10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________________ to _____________________

Commission File Number 0-23702 

STEVEN MADDEN, LTD.

(Exact name of registrant as specified in its charter) 

Delaware	13-3588231
(State or other jurisdiction of	(I.R.S. Employer Identification No.)
incorporation or organization)

52-16 Barnett Avenue, Long Island City, New York 11104

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (718) 446-1800

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, par value $.0001 per share	SHOO	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  ☒   No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes  ☒   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. 

Large accelerated filer	☒	Accelerated filer	☐	Emerging growth company	☐
Non-accelerated filer	☐	Smaller reporting company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ☐   No ☒ 

As of July 30, 2020, there were 83,151,403 shares of the registrant’s common stock, $0.0001 par value, outstanding.

STEVEN MADDEN, LTD.

TABLE OF CONTENTS TO QUARTERLY REPORT ON FORM 10-Q

June 30, 2020

PART I – FINANCIAL INFORMATION
ITEM 1.	Condensed Consolidated Financial Statements (Unaudited):
	Condensed Consolidated Balance Sheets	1
	Condensed Consolidated Statements of (Loss)/Income	2
	Condensed Consolidated Statements of Comprehensive (Loss)/Income	3
	Condensed Consolidated Statements of Changes in Stockholder' Equity	4
	Condensed Consolidated Statements of Cash Flows	6
	Notes to Condensed Consolidated Financial Statements - Unaudited	7
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	33
ITEM 4.	Controls and Procedures	33
PART II – OTHER INFORMATION
ITEM 1.	Legal Proceedings	34
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34
ITEM 6.	Exhibits	35
	Signatures	36

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands)

	June 30, 2020		December 31, 2019		June 30, 2019
	(unaudited)				(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	318,101	$	264,101	$	212,664
Accounts receivable, net of allowances of $9,937, $11,066 and $12,570	20,183		38,166		21,409
Factor accounts receivable	123,496		216,471		285,227
Inventories	103,282		136,896		146,120
Marketable securities – available for sale	38,837		40,521		36,096
Prepaid expenses and other current assets	18,444		22,066		31,275
Prepaid taxes	13,578		658		8,012
Total current assets	635,921		718,879		740,803
Note receivable – related party	1,369		1,558		1,743
Property and equipment, net	49,594		65,504		61,654
Operating lease right-of-use asset	120,489		155,700		179,320
Deposits and other	2,917		2,948		2,592
Deferred taxes	6,360		—		9,319
Goodwill – net	166,333		171,349		148,566
Intangibles – net	149,409		162,709		137,563
Total Assets	$	1,132,392	$	1,278,647	$	1,281,560
LIABILITIES
Current liabilities:
Accounts payable	$	42,474	$	61,706	$	107,436
Accrued expenses	113,744		169,895		129,810
Operating leases - current portion	36,890		38,624		38,652
Advances from factor	42,662		—		—
Accrued incentive compensation	2,122		11,046		6,321
Total current liabilities	237,892		281,271		282,219
Contingent payment liability	1,829		9,124		—
Operating leases - long-term portion	114,630		133,172		154,643
Deferred taxes	3,128		5,877		4,041
Other liabilities	7,793		7,979		13,101
Total Liabilities	365,272		437,423		454,004
Commitments, contingencies and other (Note Q)
STOCKHOLDERS’ EQUITY
Preferred stock – $.0001 par value, 5,000 shares authorized; none issued; Series A Junior Participating preferred stock – $.0001 par value, 60 shares authorized; none issued	—		—		—
Common stock – $.0001 par value, 245,000 shares authorized, 133,173, 132,754 and 132,681 shares issued, 83,035, 83,520 and 84,821 shares outstanding	6		6		6
Additional paid-in capital	466,384		454,217		438,242
Retained earnings	1,263,910		1,310,406		1,264,631
Accumulated other comprehensive loss	(39,850)		(30,440)		(29,449)
Treasury stock – 50,138, 49,234 and 47,860 shares at cost	(935,366)		(905,688)		(855,076)
Total Steven Madden, Ltd. stockholders’ equity	755,084		828,501		818,354
Noncontrolling interest	12,036		12,723		9,202
Total stockholders’ equity	767,120		841,224		827,556
Total Liabilities and Stockholders’ Equity	$	1,132,392	$	1,278,647	$	1,281,560

See accompanying notes to condensed consolidated financial statements - unaudited.

1

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Condensed Consolidated Statements of (Loss)/Income

(unaudited)

(in thousands, except per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Net sales	$	141,363	$	444,974	$	497,047	$	855,914
Commission and licensing fee income	1,449		4,655		4,933		9,503
Total revenue	142,812		449,629		501,980		865,417
Cost of sales	86,924		279,629		312,628		533,572
Gross profit	55,888		170,000		189,352		331,845
Operating expenses	79,590		121,317		229,784		238,502
Impairment of intangibles	—		4,050		9,518		4,050
(Loss)/income from operations	(23,702)		44,633		(49,950)		89,293
Interest and other income – net	357		1,262		1,403		2,454
(Loss)/income before provision for income taxes	(23,345)		45,895		(48,547)		91,747
(Benefit)/provision for income taxes (Note M)	(6,201)		9,784		(13,602)		20,371
Net (loss)/income	(17,144)		36,111		(34,945)		71,376
Less: net (loss)/income attributable to noncontrolling interest	(558)		(461)		(908)		279
Net (loss)/income attributable to Steven Madden, Ltd.	$	(16,586)	$	36,572	$	(34,037)	$	71,097
Basic net (loss)/income per share	$	(0.21)	$	0.46	$	(0.43)	$	0.89
Diluted net (loss)/income per share	$	(0.21)	$	0.44	$	(0.43)	$	0.85
Basic weighted average common shares outstanding	78,517		79,951		78,696		80,241
Effect of dilutive securities – options/restricted stock	—		3,918		—		3,823
Diluted weighted average common shares outstanding	78,517		83,869		78,696		84,064
Cash dividends declared per common share	$	—	$	0.14	$	0.15	$	0.28

See accompanying notes to condensed consolidated financial statements - unaudited.

2

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive (Loss)/Income

(unaudited)

(in thousands)

	Three Months Ended June 30, 2020						Six Months Ended June 30, 2020
	Pre-tax amounts		Tax benefit		After-tax amounts		Pre-tax amounts		Tax (expense)		After-tax amounts
Net (loss)					$	(17,144)					$	(34,945)
Other comprehensive income/(loss):
Foreign currency translation adjustment	$	5,770	$	—	5,770		$	(9,880)	$	—	(9,880)
(Loss)/gain on cash flow hedging derivatives	(797)		240		(557)		879		(249)		630
Total other comprehensive income/(loss)	$	4,973	$	240	5,213		$	(9,001)	$	(249)	(9,250)
Comprehensive (loss)					(11,931)						(44,195)
Less: comprehensive (loss) attributable to noncontrolling interests					(740)						(748)
Comprehensive (loss) attributable to Steven Madden, Ltd.					$	(11,191)					$	(43,447)
	Three Months Ended June 30, 2019						Six Months Ended June 30, 2019
	Pre-tax amounts		Tax benefit/(expense)		After-tax amounts		Pre-tax amounts		Tax benefit/(expense)		After-tax amounts
Net income					$	36,111					$	71,376
Other comprehensive income:
Foreign currency translation adjustment	$	1,362	$	—	1,362		$	3,617	$	—	3,617
(Loss) on cash flow hedging derivatives	(567)		136		(431)		(816)		196		(620)
Unrealized gain on marketable securities	18		(4)		14		88		(21)		67
Total other comprehensive income	$	813	$	132	945		$	2,889	$	175	3,064
Comprehensive income					37,056						74,440
Less: comprehensive (loss)/income attributable to noncontrolling interests					(536)						164
Comprehensive income attributable to Steven Madden, Ltd.					$	37,592					$	74,276

See accompanying notes to condensed consolidated financial statements - unaudited.

