| Direct-to-Consumer | $125,455 | 20.1% |
| Licensing | $3,505 | 0.6% |
Gross profit for the third quarter was $259.5 million, representing 41.5% of total revenue, compared to $232.6 million, or 42.1%, in the same period of the previous year. However, net income attributable to Steven Madden decreased to $55.3 million in Q3 2024 from $64.4 million in Q3 2023. The effective tax rate for the quarter was 25.5%, up from 23.1%.
Introduction to Company as a Leader in the Industry
Steven Madden, Ltd. is recognized as one of the leading companies in the footwear and accessories industry. The company's innovative designs and strong brand presence have allowed it to capture significant market share. As of 2024, Steven Madden continues to invest in product diversification, digital expansion, and sustainability initiatives, positioning itself to adapt to changing consumer preferences and market dynamics. With a commitment to quality and style, the company remains a favorite among consumers and retailers alike.
Mission Statement of Steven Madden, Ltd. (SHOO)
Mission Statement of Steven Madden, Ltd. (SHOO)
As of 2024, Steven Madden, Ltd. (SHOO) articulates its mission statement as a commitment to delivering fashionable and innovative footwear and accessories while maintaining a focus on quality and customer satisfaction. This mission serves as a guiding principle for the company's strategic initiatives and operational decisions, aiming to foster a strong connection with consumers and enhance brand loyalty.
Core Components of the Mission Statement
1. Commitment to Fashion and Innovation
Steven Madden emphasizes its dedication to fashion and innovation in the design and creation of its products. The company continually invests in research and development to stay ahead of market trends. In 2024, Steven Madden reported total revenue of $1,700,609, a 16.3% increase compared to $1,461,868 in the same period of the prior year, reflecting its successful innovation strategies.
| Year | Total Revenue ($ in thousands) | Growth Rate (%) |
|---|---|---|
| 2022 | 1,461,868 | - |
| 2023 | 1,461,868 | 0.0 |
| 2024 | 1,700,609 | 16.3 |
2. Focus on Quality
Quality is a cornerstone of Steven Madden's mission. The company ensures that its products meet high standards, which is reflected in its gross profit margins. For the nine months ended September 30, 2024, Steven Madden achieved a gross profit of $701,488, representing 41.2% of total revenue. This focus on quality not only enhances customer satisfaction but also strengthens brand reputation.
| Metric | Value ($ in thousands) | Percentage of Revenue (%) |
|---|---|---|
| Gross Profit (2024) | 701,488 | 41.2 |
| Gross Profit (2023) | 617,587 | 42.2 |
3. Customer Satisfaction
Customer satisfaction is integral to Steven Madden's mission. The company actively engages with its consumer base to understand their needs and preferences. As of September 30, 2024, Steven Madden reported net income attributable to the company of $134,589, compared to $135,673 in the same period of the previous year, indicating stable financial performance despite market fluctuations. This reflects its commitment to maintaining strong customer relationships and driving repeat purchases.
| Year | Net Income ($ in thousands) |
|---|---|
| 2023 | 135,673 |
| 2024 | 134,589 |
In summary, the mission statement of Steven Madden, Ltd. emphasizes a triad of core components: commitment to fashion and innovation, focus on quality, and customer satisfaction. These elements collectively guide the company's strategies and operational priorities, ensuring ongoing success in the competitive footwear and accessories market.
Vision Statement of Steven Madden, Ltd. (SHOO)
Vision Statement Overview
The vision statement of Steven Madden, Ltd. (SHOO) as of 2024 focuses on being a leading brand in the fashion footwear and accessories industry, emphasizing creativity, innovation, and customer engagement.
