Steven Madden Stock Gains On Strong Q3, Raised FY21 Outlook

Steven Madden Ltd SHOO reported third-quarter FY21 total revenue growth of 52.4% year-on-year, to $528.74 million, beating the analyst consensus of $522.08 million.
Revenue for the wholesale business increased 41.6% to $402 million, and Retail revenue rose 108.6% to $123.1 million.
The gross profit margin expanded 130 basis points Y/Y to 41.6%.
The operating margin was 16.7%, and operating income for the quarter was $88.4 million.
EPS of $0.82 beat the analyst consensus of $0.76.
Steven Madden held $259.9 million in cash and equivalents as of September 30, 2021. Cash provided by operating activities for the nine months totaled $96.2 million.
Outlook: Steven Madden sees FY21 adjusted EPS of $2.30 - $2.35 (prior view $2.00 - $2.10) versus the consensus of $2.13.
The company expects an FY21 revenue increase of 50% - 52% (prior 43% - 47%) over fiscal 2020.
Price Action: SHOO shares closed higher by 8.52% at $48.65 on Wednesday.

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