3

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Condensed Consolidated Statements of Changes in Stockholders' Equity

(unaudited)

(in thousands)

	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss)		Treasury Stock			Non-Controlling Interest		Total Stockholders' Equity
	Shares	Amount								Shares	Amount
Balance - March 31, 2020	83,046	$	6	$	460,777	$	1,280,496	$	(45,245)	50,113	$	(934,827)	$	12,417	$	773,624
Share repurchases	(25)	—		—		—		—		25	(539)		—		(539)
Exercise of stock options	4	—		86		—		—		—	—		—		86
Issuance of restricted stock, net of forfeitures	10	—		—		—		—		—	—		—		—
Stock-based compensation	—	—		5,521		—		—		—	—		—		5,521
Foreign currency translation adjustment	—	—		—		—		5,952		—	—		(182)		5,770
Cash flow hedge (net of tax benefit of $240)	—	—		—		—		(557)		—	—		—		(557)
Investment of noncontrolling interest	—	—		—		—		—		—	—		359		359
Net (loss)	—	—		—		(16,586)		—		—	—		(558)		(17,144)
Balance - June 30, 2020	83,035	$	6	$	466,384	$	1,263,910	$	(39,850)	50,138	$	(935,366)	$	12,036	$	767,120
	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss)		Treasury Stock			Non-Controlling Interest		Total Stockholders' Equity
	Shares	Amount								Shares	Amount
Balance - December 31, 2019	83,520	6		454,217		1,310,406		(30,440)		49,234	(905,688)		12,723		841,224
Share repurchases	(904)	—		—		—		—		904	(29,678)		—		(29,678)
Exercise of stock options	52	—		960		—		—		—	—		—		960
Issuance of restricted stock, net of forfeitures	367	—		—		—		—		—	—		—		—
Stock-based compensation	—	—		11,207		—		—		—	—		—		11,207
Foreign currency translation adjustment	—	—		—		—		(10,040)		—	—		160		(9,880)
Cash flow hedge (net of tax expense of $249)	—	—		—		—		630		—	—		—		630
Dividends on common stock ($0.15 per share)	—	—		—		(12,459)		—		—	—		—		(12,459)
Investment of noncontrolling interest	—	—		—		—		—		—	—		359		359
Acquisition adjustment of noncontrolling interest	—	—		—		—		—		—	—		(298)		(298)
Net (loss)	—	—		—		(34,037)		—		—	—		(908)		(34,945)
Balance - June 30, 2020	83,035	$	6	$	466,384	$	1,263,910	$	(39,850)	50,138	$	(935,366)	$	12,036	$	767,120

4

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Condensed Consolidated Statements of Changes in Stockholders' Equity

(unaudited)

(in thousands)

	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss)		Treasury Stock			Non-Controlling Interest		Total Stockholders' Equity
	Shares	Amount								Shares	Amount
Balance - March 31, 2019	85,729	$	6	$	431,228	$	1,240,004	$	(30,469)	46,801	$	(821,074)	$	10,851	$	830,546
Share repurchases	(1,059)	—		—		—		—		1,059	(34,002)		—		(34,002)
Exercise of stock options	48	—		1,077		—		—		—	—		—		1,077
Issuance of restricted stock, net of forfeitures	103	—		—		—		—		—	—		—		—
Stock-based compensation	—	—		5,937		—		—		—	—		—		5,937
Foreign currency translation adjustment	—	—		—		—		1,437		—	—		(75)		1,362
Unrealized holding gain on securities (net of tax expense of $4)	—	—		—		—		14		—	—		—		14
Cash flow hedge (net of tax benefit of $136)	—	—		—		—		(431)		—	—		—		(431)
Dividends on common stock ($0.14 per share)	—	—		—		(11,945)		—		—	—		—		(11,945)
Distributions to non-controlling interests, net	—	—		—		—		—		—	—		(1,113)		(1,113)
Net income/(loss)	—	—		—		36,572		—		—	—		(461)		36,111
Balance - June 30, 2019	84,821	$	6	$	438,242	$	1,264,631	$	(29,449)	47,860	$	(855,076)	$	9,202	$	827,556
	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive (Loss)		Treasury Stock			Non-Controlling Interest		Total Stockholders' Equity
	Shares	Amount								Shares	Amount
Balance - December 31, 2018	85,715	6		424,835		1,217,521		(32,628)		46,276	(803,920)		8,868		814,682
Share repurchases	(1,584)	—		—		—		—		1,584	(51,156)		—		(51,156)
Exercise of stock options	80	—		1,799		—		—		—	—		—		1,799
Issuance of restricted stock, net of forfeitures	610	—		—		—		—		—	—		—		—
Stock-based compensation	—	—		11,608		—		—		—	—		—		11,608
Foreign currency translation adjustment	—	—		—		—		3,732		—	—		(115)		3,617
Unrealized holding gain on securities (net of tax expense of $21)	—	—		—		—		67		—	—		—		67
Cash flow hedge (net of tax benefit of $196)	—	—		—		—		(620)		—	—		—		(620)
Dividends on common stock ($0.28 per share)	—	—		—		(23,987)		—		—	—		—		(23,987)
Distributions to non-controlling interests, net	—	—		—		—		—		—	—		(1,113)		(1,113)
Investment of noncontrolling interest	—	—		—		—		—		—	—		1,283		1,283
Net income	—	—		—		71,097		—		—	—		279		71,376
Balance - June 30, 2019	84,821	$	6	$	438,242	$	1,264,631	$	(29,449)	47,860	$	(855,076)	$	9,202	$	827,556

See accompanying notes to condensed consolidated financial statements - unaudited.

5

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

(in thousands)

	Six Months Ended June 30,
	2020		2019
Cash flows from operating activities:
Net (loss)/income	$	(34,945)	$	71,376
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Stock-based compensation	11,207		11,608
Depreciation and amortization	9,244		10,763
Loss on disposal of fixed assets	305		737
Impairment of intangibles	9,518		4,050
Impairment of lease right-of-use asset	17,986		—
Impairment of store fixed assets	12,012		—
Deferred taxes	(9,109)		2
Accrued interest on note receivable - related party	(16)		(21)
Change in valuation of contingent considerations	(4,611)		—
Realized loss on sale of marketable securities	—		5
Net benefit in connection with the reversal of a contingent liability partially offset by the acceleration of amortization related to the termination of the Kate Spade license agreement	—		(1,868)
Recovery, net of provisions for bad debt expense, related to the Payless ShoeSource bankruptcy	—		(259)
Changes, net of acquisitions, in:
Accounts receivable	17,984		3,909
Factor accounts receivable	92,975		(43,832)
Notes receivable - related party	204		204
Inventories	33,614		(8,873)
Prepaid expenses, prepaid taxes, deposits and other	(9,247)		(7,849)
Accounts payable and accrued expenses	(76,183)		26,232
Accrued incentive compensation	(8,812)		(4,974)
Lease and other liabilities	(4,259)		(1,449)
Net cash provided by operating activities	57,867		59,761
Cash flows from investing activities:
Capital expenditures	(4,320)		(6,214)
Purchases of marketable securities	(25,818)		(37,426)
Maturity/sale of marketable securities	25,656		69,488
Net cash (used in)/provided by investing activities	(4,482)		25,848
Cash flows from financing activities:
Proceeds from exercise of stock options	960		1,799
Investment of noncontrolling interest	359		1,283
Distribution of noncontrolling interest earnings	—		(1,113)
Common stock purchased for treasury	(29,678)		(51,156)
Cash dividends paid on common stock	(12,459)		(23,987)
Advances from factor	176,784		—
Repayments of advances from factor	(134,122)		—
Net cash provided by/(used in) financing activities	1,844		(73,174)
Effect of exchange rate changes on cash and cash equivalents	(1,229)		198
Net increase in cash and cash equivalents	54,000		12,633
Cash and cash equivalents – beginning of period	264,101		200,031
Cash and cash equivalents – end of period	$	318,101	$	212,664

See accompanying notes to condensed consolidated financial statements - unaudited.

