Steven Madden, Ltd.

Second-quarter consolidated revenue was $665.9 million, up 19.1% year over year, or up 11.2% excluding Kurt Geiger. Wholesale revenue was $407.5 million, up 13%, and DTC revenue was $255.4 million, up 30.6%. Consolidated gross margin was 46.5% versus 41.9% last year; wholesale gross margin was 35.2% versus 30.9%; DTC gross margin was 64% versus 61.3%. Operating income was $44.5 million versus $22.6 million, and net income attributable to Steve Madden was $31.7 million, or $0.44 per diluted share, versus $13.9 million, or $0.20 per share. For 2026, management raised revenue guidance to 11% to 13% growth from 10% to 12%, and diluted EPS to $2.05 to $2.15 from $2.00 to $2.10. Management said Q3 should contribute more than Q4 to back-half revenue and earnings, and expects year-over-year gross margin improvement each quarter, though less pronounced than in the first half.

Ed Rosenfeld said the quarter reflected strong execution and a healthy consumer response to trend-right product across the portfolio. He highlighted particularly strong momentum in Steve Madden footwear, handbags, and Kurt Geiger’s U.S. store rollout, plus an “outstanding” quarter for Dolce Vita. His tone was optimistic but measured: he emphasized that while the company is seeing strong organic momentum, the consolidated growth outlook also reflects the anniversary of Kurt Geiger and some freight pressure.

Zine Mazouzi focused on the financial lift from higher revenue and margin expansion, citing consolidated gross margin of 46.5%, operating expenses at 39.8% of revenue, and operating income of $44.5 million. She also detailed the balance sheet improvement from $92.1 million in tariff refunds, which helped reduce debt to $124.8 million against $94.7 million in cash, for net debt of $30.1 million. On capital allocation, she noted no open-market share repurchases in the quarter, about $1 million spent on stock-award net settlements, CapEx of $8.5 million, and a quarterly dividend of $0.21 per share.

Analysts pressed on why full-year guidance implies a more modest second half, and management said the revenue raise is mostly about stronger forward momentum, while the Q2 beat came mainly from gross margin. They also explained that guidance now includes about $0.06 of added freight pressure because the Middle East conflict has lasted longer than expected and is forcing more air freight. Other questions focused on DTC versus wholesale, private label, and Nordstrom’s anniversary sale; management said DTC trends remain strong, wholesale branded business was up 20% in Q2 with reorders, and Nordstrom was a “phenomenal” event with broad sell-through strength, especially in Steve Madden women’s footwear.