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Operating Segment Information | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Operating Segment Information | The Company operates the following operating segments, which are presented as reportable segments: Wholesale Footwear, Wholesale Accessories/Apparel, Direct-to-Consumer, and Licensing. Our Wholesale Footwear segment designs, sources, and markets our brands and sells our products to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, Canada, Mexico, and Europe, and through our joint ventures and international distributor network. Our Wholesale Accessories/Apparel segment designs, sources, and markets our brands and sells our products to department stores, mass merchants, off-price retailers, online retailers, specialty retailers, independent stores and clubs throughout the United States, Canada, Mexico, and Europe and through our joint ventures and international distributor network. Our Direct-to-Consumer segment consists of Steve Madden® and Dolce Vita® full-price retail stores, Steve Madden® outlet stores, Steve Madden® concessions in international markets, and our directly-operated digital e-commerce websites. We operate retail locations in regional malls and shopping centers, as well as high streets in major cities across the United States, Canada, Mexico, Latin America, Europe, Israel, South Africa, Taiwan, China, and the Middle East. Our Licensing segment is engaged in the licensing of the Steve Madden® and Betsey Johnson® trademarks for use in the sale of select apparel, accessory, and home categories as well as various other non-core products. Our Corporate activities do not constitute a reportable segment and include costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cyber security, and other shared services. The Chief Operating Decision Maker does not review asset information by segment; therefore, we do not present assets in this note.
For the three months ended, |  | Wholesale Footwear |  | Wholesale Accessories/Apparel |  | Direct-to-Consumer |  | Licensing |  | Total Segment |  | Corporate (1) |  | Consolidated
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue |  | $ | 299,315 |  |  | $ | 196,400 |  |  | $ | 125,455 |  |  | $ | 3,505 |  |  | $ | 624,675 |  |  | $ | — |  |  | $ | 624,675 |
Gross profit |  | $ | 110,778 |  |  | $ | 64,963 |  |  | $ | 80,298 |  |  | $ | 3,505 |  |  | $ | 259,544 |  |  | $ | — |  |  | $ | 259,544 |
Income/(loss) from operations |  | $ | 64,255 |  |  | $ | 30,661 |  |  | $ | 1,499 |  |  | $ | 3,228 |  |  | $ | 99,643 |  |  | $ | (25,065) |  |  | $ | 74,578 |
Depreciation and amortization |  | $ | 855 |  |  | $ | 1,154 |  |  | $ | 1,816 |  |  | $ | — |  |  | $ | 3,825 |  |  | $ | 1,342 |  |  | $ | 5,167 |
Capital expenditures |  | $ | 682 |  |  | $ | 10 |  |  | $ | 6,033 |  |  | $ | — |  |  | $ | 6,725 |  |  | $ | 645 |  |  | $ | 7,370 |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue |  | $ | 306,058 |  |  | $ | 127,395 |  |  | $ | 116,393 |  |  | $ | 2,886 |  |  | $ | 552,732 |  |  | $ | — |  |  | $ | 552,732 |
Gross profit |  | $ | 112,288 |  |  | $ | 43,366 |  |  | $ | 74,085 |  |  | $ | 2,886 |  |  | $ | 232,625 |  |  | $ | — |  |  | $ | 232,625 |
Income/(loss) from operations |  | $ | 68,291 |  |  | $ | 24,164 |  |  | $ | 9,741 |  |  | $ | 2,157 |  |  | $ | 104,353 |  |  | $ | (21,615) |  |  | $ | 82,738 |
Depreciation and amortization |  | $ | 619 |  |  | $ | 575 |  |  | $ | 1,122 |  |  | $ | — |  |  | $ | 2,316 |  |  | $ | 1,565 |  |  | $ | 3,881 |
Capital expenditures |  | $ | 1,577 |  |  | $ | 39 |  |  | $ | 3,520 |  |  | $ | — |  |  | $ | 5,136 |  |  | $ | 970 |  |  | $ | 6,106 |
For the nine months ended, |  | Wholesale Footwear |  | Wholesale Accessories/Apparel |  | Direct-to-Consumer |  | Licensing |  | Total Segment |  | Corporate (1) |  | Consolidated