6

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2020

($ in thousands except share and per share data)

Note A – Basis of Reporting

The accompanying unaudited condensed consolidated financial statements of Steven Madden, Ltd. and subsidiaries (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) that are considered necessary for a fair presentation of the financial position of the Company and the results of its operations and cash flows for the periods presented. Certain reclassifications were made to prior years' presentation to conform to the 2020 presentation. The results of operations for the three and six-month periods ended June 30, 2020 are not necessarily indicative of the operating results for the full year. These financial statements should be read in conjunction with the financial statements and related disclosures for the year ended December 31, 2019 included in the Annual Report of Steven Madden, Ltd. on Form 10-K filed with the SEC on March 2, 2020.

Note B - COVID-19

In December 2019, COVID-19 emerged and spread worldwide. The World Health Organization declared COVID-19 a pandemic in March 2020, resulting in federal, state and local governments and private entities mandating various restrictions, including the closure of non-essential businesses, travel restrictions, restrictions on public gatherings, stay at home orders and advisories and quarantining of people who may have been exposed to the virus. After closely monitoring and taking into consideration the guidance from federal, state and local governments, in March 2020, the Company temporarily closed all of its brick-and-mortar stores and its corporate offices in the U.S. and the vast majority of its brick-and-mortar stores and offices globally. Effective April 1, 2020, the Company temporarily furloughed a significant number of its employees. Employees with medical benefits will continue to receive those benefits at no personal cost for a duration to be determined by the Company. Remaining employees worked and continue to work remotely. These and other factors have had and may continue to have a material impact on the Company's business, results of operations, financial position and cash flow. In response to the COVID-19 pandemic, the Company took precautionary measures to maintain adequate liquidity and financial flexibility by suspending share repurchases and the quarterly cash dividend; suspending salaries of our Founder and Creative and Design Chief, Steve Madden, our Chairman and Chief Executive Officer, Edward Rosenfeld, and our Board of Directors; reducing salaries by 30% for our President, Chief Financial Officer, Chief Operating Officer and Chief Merchandising Officer; reducing salaries by graduated amounts for all other employees earning over $100 per year; significantly scaling back on non-essential operating expenses, capital expenditures and planned inventory purchases; and as a precautionary measure, drawing down on the Company's newly amended $50,000 credit facility with Rosenthal & Rosenthal, Inc. The Company experienced other adverse impacts as a result of the COVID-19 pandemic, including, but not limited to, charges from adjustments to the carrying amount of certain trademarks, long-lived asset impairment charges and restructuring and other related charges.

During the second quarter 2020, the Company recorded a pre-tax charge of $5,414 related to restructuring and other related items. This charge was related to the lay-off of approximately 250 employees. The pre-tax charge of $5,414 comprised of $2,958 recorded in the Footwear segment, $1,678 recorded in the Accessories/Apparel segment, $646 recorded in the Retail segment, $125 recorded in the First Cost segment and $6 recorded in the Licensing segment.

Note C – Reclassification

The Company reclassified commission and licensing fee income into Total Revenue and reclassified the respective expenses into Operating Expenses from previously labeled Commission and Licensing Fee Income - Net on the Company’s Condensed Consolidated Statements of Income for the 2019 period.

7

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2020

($ in thousands except share and per share data)

Note D – Acquisitions

GREATS Brand, Inc.

On August 9, 2019, the Company acquired 90% of the outstanding common stock of GREATS Brand, Inc., owner of GREATS, a pioneering digitally native sneaker brand, for an initial payment of $12,829 and a future contingent payment of $5,000 based on the GREATS brand achieving certain EBITA targets (See Note H - Fair Value Measurements). The amount of future payments will be determined by GREATS' future performance with no minimum future payment. After the effect of closing adjustments, the purchase price was $14,209, net of cash acquired of approximately $290. The acquisition was funded by cash on hand and adds a new footwear brand with added growth potential to the Company.

The results of the GREATS brand have been included in the consolidated financial statements since the date of acquisition within the Retail and Wholesale footwear segments.

The following table summarizes the adjusted fair value of the assets acquired and liabilities assumed in the acquisition:

Cash	$	290
Accounts receivable	41
Inventory	1,387
Prepaid and other assets	6,447
Fixed assets	200
Trademark (1)	13,086
Customer relationships (2)	1,140
Accounts payable	(1,963)
Accrued expenses	(1,055)
Deferred tax liabilities long-term	(3,463)
Noncontrolling interest	(1,611)
Total fair value of assets acquired	$	14,499
(1) Trademark is indefinitely lived.
(2) Customer relationships will be amortized over 20 years.

B.B. Dakota, Inc.

On August 12, 2019, the Company acquired 100% of the outstanding common stock of B.B Dakota, Inc., owner of BB Dakota, a contemporary women's apparel company, for an initial payment of $24,568 and a future contingent payment on the BB Dakota brand achieving certain EBITDA targets (See Note H - Fair Value Measurements). In connection therewith, the Company recorded a long-term liability of $4,770 as of the date of acquisition to reflect estimated fair value of the contingent purchase price. The amount of future payments will be determined by BB Dakota's future performance with no minimum future payment. After the effect of closing adjustments, the purchase price was $29,404, net of cash acquired of approximately $353 and a post-closing capital adjustment of $419. The acquisition was funded by cash on hand and adds new apparel brands with added growth potential to the Company.

The results of the BB Dakota brand have been included in the consolidated financial statements since the date of acquisition within the Wholesale Accessories/Apparel and Retail segments.

8

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2020

($ in thousands except share and per share data)

The following table summarizes the fair value of the assets acquired and liabilities assumed as of the August 12, 2019 acquisition date:

Cash	$	353
Accounts receivable	4,419
Inventory	6,696
Prepaid and other assets	855
Fixed assets	382
Trademark (1)	9,670
Customer relationships (2)	2,530
Accounts payable	(2,885)
Accrued expenses	(2,893)
Deferred tax liabilities long-term	(2,735)
Total fair value excluding goodwill	16,392
Goodwill	13,365
Net assets acquired	$	29,757
(1) Trademark is indefinitely lived.
(2) Customer relationships will be amortized over 10 years.

The acquisitions were accounted for in accordance with FASB Topic ASC 805 ("Business Combinations"), which requires that the total cost of an acquisition be allocated to tangible and intangible assets acquired and liabilities assumed based upon their respective fair values at the date of acquisition.

The Company recorded goodwill for the BB Dakota acquisition based on the amount by which the purchase price exceeded the fair value of the net assets acquired, which consists largely of the synergies expected from the acquisition.

Note E – Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Significant areas involving management estimates include variable consideration included in revenue, allowances for bad debts, inventory valuation, valuation of intangible assets, impairment of long-lived assets, litigation reserves and contingent payment liabilities. The Company estimates variable consideration for future customer chargebacks and markdown allowances, discounts, returns and other miscellaneous compliance-related deductions that relate to the current period sales. The Company evaluates anticipated chargebacks by reviewing several performance indicators of its major customers. These performance indicators, which include retailers’ inventory levels, sell-through rates and gross margin levels, are analyzed by management to estimate the amount of the anticipated customer allowance. While the full impact of the COVID-19 pandemic is unknown and cannot be reasonably estimated, the Company has made accounting estimates based on the facts and circumstances available as of the reporting date. Actual amounts could differ from these estimates, and such differences could be material.