Commitment to Innovation
Steven Madden aims to drive innovation in its product offerings. In the third quarter of 2024, the company reported total revenue of $624,675, a 13.0% increase from $552,732 in the same period the previous year. This growth reflects the company’s commitment to continually enhancing its product lineup and adapting to market trends.
| Quarter | 2024 Revenue ($000) | 2023 Revenue ($000) | Growth (%) |
|---|---|---|---|
| Q3 | 624,675 | 552,732 | 13.0 |
Customer-Centric Approach
As part of its vision, Steven Madden prioritizes customer engagement and satisfaction. The company’s Direct-to-Consumer segment generated $374,194 in revenue for the third quarter of 2024, showcasing a robust strategy to connect directly with consumers through enhanced shopping experiences.
Brand Positioning and Market Leadership
Steven Madden is focused on elevating its brand presence globally. With a total gross profit of $259,544 for the third quarter of 2024, which accounted for 41.5% of total revenue, the company underscores its strong market position and effective brand strategies.
Financial Health and Future Outlook
As of September 30, 2024, Steven Madden reported cash and cash equivalents of $150,478, demonstrating strong liquidity. The company also maintained no debt, indicating a robust financial position that supports its vision for sustainable growth and expansion.
| Financial Metrics | Amount ($000) |
|---|---|
| Cash and Cash Equivalents | 150,478 |
| Total Debt | 0 |
Core Values of Steven Madden, Ltd. (SHOO)
Innovation
Innovation is at the core of Steven Madden, Ltd.'s ethos, driving the company to continuously develop unique products that resonate with consumers. In 2024, the company has made substantial investments in product development and technology to enhance its offerings.
For instance, Steven Madden has increased its digital footprint by enhancing its e-commerce platform, which saw a revenue boost of 15% in the first nine months of 2024 compared to the same period in 2023. Furthermore, the company launched several new footwear lines that incorporate sustainable materials, reflecting its commitment to innovative design and environmental responsibility.
Quality
Quality is paramount at Steven Madden, Ltd., ensuring that products meet high standards of craftsmanship and durability. The company rigorously tests its materials and designs to maintain a reputation for excellence.
In 2024, the gross profit margin for the wholesale footwear segment was 35.8%, indicating a strong focus on quality and efficiency in production. Additionally, the company has implemented a quality assurance program that involves regular audits of manufacturing partners to ensure adherence to quality standards, resulting in a significant reduction in return rates due to defects.
Customer Centricity
Customer centricity is a foundational value for Steven Madden, Ltd., guiding its decisions and strategies. The company actively seeks feedback from consumers to shape its products and services.
In 2024, customer satisfaction scores improved by 10% as a result of enhanced customer service initiatives, including a 24/7 support line and personalized shopping experiences on its website. The company also launched a loyalty program that has enrolled over 500,000 members, providing exclusive offers and early access to new collections, further reinforcing its commitment to customer engagement.
Integrity
Integrity is a core value that Steven Madden, Ltd. upholds in all its business practices, ensuring transparency and ethical behavior in its operations.
The company has established a comprehensive code of conduct for employees and suppliers to promote ethical practices. In 2024, Steven Madden reported zero violations of its code of conduct across its supply chain, showcasing its dedication to responsible business practices. Furthermore, it actively participates in initiatives that promote fair labor practices and environmental sustainability, reinforcing its commitment to integrity.
Community Engagement
Community engagement is a vital element of Steven Madden, Ltd.'s corporate philosophy, focusing on giving back to society through various initiatives.
In 2024, the company contributed over $1.5 million to community programs, including scholarships for underprivileged youth and partnerships with local charities. Additionally, Steven Madden has organized numerous volunteer events for its employees, encouraging them to participate in community service, thereby fostering a culture of giving back.
| Core Value | Initiative | Impact |
|---|---|---|
| Innovation | Launch of new footwear lines | 15% e-commerce revenue growth |
| Quality | Quality assurance program | Reduced return rates |
| Customer Centricity | Loyalty program | 500,000 members enrolled |
| Integrity | Code of conduct implementation | Zero violations reported |
| Community Engagement | Charitable contributions | $1.5 million donated |
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Updated on 16 Nov 2024
Resources:
- Steven Madden, Ltd. (SHOO) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Steven Madden, Ltd. (SHOO)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Steven Madden, Ltd. (SHOO)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.