Revenue for the wholesale business grew by 21% in the quarter to US$438.2 million, with growth of 9.7% excluding the newly acquired Almost Famous brand. Wholesale footwear revenue was up 4.7% while accessories/apparel increased by 78.6%. Direct-to-consumer revenue was up 12.8% to US$112.3 million.

Income from operations totalled US$56.7 million or 10.3% of revenue, while net income grew by 19.6% to US$43.9 million. Looking forward, Steve Madden expects revenue to grow by 11-13% year-on-year.

Chairman and CEO Edward Rosenfeld said: “We got off to a strong start to 2024, with first quarter revenue increasing 19% and adjusted diluted EPS rising 30% compared to the same period in 2023. We also demonstrated tangible progress on our key strategic initiatives, with double-digit percentage revenue growth in international markets, non-footwear categories and direct-to-consumer channels as well as a return to year-over-year revenue growth in the U.S. wholesale footwear business.

“Looking ahead, we are confident that the continued execution of our strategy will enable us to drive sustainable revenue and earnings growth and create significant value for our stakeholders over the long term.”