Note F – Factor Receivable

During the six-month period ending June 30, 2020, the Company had a collection agency agreement with Rosenthal & Rosenthal, Inc. (“Rosenthal”). Under the agreement, the Company had the right to request advances from Rosenthal of up to the lower of 85% of aggregate receivables submitted to Rosenthal or a $50,000 credit facility with a $15,000 sub-limit for letters of credit. Advances under the agreement bore interest at a rate based, at the Company’s election, upon a calculation that utilizes either the prime rate minus 0.5% or LIBOR plus 2.5%. As of June 30, 2020, $42,662 was outstanding under the credit facility and recorded as advances from factor on the Company's Condensed Consolidated Balance Sheets. As of December 31,

9

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2020

($ in thousands except share and per share data)

2019, and June 30, 2019 no borrowings were outstanding under the credit facility. As of June 30, 2020 and 2019, as well as December 31, 2019, there were no open letters of credit. The Company also paid Rosenthal a fee based on a percentage of the gross invoice amount submitted to Rosenthal. With respect to receivables related to the Company's private label business, the fee was 0.14% of the gross invoice amount. With respect to all other receivables, the fee was 0.20% of the gross invoice amount. Rosenthal assumed the credit risk on a substantial portion of the receivables that the Company submits to it and, to the extent of any loans made to the Company, Rosenthal maintains a lien on the Company’s receivables to secure the Company’s obligations.

On July 22, 2020, the Company and Rosenthal entered into an Amended and Restated Deferred Purchase Factoring Agreement, which amended, restated, replaced, and superseded the Rosenthal agreement. At that time, all advances from Rosenthal were repaid. See Note T - Subsequent Events for further information regarding the Amended and Restated Deferred Purchase Factoring Agreement.

Note G – Marketable Securities

In the period ended June 30, 2019, the Company held corporate bonds with maturities greater than three months at the time of purchase. These securities, which are classified as available-for-sale, are carried at fair value, with unrealized gains and losses, net of any tax effect, reported in stockholders’ equity as accumulated other comprehensive income/(loss). Amortization of premiums and discounts is included in interest income. As of June 30, 2020, all bonds previously held by the Company reached maturity. For the three and six months ended June 30, 2020 and 2019, the amortization of bond premiums totaled $0 and $0 compared to $88 and $218, respectively. The value of corporate bonds may fluctuate as a result of changes in market interest rates and credit risk.

As of June 30, 2020 and December 31, 2019, marketable securities consisted of certificates of deposit. These securities are classified as current based upon their maturities.

The schedule of maturities at June 30, 2020 and December 31, 2019 is as follows:

	Maturities as of June 30, 2020				Maturities as of December 31, 2019
	1 Year or Less		1 to 4 Years		1 Year or Less		1 to 4 Years
Certificates of deposit	$	38,837	$	—	$	40,521	$	—
Total	$	38,837	$	—	$	40,521	$	—

For the three and six months ended June 30, 2020, losses of $0 and $0 were reclassified from accumulated other comprehensive income and recognized in the Condensed Consolidated Statements of (Loss)/Income in interest and other income compared to losses of $5 and $5 for the comparable periods in 2019. As of June 30, 2020, there were no unrealized gains or losses, as all bonds previously held by the Company reached maturity. For the comparable period in 2019, current marketable securities included immaterial unrealized losses and no non-current marketable securities were held by the Company.

10

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2020

($ in thousands except share and per share data)

Note H – Fair Value Measurement

The accounting guidance under Accounting Standards Codification 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”) requires the Company to make disclosures about the fair value of certain of its assets and liabilities. ASC 820-10 clarifies the principle that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. ASC 820-10 utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. A brief description of those three levels is as follows:

•Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

•Level 3: Significant unobservable inputs.

The Company’s financial assets and liabilities subject to fair value measurements as of June 30, 2020 and December 31, 2019 are as follows:

			June 30, 2020
			Fair Value Measurements
	Fair value		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	192,945	$	192,945	$	—	$	—
Current marketable securities	38,837		38,837		—		—
Forward contracts	565		—		565		—
Total assets	$	232,347	$	231,782	$	565	$	—
Liabilities:
Contingent consideration	$	1,829	$	—	$	—	$	1,829
Total liabilities	$	1,829	$	—	$	—	$	1,829

			December 31, 2019
			Fair Value Measurements
	Fair value		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	107,535	$	107,535	$	—	$	—
Current marketable securities	40,521		40,521		—		—
Total assets	$	148,056	$	148,056	$	—	$	—
Liabilities:
Contingent consideration	$	9,124	$	—	$	—	$	9,124
Forward contracts	495		—		495		—
Total liabilities	$	9,619	$	—	$	495	$	9,124

Forward contracts are entered into to manage the risk associated with the volatility of future cash flows (see Note P - Derivative Instruments). Fair value of these instruments is based on observable market transactions of spot and forward rates.

11

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2020

($ in thousands except share and per share data)

The Company's level 3 balance consists of contingent consideration related to acquisitions. The changes in the Company's level 3 liabilities for the periods ended June 30, 2020 and December 31, 2019 are as follows:

	Balance at January 1,		Payments	Acquisitions	Adjustments (1)	Balance at June 30,
2020
Liabilities:
Contingent consideration	$	9,124	—	—	(7,295)	$	1,829
	Balance at January 1,		Payments	Acquisitions	Adjustments (2)	Balance at December 31,
2019
Liabilities:
Contingent consideration	$	3,000	—	9,124	(3,000)	$	9,124

(1) Amount consists of adjustments of $3,930 and $3,365 to the preliminary purchase accounting of B.B. Dakota, Inc. and GREATS Brand, Inc, respectively. The adjustment of $3,930 was a benefit to operating expenses, related to the change in valuation of the contingent consideration in connection with acquisition of B.B. Dakota, Inc. The adjustment of $3,365, comprises an adjustment of $2,684 to the preliminary fair value, recorded during the first quarter 2020 and a benefit of $681 to operating expenses related to the change in valuation of the contingent consideration in connection with the acquisition of GREATS Brand, Inc., recorded during the second quarter of 2020.

(2) Amount was a benefit of $3,000 to operating expenses related to the Schwartz and Benjamin acquisition.

At June 30, 2020, the liability for potential contingent consideration was $989 in connection with the August 9, 2019 acquisition of GREATS Brand, Inc. Pursuant to the terms of an earn-out provision contained in the equity purchase agreement, between the Company and the sellers of GREATS Brand, Inc., earn-out payments are based on EBITA performance. The fair value of the contingent payments was estimated using the present value of the payments based on management’s projections of the financial results of GREATS Brand, Inc. during the earn-out period, utilizing a discount rate of 11.3%.

At June 30, 2020, the liability for potential contingent consideration was $840 in connection with the August 12, 2019 acquisition of B.B. Dakota, Inc. Pursuant to the terms of an earn-out provision contained in the equity purchase agreement, between the Company and the sellers of B.B. Dakota, Inc., earn-out payments are based on EBITDA performance. The fair value of the contingent payments was estimated using the present value of the payments based on management’s projections of the financial results of B.B. Dakota, Inc. during the earn-out period, utilizing a discount rate of 11.8%.

The Company recorded a liability for potential contingent consideration in connection with the January 30, 2017 acquisition of Schwartz & Benjamin. The fair value of the contingent payments was estimated using the present value of the payments based on management’s projections of the financial results of Schwartz & Benjamin during the earn-out period. An earn-out payment in the aggregate amount of $7,000 was paid to the sellers of Schwartz & Benjamin in the first quarter of 2018, leaving a remaining balance of $3,000 at December 31, 2018. In the first quarter of 2019, the Company reversed the $3,000 balance, because it did not have to be paid due to the termination of the Kate Spade license agreement held by Schwartz & Benjamin as of December 31, 2019.

