Overview
- Steven Madden reported Q4 2025 revenue up 29% to $753.7 million with net income down 33% to $23.2 million, and full‑year revenue up 11% to $2.53 billion.
- Management withheld earnings guidance, saying a Supreme Court ruling that struck down prior tariffs and the administration’s move to new global duties under the Trade Act make costs too uncertain to forecast.
- The company issued only a sales outlook, projecting 2026 revenue growth of 9% to 11% and first‑quarter growth of 15% to 17%.
- Private‑label remains the biggest headwind, declining 15% in 2025 with a further drop of nearly 20% expected in 2026 due to price sensitivity and limited pricing power.
- Sourcing has shifted away from China from more than 70% in 2024 to the high‑30s by late 2025 and a bit above 40% currently, with added capacity in Cambodia and Vietnam; a roughly 10% brand price increase was implemented to help offset tariffs as shares slipped in Wednesday trading.