After a strong finish to fiscal 2025, Steve Madden is looking forward to what’s next, but the uncertainty around tariffs may get in its way.
In the fourth quarter of fiscal 2025, the New York-based footwear company noted that revenue increased 29.4 percent to $753.7 million, compared to $582.3 million in the same period of 2024.
Net income in Q4 fell 33.3 percent to $23.2 million, or 32 cents per diluted share, compared to $34.8 million, or 49 cents a share, in the same year-ago quarter. On an adjusted basis, diluted earnings per share (EPS) in Q4 was 48 cents.
Wall Street was expecting adjusted diluted EPS of 47 cents on revenue of $759.37 million. The company’s stock was down nearly 4 percent in pre-market trading Wednesday morning.
By channel, revenue for the wholesale business in the fourth quarter of 2025 was $433.3 million, a 7.5 percent increase compared to the fourth quarter of 2024. Excluding the recently acquired Kurt Geiger, wholesale revenue declined 2.6 percent.
Wholesale footwear revenue increased 11.0 percent, or 5.5 percent excluding Kurt Geiger. Wholesale accessories/apparel revenue increased 3.1 percent, or were down 13.0 percent excluding Kurt Geiger.
As for direct-to-consumer, revenue in the channel for Q4 was $316.6 million, a 79.9 percent increase compared to the fourth quarter of 2024. Excluding Kurt Geiger, direct-to-consumer revenue increased 1.6 percent.
The company said it ended the quarter with 399 company-operated brick-and-mortar retail stores, including 98 outlets, as well as seven e-commerce websites and 133 company-operated concessions in international markets.
For the full fiscal year 2025, Steve Madden noted that revenue increased 11.0 percent to $2.53 billion, compared to $2.28 billion in 2024. Net income for the year was $44.7 million, or 63 cents per diluted share, compared to $169.4 million, or $2.35 per diluted share, in 2024. On an adjusted basis, diluted earnings per share for the year was $1.70 cents.
Edward Rosenfeld, chairman and chief executive officer of Steve Madden, said in a statement that he is “pleased” to have delivered above‑guidance earnings results for the fourth quarter, driven by improved performance in its core Steve Madden footwear business as well as a strong contribution from the newly acquired Kurt Geiger.
“Looking to 2026, we are encouraged by the momentum building in our flagship Steve Madden brand and the opportunity for growth in Kurt Geiger London,” Rosenfeld noted. “That said, we expect pressure on our private label business as well as higher SG&A driven by the normalization of incentive compensation and the restoration of senior executive salaries.”
Tariffs are also expected to be an ongoing concern for Madden in fiscal 2026. For the next year, the company said it expects revenue will increase between 9 percent to 11 percent compared to 2025. Due to uncertainty related to recent developments with respect to tariff policy in the U.S., the company noted that it is not providing earnings guidance at this time.
“While we continue to face uncertainty related to tariffs, the fundamentals of our business are strong,” Rosenfeld added. “Our product assortments and marketing campaigns are resonating with consumers, our brands are powerful and gaining relevance, and we have a sound strategy for long‑term value creation with multiple levers for growth.”