The fair value of trademarks is measured on a non-recurring basis using Level 3 inputs, including forecasted cash flows, discount rates and implied royalty rates. During the first quarter, Cejon, GREATS and Jocelyn trademarks with an aggregate carrying amount of $40,598 were written down to their fair values of $31,080, resulting in a pre-tax impairment charge of $9,518. Of the $9,518 impairment charge, $9,062 and $456 were recorded in impairment of intangibles in the Wholesale Accessories/apparel and Retail segments, respectively.

The fair values of right-of-use lease assets and fixed assets related to Company-owned retail stores were determined using Level 3 inputs, including estimated discounted future cash flows associated with the assets using sales trends and market participant assumptions. During the first quarter, certain right-of-use lease assets with a carrying amount of $60,661 and certain property, plant and equipment with a carrying amount of $12,292 related to retail store fixed assets were written down to a fair value of $43,835 and $297, respectively, resulting in impairment charges of $28,821. During the second quarter, the Company

12

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2020

($ in thousands except share and per share data)

recorded an additional impairment charge of $1,161. The impairment charges were recorded in operating expenses in the Retail segment.

The carrying value of certain financial instruments such as cash equivalents, certificate of deposits, accounts receivable, factor accounts receivable and accounts payable approximates their fair values due to the short-term nature of their underlying terms. The fair values of investments in marketable securities available for sale (corporate bonds) are determined by reference to publicly quoted prices in an active market. Fair value of the notes receivable held by the Company approximates their carrying value based upon their imputed or actual interest rate, which approximates applicable current market interest rates. Some assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. These assets can include long-lived assets that have been reduced to fair value when impaired. Assets that are written down to fair value when impaired are not subsequently adjusted to fair value unless further impairment occurs.

Note I – Leases

During the first quarter 2019, the Company adopted ASU No. 2016-02, “Leases (Topic 842),” which requires leases with durations greater than twelve months to be recognized on the balance sheet. The Company adopted the standard using the modified retrospective approach with an effective date as of January 1, 2019. Upon adoption, the Company recorded $194,100 for right-of-use asset and $209,000 for lease liabilities.

The Company elected the package of three practical expedients. As such, the Company did not reassess whether expired or existing contracts are or contain a lease and did not need to reassess the lease classifications or reassess the initial direct costs associated with expired or existing leases. The Company did not elect the hindsight practical expedient and the land easement practical expedient, neither of which are applicable to the Company. In addition, the Company has elected to take the practical expedient to not separate lease and non-lease components for all asset classes.

The Company leases office space, sample production space, warehouses, showrooms, storage and retail stores under operating leases. The Company’s portfolio of leases is primarily related to real estate and since most of its leases do not provide a readily determinable implicit rate, the Company estimated its incremental borrowing rate to discount the lease payments based on information available at lease commencement.

Lease Position

The table below presents the lease-related assets and liabilities recorded on the balance sheet as of June 30, 2020 and December 31, 2019:

	Classification on the Balance Sheet	June 30, 2020			December 31, 2019
Assets
Noncurrent (1) (2)	Operating lease right-of-use asset	$	120,489		$	155,700
Liabilities
Current	Operating leases - current portion	$	36,890		$	38,624
Noncurrent	Operating leases - long-term portion	114,630			133,172
Total operating lease liabilities		$	151,520		$	171,796
Weighted-average remaining lease term		5.2 years			5.5 years
Weighted-average discount rate		4.4		%	4.4		%

(1) During the first quarter of 2020, the Company recorded a pre-tax impairment charge related to the right-of-use assets of $16,826 and during the second quarter of 2020, the Company recorded a pre-tax impairment charge related to the right-of-use assets of $1,161.

(2) During the third quarter of 2019, the Company recorded a pre-tax impairment charge related to the right-of-use assets of $1,883.

13

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2020

($ in thousands except share and per share data)

Lease Costs

 The table below presents certain information related to lease costs during the three and six months ended June 30, 2020 and 2019:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Operating lease cost	$	9,033	$	11,544	$	20,416	$	22,901
Short-term lease cost	106		9		119		16
Less: sublease income	201		147		402		277
Total lease cost	$	8,938	$	11,406	$	20,133	$	22,640

Other Information

The table below presents supplemental cash flow information related to leases as of the six months ended June 30, 2020 and 2019:

	Six Months Ended June 30,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	21,772	$	22,963

Undiscounted Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the balance sheet as of June 30, 2020:

2020 (remaining six months)	$	22,602
2021	39,925
2022	30,983
2023	22,067
2024	18,381
Thereafter	35,789
Total minimum lease payments	169,747
Less: interest	18,227
Present value of lease liabilities	$	151,520

Note J – Impairment of Other Long-Lived Assets

Property and equipment and lease-related right-of-use assets, along with other long-lived assets, are evaluated for impairment periodically whenever triggering events or indicators exist that the carrying values may not be fully recoverable. As a result of the COVID-19 pandemic, the Company experienced lower than projected revenues and EBITDA, and identified indicators of impairment for certain stores. The Company performed undiscounted cash flow analyses over the long-lived assets of certain stores with impairment indicators and compared them to the carrying value of those assets. Based on these undiscounted cash flow analyses, the Company determined that certain long-lived assets had carrying values that exceeded their estimated undiscounted cash flows. Fair values of the long-lived assets are estimated using an income approach based on management’s forecast of future cash flows derived from continued retail operations and the fair value of individual operating lease assets determined using estimated market rental rates. Significant estimates are used in determining future cash flows of each store over its remaining lease term including the Company's expectations of future projected cash flows which include revenues, operating expenses, and market conditions. An impairment loss is recorded if the carrying amount of the long-lived asset

14

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2020

($ in thousands except share and per share data)

exceeds its fair value. As a result, the Company recognized a pre-tax charge of $16,826 for impairment of its right-of-use assets and a pre-tax charge of $11,995 for impairment of its stores fixed assets for the three months ended March 31, 2020. During the three months ended June 30, 2020, the Company recorded a pre-tax charge of $1,161 for impairment of its right-of-use assets and a pre-tax charge of $17 for impairment of its stores fixed assets. These charges were recorded in operating expenses in the consolidated statements of operations.

The determination of estimated market rent used in the fair value estimate of the Company’s right-of-use assets included within the respective stores long-lived assets requires significant management judgment. Changes in these estimates could have a significant impact on whether long-lived stores assets should be further evaluated and could have a significant impact on the resulting impairment charge.

Note K – Share Repurchase Program

The Company's Board of Directors authorized a share repurchase program (the “Share Repurchase Program”), effective as of January 1, 2004. The Share Repurchase Program does not have a fixed expiration or termination date and may be modified or terminated by the Board of Directors at any time. On several occasions, the Board of Directors has increased the amount authorized for repurchase of the Company's common stock. Most recently, on April 24, 2019, the Board of Directors approved the extension of the Company's Share Repurchase Program for up to $200,000 in repurchases of the Company's common stock, which includes the amount remaining under the prior authorization. The Share Repurchase Program permits the Company to effect repurchases from time to time through a combination of open market repurchases or in privately negotiated transactions at such prices and times as are determined to be in the best interest of the Company. In the middle of March 2020, in response to the COVID-19 pandemic, as a precautionary measure the Company temporarily suspended the repurchase of the Company's common stock. During the six months ended June 30, 2020, an aggregate of 769,526 shares of the Company's common stock were repurchased under the Share Repurchase Program, at a weighted average price per share of $32.97, for an aggregate purchase price of approximately $25,370, which includes the amount remaining under the prior authorization. As of June 30, 2020, approximately $111,590 remained available for future repurchases under the Share Repurchase Program.     

