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Steve Madden revenues decline by 32.8%


American footwear, accessories and apparel group Steve Madden reported a 32.8 percent decrease in full year revenues as the company continues to feel the effects of the COVID-19 pandemic.

For the full year ended December 31, 2020, the company, which owns brands including its namesake Steve Madden label, Dolce Vita and Betsey Johnson, reported revenue of $1.2 billion, down from $1.8 billion in 2019.

Net loss was $18.4 million, or $0.23 per basic share, for the year, compared to net income of $141.3 million, or $1.69 per diluted share, for the year ended December 31, 2019.

Likewise, in the fourth quarter revenue decreased 15.9 percent to $353 million compared to $419.6 million in the same period of 2019. The Long Island City, New York-based company’s wholesale business posted the biggest decline, dropping 16.2 percent to $263 million in the fourth quarter, including a 19.7 percent decline in wholesale footwear and a 5.9 percent decline in wholesale accessories/apparel.

Similarly, its retail revenue decreased 14.9 percent to $86.1 million in the fourth quarter of 2020 due to a significant decline in its brick-and-mortar business, partially offset by continued strength in its e-commerce business.

In the fourth quarter, net income was $22.6 million, or $0.28 per diluted share, compared to $17.8 million, or $0.21 per diluted share, reported in the same period last year.