In the fourth quarter, the company saw revenue increase by 10.4% to US$519.7 million, while net income grew by 12.9% to US$35.9 million.

The wholesale business grew by 14.9% in the quarter to US$354.8 million, with an increase of 56.5% for wholesale accessories/apparel revenue but a decline of 0.4% for wholesale footwear. Meanwhile, the direct-to-consumer business had an increase of 1.9% year-on-year to US$162.3 million.

Net income for the full year was US$171.6 million, a decline of 20.6% year-on-year. Looking forward to 2024, Steve Madden expects revenue growth of 11-13%.

Chairman and CEO Edward Rosenfeld said: “We are pleased to have delivered fourth quarter results that exceeded expectations on both the top and bottom lines. We saw organic revenue growth in both the wholesale and direct-to-consumer channels, supplemented by the contribution from the newly acquired Almost Famous, and also drove strong improvement in adjusted operating margin compared to the same period in the prior year.

“As we look ahead, while the operating environment remains choppy, we believe the on-trend product assortments created by Steve and his team have us well-positioned for 2024.   Looking out further, we are confident that the combination of our strong brands and proven business model will enable us to drive sustainable revenue and earnings growth for years to come.”