The Steven Madden, Ltd. 2019 Incentive Compensation Plan provides the Company with the right to deduct or withhold, or require employees to remit to the Company, an amount sufficient to satisfy any applicable tax withholding obligations applicable to stock-based compensation awards. To the extent permitted, employees may elect to satisfy all or part of such withholding obligations by tendering to the Company previously owned shares or by having the Company withhold shares having a fair market value equal to the employee's withholding tax obligation. During the six months ended June 30, 2020, an aggregate of 134,308 shares were withheld in connection with the settlement of vested restricted stock to satisfy tax-withholding requirements, at an average price per share of $32.08, for an aggregate purchase price of approximately $4,308.

Note L – Net (Loss)/Income Per Share of Common Stock

Basic net (loss)/income per share is based on the weighted average number of shares of common stock outstanding during the period, which does not include unvested restricted common stock subject to forfeiture of 4,483,000 shares for the period ended June 30, 2020, compared to 5,464,000 shares for the period ended June 30, 2019. Diluted net income per share reflects: (a) the potential dilution assuming shares of common stock were issued upon the exercise of outstanding in-the-money options and the proceeds thereof were used to purchase shares of the Company’s common stock at the average market price during the period, and (b) the vesting of granted non-vested restricted stock awards for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost not yet recognized attributable to future services using the treasury stock method, to the extent dilutive. The three and six months ended June 30, 2020 resulted in a net loss; therefore, there was no difference in the weighted average number of common shares for basic and diluted loss per share as the effect of all potentially dilutive shares outstanding was anti-dilutive. For the three and six months ended June 30, 2020, options to purchase approximately 8,000 and 180,000 shares of common stock, respectively, have been excluded from the calculation of diluted net (loss) per share as compared to approximately 48,000 and 56,000 shares that were excluded from the calculation of diluted net income per share for the three and six months ended June 30, 2019, as the result would have been anti-dilutive. For the three and six months ended June 30, 2020, 2,477,000 and 2,532,000 restricted shares, respectively, were excluded from the calculation of diluted net (loss) per share, as the result would have been anti-dilutive. At June 30, 2019, all unvested restricted stock awards were dilutive.

15

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2020

($ in thousands except share and per share data)

Note M – Income Taxes

The Company’s provision for income taxes for the three and six months ended June 30, 2020 and 2019 is based on the estimated annual effective tax rate, plus or minus discrete items.

The Company’s provision for income taxes and effective tax rates for the three and six months ended June 30, 2020 and 2019 is presented in the following table:

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
(Loss)/income before provision for income taxes	$	(23,345)		$	45,895		$	(48,547)		$	91,747
Income tax (benefit)/expense	$	(6,201)		$	9,784		$	(13,602)		$	20,371
Effective tax rate	26.6		%	21.3		%	28.0		%	22.2		%

The difference between the Company’s effective tax rates for the three and six months ended June 30, 2020 and 2019 is primarily due to the tax benefit from the 2020 pre-tax loss in jurisdictions with higher tax rates, the tax benefit of the change in valuation of contingent considerations, and a partially offsetting increase in Global Intangible Low Taxed Income.

The Company recognizes interest and penalties, if any, related to uncertain income tax positions in income tax expense. Accrued interest and penalties on unrecognized tax benefits, and interest and penalty expense are immaterial to the consolidated financial statements. The unrecognized tax benefits have not changed for the six months ended June 30, 2020 from the prior period.

The Company files income tax returns in the U.S. for federal, state, and local purposes, and in certain foreign jurisdictions. The Company's tax years 2017 through 2019 remain open to examination by most taxing authorities. During 2017, the U.S. Internal Revenue Service ("IRS") completed its audit of the Company's 2014 U.S. income tax return.

In response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law on March 27, 2020, which includes significant corporate income tax and payroll tax provisions aimed at providing economic relief. The Company expects to receive favorable cash flow benefits related to the employee retention credit, employer payroll tax deferral, and accelerated depreciation related to qualified improvement property. The Company will continue to assess the impact of the CARES Act and other COVID-19 related incentives.

Note N – Equity-Based Compensation

In February 2019, the Company's Board of Directors approved the Steven Madden, Ltd. 2019 Incentive Compensation Plan (the “2019 Plan”), under which non-qualified stock options, stock appreciation rights, performance shares, restricted stock, other stock-based awards and performance-based cash awards may be granted to employees, consultants and non-employee directors. The 2019 Plan is the successor to the Company's Amended and Restated 2006 Stock Incentive Plan, as amended (the "2006 Plan"), the term of which expired on April 6, 2019. The Company's stockholders approved the 2019 Plan at the Company's annual meeting of stockholders held on May 24, 2019.

The following table summarizes the number of shares of common stock authorized for issuance under the 2019 Plan, the number of stock-based awards granted (net of expired or cancelled awards) under the 2019 Plan and the number of shares of common stock available for the grant of stock-based awards under the 2019 Plan:

Common stock authorized	11,000,000
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled awards	(1,956,852)
Common stock available for grant of stock-based awards as of June 30, 2020	9,043,148

16

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2020

($ in thousands except share and per share data)

Total equity-based compensation for the three and six months ended June 30, 2020 and 2019 is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Restricted stock	$	4,627	$	4,938	$	9,491	$	9,555
Stock options	894		999		1,716		2,053
Total	$	5,521	$	5,937	$	11,207	$	11,608

Equity-based compensation is included in operating expenses on the Company’s Condensed Consolidated Statements of Income.

Stock Options

Cash proceeds and intrinsic values related to total stock options exercised during the three and six months ended June 30, 2020 and 2019 are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Proceeds from stock options exercised	$	86	$	1,077	$	960	$	1,799
Intrinsic value of stock options exercised	$	21	$	513	$	758	$	842

During the three and six months ended June 30, 2020, options to purchase approximately 121,683 shares of common stock with a weighted average exercise price of $30.42 and options to purchase approximately 510,162 shares of common stock with a weighted average exercise price of $27.09 vested, respectively. During the three and six months ended June 30, 2019, options to purchase approximately 77,075 shares of common stock with a weighted average exercise price of $33.77 and options to purchase approximately 480,762 shares of common stock with a weighted average exercise price of $27.68 vested, respectively. As of June 30, 2020, there were unvested options relating to 870,188 shares of common stock outstanding with a total of $5,625 of unrecognized compensation cost and an average vesting period of 1.6 years.

The Company uses the Black-Scholes-Merton option-pricing model to estimate the fair value of options granted, which requires several assumptions. The expected term of the options represents the estimated period of time until exercise and is based on the historical experience of similar awards. Expected volatility is based on the historical volatility of the Company’s common stock. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. The dividend yield is based on the Company's annualized dividend per share amount divided by the Company's stock price. The following weighted average assumptions were used for stock options granted during the six months ended June 30, 2020 and 2019:

	2020	2019
Volatility	33.9% to 50.0%	32.0% to 33.4%
Risk free interest rate	0.2% to 1.6%	2.3% to 2.5%
Expected life in years	3.0 to 5.0	3.0 to 5.0
Dividend yield	1.3%	1.7%
Weighted average fair value	$10.16	$8.31

17

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2020

($ in thousands except share and per share data)

Activity relating to stock options granted under the Company’s plans during the six months ended June 30, 2020 is as follows:

	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2020	2,802,000	$	26.85
Granted	499,000	34.61
Exercised	(52,000)	20.58
Forfeited	(317,000)	38.94
Outstanding at June 30, 2020	2,932,000	$	26.97	3.7 years	$	686
Exercisable at June 30, 2020	2,062,000	$	27.21	3.6 years	$	620

Restricted Stock

The following table summarizes restricted stock activity during the six months ended June 30, 2020 and 2019:

	2020			2019
	Number of Shares	Weighted Average Fair Value at Grant Date		Number of Shares	Weighted Average Fair Value at Grant Date
Outstanding at January 1,	4,427,000	$	19.84	5,135,000	$	18.42
Granted	402,000	33.63		625,000	32.56
Vested	(311,000)	27.72		(281,000)	26.03
Forfeited	(35,000)	26.40		(15,000)	26.86
Outstanding at June 30,	4,483,000	$	20.48	5,464,000	$	19.60

As of June 30, 2020, the Company had $57,085 of total unrecognized compensation cost related to restricted stock awards granted under the 2019 Plan and the 2006 Plan. This cost is expected to be recognized over a weighted average period of 3.8 years. The Company determines the fair value of its restricted stock awards based on the market price of its common stock on the date of grant.