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue |  | $ | 832,000 |  |  | $ | 487,252 |  |  | $ | 374,194 |  |  | $ | 7,163 |  |  | $ | 1,700,609 |  |  | $ | — |  |  | $ | 1,700,609 |
Gross profit |  | $ | 298,186 |  |  | $ | 158,558 |  |  | $ | 237,581 |  |  | $ | 7,163 |  |  | $ | 701,488 |  |  | $ | — |  |  | $ | 701,488 |
Income/(loss) from operations |  | $ | 166,309 |  |  | $ | 64,178 |  |  | $ | 14,564 |  |  | $ | 5,924 |  |  | $ | 250,975 |  |  | $ | (72,781) |  |  | $ | 178,194 |
Depreciation and amortization |  | $ | 2,230 |  |  | $ | 3,445 |  |  | $ | 4,796 |  |  | $ | — |  |  | $ | 10,471 |  |  | $ | 4,265 |  |  | $ | 14,736 |
Capital expenditures |  | $ | 2,304 |  |  | $ | 198 |  |  | $ | 12,277 |  |  | $ | — |  |  | $ | 14,779 |  |  | $ | 1,863 |  |  | $ | 16,642 |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue |  | $ | 823,288 |  |  | $ | 286,935 |  |  | $ | 344,197 |  |  | $ | 7,448 |  |  | $ | 1,461,868 |  |  | $ | — |  |  | $ | 1,461,868 |
Gross profit |  | $ | 298,856 |  |  | $ | 96,590 |  |  | $ | 214,693 |  |  | $ | 7,448 |  |  | $ | 617,587 |  |  | $ | — |  |  | $ | 617,587 |
Income/(loss) from operations |  | $ | 174,072 |  |  | $ | 44,983 |  |  | $ | 15,823 |  |  | $ | 5,247 |  |  | $ | 240,125 |  |  | $ | (66,836) |  |  | $ | 173,289 |
Depreciation and amortization |  | $ | 1,806 |  |  | $ | 1,730 |  |  | $ | 3,238 |  |  | $ | — |  |  | $ | 6,774 |  |  | $ | 4,364 |  |  | $ | 11,138 |
Capital expenditures |  | $ | 2,271 |  |  | $ | 130 |  |  | $ | 7,633 |  |  | $ | — |  |  | $ | 10,034 |  |  | $ | 3,865 |  |  | $ | 13,899 |
(1) Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cyber security and other shared services. The following table reconciles total segment gross profit to income before provision for income taxes.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Total segment gross profit |  | $ | 259,544 |  |  | $ | 232,625 |  |  | $ | 701,488 |  |  | $ | 617,587 |
Operating expenses |  | (178,915) |  |  | (149,887) |  |  | (507,343) |  |  | (444,298) |
Change in valuation of contingent payment liability |  | 2,584 |  |  | — |  |  | (5,616) |  |  | — |
Impairment of intangibles |  | (8,635) |  |  | — |  |  | (10,335) |  |  | — |
Interest and other income - net |  | 1,400 |  |  | 1,922 |  |  | 4,309 |  |  | 5,898 |
Income before provision for income taxes |  | $ | 75,978 |  |  | $ | 84,660 |  |  | $ | 182,503 |  |  | $ | 179,187 |
The following table reconciles total segment income from operations to income before provision for income taxes.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Total segment income from operations |  | $ | 99,643 |  |  | $ | 104,353 |  |  | $ | 250,975 |  |  | $ | 240,125 |
Corporate costs |  | (25,065) |  |  | (21,615) |  |  | (72,781) |  |  | (66,836) |
Interest and other income - net |  | 1,400 |  |  | 1,922 |  |  | 4,309 |  |  | 5,898 |
Income before provision for income taxes |  | $ | 75,978 |  |  | $ | 84,660 |  |  | $ | 182,503 |  |  | $ | 179,187 |
The following table summarizes revenue by geographic areas:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Domestic (1) |  | $ | 503,269 |  |  | $ | 443,435 |  |  | $ | 1,386,593 |  |  | $ | 1,182,981 |
International |  | 121,406 |  |  | 109,297 |  |  | 314,016 |  |  | 278,887 |
Total |  | $ | 624,675 |  |  | $ | 552,732 |  |  | $ | 1,700,609 |  |  | $ | 1,461,868 |
(1) Includes revenues of $77,005 and $245,128, respectively, for the three and nine months ended September 30, 2024 and $73,205 and $195,272, respectively, for the comparable period in 2023 related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by the Company's international entities.

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