Steve Madden (NASDAQ: SHOO) reported Q1 EPS of $0.16, $0.04 worse than the analyst estimate of $0.20. Revenue for the quarter came in at $359.2 million versus the consensus estimate of $356.34 million.

First Quarter 2020 Review

• Revenue decreased 13.6% to $359.2 million compared to $415.8 million in the same period of 2019.
• Gross margin was 37.2% compared to 38.9% in the same period last year.
• Operating expenses as a percentage of revenue were 41.8% compared to 28.2% of revenue in the same period of 2019. Adjusted operating expenses as a percentage of revenue were 33.2% compared to 28.1% of revenue in the same period of 2019.
• Loss from operations totaled ($26.2) million, or (7.3%) of revenue, compared to income from operations of $44.7 million, or 10.7% of revenue, in the same period of 2019. Adjusted income from operations was $14.2 million, or 4.0% of revenue, compared to $45.1 million, or 10.8% of revenue, in the same period of 2019.
• Net loss attributable to Steven Madden, Ltd. was ($17.5) million, or ($0.22) per diluted share, compared to net income attributable to Steven Madden, Ltd. of $34.5 million, or $0.41 per diluted share, in the prior year’s first quarter. Adjusted net income attributable to Steven Madden, Ltd. was $13.0 million, or $0.16 per diluted share, compared to $35.1 million, or $0.42 per diluted share, in the prior year’s first quarter.

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, "After a strong 2019, we got off to a good start to 2020, with revenue and earnings trending above plan through the first two months of the year and very positive consumer reaction to the Spring product in our flagship Steve Madden brand. Beginning in March, however, our business weakened materially due to the effects of the COVID-19 pandemic. Since then, our top priority has been protecting the safety and well-being of our employees and the broader community, followed by ensuring the long-term viability and strength of our business. We entered this crisis with an exceptionally strong balance sheet, but we have nonetheless taken a number of precautionary but significant measures to preserve liquidity and enhance financial flexibility. As we look ahead, we are confident that our strengths – including our brands, business model and balance sheet – will enable us to navigate this crisis and to thrive once conditions normalize."

For earnings history and earnings-related data on Steve Madden (SHOO) click here.