On June 30, 2020, pursuant to his employment agreement with the Company, Mr. Madden was granted an option to purchase 225,000 shares of the Company's common stock at an exercise price of $24.83 per share, which option will vest in four equal installments commencing on September 30, 2020 and ending on June 30, 2021. As of June 30, 2020, the Company's founder and Creative and Design Chief, Mr. Madden, had unvested options to purchase 675,000 shares of the Company's common stock and 3,347,390 restricted shares of the Company's common stock.

Note O – Goodwill and Intangible Assets

The following is a summary of the carrying amount of goodwill by reporting unit as of June 30, 2020:

	Wholesale						Net Carrying  Amount
	Footwear		Accessories/ Apparel		Retail
Balance at January 1, 2020	$	91,572	$	62,688	$	17,089	$	171,349
Purchase accounting adjustment	—		—		(2,591)		(2,591)
Translation and other	(1,373)		—		(1,052)		(2,425)
Balance at June 30, 2020	$	90,199	$	62,688	$	13,446	$	166,333

18

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2020

($ in thousands except share and per share data)

The following table details identifiable intangible assets as of June 30, 2020:

	Estimated Lives	Cost Basis		Accumulated Amortization (1)		Impairment (2)		Net Carrying Amount
Trade names	6–10 years	$	8,770	$	8,770	$	—	$	—
Customer relationships	10–20 years	38,980		21,206		—		17,774
		47,750		29,976		—		17,774
Re-acquired right	indefinite	35,200		9,583		—		25,617
Trademarks	indefinite	115,481		(55)		9,518		106,018
		$	198,431	$	39,504	$	9,518	$	149,409

(1) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar.

(2) Impairment charges of $8,615, $456 and $447 were recorded in the first quarter of 2020 related to the Company's Cejon, GREATS and Jocelyn trademarks, respectively. As a result of the COVID-19 pandemic and decline in the macroeconomic environment, the Company performed an interim impairment analysis as of March 31, 2020 that resulted in $9,518 of impairment charges.

The Company evaluates its goodwill and intangible assets for indicators of impairment at least annually in the third quarter of each year or whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Given the substantial reduction in sales, EBITDA and the reduced cash flow projections as a result of the COVID-19 pandemic, the Company determined that impairment indicators were present and that an impairment assessment was warranted for goodwill and indefinite-lived intangible assets. As a result, the Company performed an interim assessment of goodwill, assigned to its reporting units using a quantitative approach as of March 31, 2020 and an interim assessment of indefinite-lived intangible assets using a quantitative approach as of March 31, 2020. In conducting the interim goodwill assessment, the estimated fair values of the Company's reporting units were determined using discounted cash flows and market comparisons. Based on the results of the impairment assessment, the Company concluded that the fair values of its reporting units significantly exceeded their respective carrying values and therefore no goodwill impairment charges were recorded. In evaluating indefinite-lived intangible assets, estimated fair values were determined using discounted cash flows and supported comparable royalty rates. Based on the results of the quantitative impairment assessment, the Company concluded that the fair values of certain trademarks were below their respective carrying values, which resulted in $9,518 of impairment charges.

The amortization of intangible assets amounted to $895 and $1,786 for the three and six months ended June 30, 2020, respectively, compared to $1,333 and $2,667 for the three and six months ended June 30, 2019 and is included in operating expenses in the Company's Condensed Consolidated Statements of (Loss)/Income. The estimated future amortization expense for intangibles as of June 30, 2020 is as follows:

2020 (remaining six months)	$	1,378
2021	2,168
2022	1,747
2023	1,747
2024	1,747
Thereafter	8,987
Total	$	17,774

19

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2020

($ in thousands except share and per share data)

Note P – Derivative Instruments

The Company uses derivative instruments, specifically, forward foreign exchange contracts, to manage the risk associated with the volatility of future cash flows. The foreign exchange contracts are used to mitigate the impact of exchange rate fluctuations on certain forecasted purchases of inventory and are designated as cash flow hedging instruments. As of June 30, 2020, the fair value of the Company's foreign currency derivatives, which is included on the Condensed Consolidated Balance Sheets in other assets, was $565. As of June 30, 2020, $388 of gains related to cash flow hedges are recorded in accumulated other comprehensive income, before tax, and are expected to be recognized in earnings at the same time the hedged items affect earnings. As of June 30, 2019, $98 of losses related to cash flow hedges were recorded in accumulated other comprehensive loss, before tax. For the three months ended June 30, 2020, the Company's hedging activities were considered effective and, thus, no ineffectiveness from hedging activities was recognized in the Condensed Consolidated Statements of (Loss)/Income. For the six months ended June 30, 2020, the Company's hedging activities were considered ineffective due to COVID-19, and, thus, gains of $176 related to ineffectiveness from hedging activities were recognized in the Condensed Consolidated Statements of (Loss)/Income during the first quarter of 2020. For the three and six months ended June 30, 2020, gains of $30 and $30 were reclassified from accumulated other comprehensive income and recognized in the income statement in cost of sales as compared to losses of $8 and $8 for the three and six months ended June 30, 2019.

Note Q – Commitments, Contingencies and Other

Future Minimum Royalty and Advertising Payments:

The Company has minimum commitments related to the Company’s license agreements. The Company sources, distributes, advertises and sells pursuant to its license agreements with unaffiliated licensors. Royalty amounts under the license agreements are generally based on a stipulated percentage of sales, although most of these agreements contain provisions for the payment of minimum annual royalty amounts. The license agreements have various terms and some have additional renewal options, provided that minimum sales levels and certain other conditions are achieved. As of June 30, 2020 the Company had future minimum royalty and advertising payments of $26,401.

Legal Proceedings:

The Company has been named as a defendant in certain lawsuits in the normal course of business. In the opinion of management, after consulting with legal counsel, the liabilities, if any, resulting from these matters should not have a material effect on the Company's financial position or results of operations. It is the policy of management to disclose the amount or range of reasonably possible losses in excess of recorded amounts or cash flows.

