Steve Madden (NASDAQ: SHOO) reported Q1 EPS of $0.33, $0.16 better than the analyst estimate of $0.17. Revenue for the quarter came in at $361 million versus the consensus estimate of $335.28 million.

First Quarter 2021 Review

• Revenue increased 0.5% to $361.0 million compared to $359.2 million in the same period of 2020.
• Gross margin increased 130 basis points to 38.5% compared to 37.2% in the same period of 2020.
• Operating expenses as a percentage of revenue were 30.6% compared to 33.8% in the same period of 2020. Adjusted operating expenses as a percentage of revenue were 28.7% compared to 33.2% in the same period of 2020.
• Income from operations totaled $28.0 million, or 7.8% of revenue, compared to loss from operations of ($26.2) million, or (7.3%) of revenue, in the same period of 2020. Adjusted income from operations was $35.6 million, or 9.9% of revenue, compared to Adjusted income from operations of $14.2 million, or 4.0% of revenue, in the same period of 2020.
• Net income attributable to Steven Madden, Ltd. was $21.2 million, or $0.26 per diluted share, compared to net loss attributable to Steven Madden, Ltd. of ($17.5) million, or ($0.22) per diluted share, in the same period of 2020. Adjusted net income attributable to Steven Madden, Ltd. was $26.9 million, or $0.33 per diluted share, compared to Adjusted net income attributable to Steven Madden, Ltd. of $13.0 million, or $0.16 per diluted share, in the same period of 2020.

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We are off to a good start to 2021, with first quarter results that significantly exceeded our expectations. The on-trend product assortments created by Steve and our design teams are resonating with consumers, as evidenced by the performance in our retail segment, where first quarter revenue increased 7% compared to pre-COVID-19 first quarter 2019 on the strength of exceptional growth in our digital business. Looking ahead, while we are cautious on the near-term outlook due to the continued negative impacts of COVID-19 and supply chain disruption, we remain confident that our strong brands and proven business model will enable us to drive sustainable revenue and earnings growth over the long term.”

GUIDANCE:

Steve Madden sees Q2 2021 EPS of $0.26-$0.28, versus the consensus of $0.34. Steve Madden sees Q2 2021 revenue of $360-365 million, versus the consensus of $391.99 million.

• For the second quarter of 2021, the Company expects revenue will be in the range of $360 million to $365 million and diluted EPS will be in the range of $0.26 to $0.28. Given the continued disruption and uncertainty related to the COVID-19 pandemic, the Company is not providing full year guidance at this time.

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