Q4 2025 Steven Madden Ltd Earnings Call Transcript
Key Points
- Steven Madden Ltd (SHOO) delivered above-guidance earnings results for Q4 2025, driven by improved performance in the core Steve Madden footwear business and strong contributions from the newly acquired Kurt Geiger.
- The Steve Madden brand returned to growth in Q4 2025 after revenue declines in Q2 and Q3, with expectations for mid- to high single-digit revenue growth in 2026.
- The acquisition of Kurt Geiger has been a highlight, with the brand showing strong momentum and revenue growth of 11% in 2025, and similar growth expected in 2026.
- Dolce Vita, the fastest-growing brand since the pandemic, is expected to achieve high single-digit revenue growth in 2026, driven by international expansion and traction in adjacent categories like handbags.
- The direct-to-consumer segment saw a 79.9% increase in revenue in Q4 2025, with strong performance in full-price channels offsetting continued weakness in outlets.
- Steven Madden Ltd (SHOO) faces significant pressure in its private label business, with a 15% revenue decline in 2025 and an expected further decline of nearly 20% in 2026.
- The company is experiencing higher SG&A expenses due to the normalization of incentive compensation and the restoration of senior executive salaries.
- The impact of new tariffs on goods imported into the United States has been a significant challenge, particularly affecting the private label business where price sensitivity is highest.
- Despite strong performance in branded segments, the wholesale accessories and apparel revenue, excluding Kurt Geiger, decreased by 13% in Q4 2025 due to declines in Steve Madden handbags and private label.
- The company is not providing earnings guidance for 2026 due to uncertainty related to recent developments in U.S. tariff policy, which significantly impacts cost structure and earnings.
Good day, and thank you for standing by. Welcome to the Q4 and Full Year 2025, Steve Madden, Ltd. Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Danielle McCoy, VP of Corporate Development and Investor Relations. Please go ahead.
Thanks, Antoine, and good morning, everyone. Thank you for joining our fourth quarter and full year 2025 earnings call and webcast. Before we begin, I'd like to remind you that our remarks that follow, including answers to your questions, contain statements that we believe to be forwardâlooking statements within the meaning of the Private Securities Litigation Reform Act. These forwardâlooking statements are subject to risks that cause actual results to materially differ from those expressed or implied by such forwardâlooking statements.
These risks include, among others, matters that we have
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