The firm also reported that retail revenue jumped by 27.5 percent from Q1 2020 to $67.5 million in Q1 2021 and was fueled by formidable performance in the eCommerce business.
“We are off to a good start to 2021, with first quarter results that significantly exceeded our expectations,” Chairman and CEO Edward Rosenfeld said in the announcement.
Revenue for the wholesale business fell 3.7 percent from Q1 2020 to $291.4 million in Q1 2021, with a 7.8 percent decrease in wholesale shoes partially offset by a 10.3 percent rise in wholesale accessories/apparel.
Steven Madden anticipates that revenue will be between $360 million and $365 million in Q2 2021, while it expects diluted earnings per share (EPS) will be between 26 cents and 28 cents. The company is not currently offering full-year guidance provided the ongoing “disruption and uncertainty” connected with the pandemic.
“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,” Rosenfeld said in the announcement.
Steve Madden designs, sources and markets shoes, accessories and clothing for women, men and kids. The company markets products under its own brands such as Steve Madden, Betsey Johnson and Dolce Vita, while it is also a licensee of different brands. In addition, Steve Madden designs and sources merchandise under private label brand names for different merchants.
Crocs also reported that sandals revenue increased by 17.1 percent to comprise 17.3 percent of shoe sales. It also reported $8 million in capital expenditures for the three months ending on March 31, 2021 compared to $16.1 million for the same period last year.