Note R – Operating Segment Information

The Company operates the following business segments: Wholesale Footwear, Wholesale Accessories/Apparel, Retail, First Cost and Licensing. The Wholesale Footwear segment, through sales to department stores, mid-tier retailers, mass market merchants, online retailers and specialty stores, derives revenue, both domestically and internationally, from sales of branded and private label women’s, men’s, girls’ and children’s footwear. The Wholesale Accessories/Apparel segment, which includes branded and private label handbags, apparel, belts and small leather goods as well as cold weather and selected other fashion accessories, derives revenue, both domestically and internationally, from sales to department stores, mid-tier retailers, mass market merchants, online retailers and specialty stores. Our Wholesale Footwear and Wholesale Accessories/Apparel segments, derives revenue from certain territories within Asia, Europe, North America (excluding the United States) and Africa and, under special distribution arrangements, in various other territories within Australia, the Middle East, India, South and Central America and New Zealand and pursuant to a partnership agreement in Singapore. The Retail segment, through the operation of Company-owned retail stores in the United States, Canada and Mexico, our joint ventures in South Africa, China, Taiwan and Israel and the Company’s websites, derives revenue from sales of branded women’s, men’s and children’s footwear, accessories, apparel and licensed products to consumers. The First Cost segment represents activities of a subsidiary that earns commissions and design fees for serving as a buying agent of footwear products to mass-merchants, mid-tier department stores and other retailers with respect to their purchase of footwear. In the Licensing segment, the Company generates revenue by licensing its Steve Madden®, Steven by Steve Madden® and Madden Girl® trademarks and other trademark rights for use in connection with the manufacture, marketing and sale of eyewear, outerwear, hosiery, activewear, sleepwear, jewelry, watches, hair accessories, umbrellas, bedding, luggage and fragrance. In addition, this segment licenses the Betsey Johnson® trademark for use in connection with the manufacture, marketing and sale of women's and children's apparel, hosiery, outerwear,

20

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2020

($ in thousands except share and per share data)

sleepwear, activewear, jewelry, watches, bedding, luggage, umbrellas and household goods. The Licensing segment also licenses the Dolce Vita® trademark for use in connection with the manufacture, marketing and sale of swimwear.

As of and for the three months ended,	Wholesale Footwear		Wholesale Accessories/Apparel		Total Wholesale		Retail		First Cost		Licensing		Consolidated
June 30, 2020
Total revenue	$	77,966	$	22,018	$	99,984	$	41,379	$	252	$	1,197	$	142,812
Gross profit	21,744		4,806		26,550		27,889		252		1,197		55,888
(Loss)/income from operations	(10,699)		(4,404)		(15,103)		(8,933)		(172)		506		(23,702)
Segment assets	$	822,087	$	112,917	935,004		183,657		7,290		6,441		1,132,392
Capital expenditures					$	767	$	252	$	—	$	—	$	1,019
June 30, 2019
Total revenue	$	286,237	$	77,265	$	363,502	$	81,472	$	1,576	$	3,079	$	449,629
Gross profit	94,657		22,012		116,669		48,676		1,576		3,079		170,000
Income/(loss) from operations	38,429		4,750		43,179		(1,693)		951		2,196		44,633
Segment assets	$	911,077	$	101,041	1,012,118		253,025		8,721		7,696		1,281,560
Capital expenditures					$	1,273	$	1,542	$	—	$	—	$	2,815
As of and for the six months ended,	Wholesale Footwear		Wholesale Accessories/Apparel		Total Wholesale		Retail		First Cost		Licensing		Consolidated
June 30, 2020
Total revenue	$	313,035	$	89,690	$	402,725	$	94,322	$	1,502	$	3,431	$	501,980
Gross profit	101,528		23,318		124,846		59,573		1,502		3,431		189,352
Income/(loss) from operations	18,392		(15,025)		3,367		(54,736)		(24)		1,443		(49,950)
Segment assets	$	822,087	$	112,917	935,004		183,657		7,290		6,441		1,132,392
Capital expenditures					$	3,417	$	903	$	—	$	—	$	4,320
June 30, 2019
Total revenue	$	562,825	$	148,772	$	711,597	$	144,317	$	3,934	$	5,569	$	865,417
Gross profit	192,978		43,928		236,906		85,436		3,934		5,569		331,845
Income/(loss) from operations	86,701		9,617		96,318		(11,399)		535		3,839		89,293
Segment assets	$	911,077	$	101,041	1,012,118		253,025		8,721		7,696		1,281,560
Capital expenditures					$	2,965	$	3,249	$	—	$	—	$	6,214

Revenues by geographic area are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Domestic (a)	$	126,130	$	403,977	$	444,067	$	772,410
International	16,682		45,652		57,913		93,007
Total	$	142,812	$	449,629	$	501,980	$	865,417
(a) Includes revenues of $49,659 and $117,984 for the three and six months ended June 30, 2020, respectively, and $101,855 and $178,972 for the comparable periods in 2019 related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by our international entities.

21

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2020

($ in thousands except share and per share data)

Note S – Recent Accounting Pronouncements

Recently Adopted

In August 2018, the FASB issued Accounting Standards Update No. 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Topic 350): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.” This new guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective January 1, 2020 and did not have any significant impact on the Company’s financial position or results of operations.

In August 2018, the FASB issued Accounting Standards Update No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This new guidance removes certain disclosure requirements related to the fair value hierarchy, modifies existing disclosure requirements related to measurement uncertainty and adds new disclosure requirements. The new disclosure requirements include disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. ASU 2018-13 is effective January 1, 2020 and did not have any significant impact on the Company’s financial position or results of operations.

In June 2016, the FASB issued Accounting Standards Update 2016-13 ("ASU 2016-13"), "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." ASU 2016-13 replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective January 1, 2020 and did not have any significant impact on the Company’s financial position or results of operations.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU is intended to simplify various aspects related to accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for annual periods beginning after December 15, 2020 and interim periods within those annual periods, with early adoption permitted. An entity that elects early adoption must adopt all the amendments in the same period. Most amendments within this ASU are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. On April 1, 2020, the Company early adopted the new standard, with no impact to its consolidated financial statements and related disclosures.

Not Yet Adopted

In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” (“ASU No. 2020-04”), which provides practical expedients for contract modifications and certain hedging relationships associated with the transition from reference rates that are expected to be discontinued. This guidance is applicable the Company's borrowing instruments that use LIBOR as a reference rate, and is effective immediately, but is only available through December 31, 2022. The Company is currently evaluating the impact of ASU 2020-04; however, at the current time the Company does not expect that the adoption of this ASU will have a material impact on its condensed consolidated financial statements.

Note T – Subsequent Events

Credit Agreement

On July 22, 2020, the Company entered into a $150,000 revolving credit agreement (the “Credit Agreement”) with various lenders and Citizens Bank, N.A., as administrative agent (in such capacity, the “Agent”), which replaces the Company’s existing credit facility provided by Rosenthal. The Credit Agreement provides for a revolving credit facility scheduled to mature on July 22, 2025. The initial maximum availability under the revolving credit facility is $150,000 subject to a borrowing base consisting of certain eligible credit card receivables, accounts receivables, inventory, and, subject to the satisfaction of

22

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2020

($ in thousands except share and per share data)

certain conditions, in-transit inventory. Availability under the revolving credit facility is reduced by outstanding letters of credit. No revolving loans or letters of credit were outstanding under the Credit Agreement.

Borrowings under the Credit Agreement generally bear interest at a variable rate equal to, at the Company’s election, (i) LIBOR for the applicable interest period plus a specified margin, which is based upon average availability under the revolving credit facility from time to time, or (ii) the base rate (which is the highest of (a) the prime rate announced by Citizens Bank, N.A. or its parent company, (b) the sum of the federal funds effective rate plus 0.50%, and (c) the sum of one-month LIBOR plus 1%) plus a specified margin, which is based upon average availability under the revolving credit facility from time to time.

Amended and Restated Deferred Purchase Factoring Agreement

On July 22, 2020, the Company also entered into an Amended and Restated Deferred Purchase Factoring Agreement (the “Factoring Agreement”) between the Company and Rosenthal. Pursuant to the Factoring Agreement, Rosenthal will serve as the collection agent with respect to certain of the Company’s receivables and will be entitled to receive a base commission of 0.20% of the gross invoice amount of each receivable assigned for collection, plus certain additional fees and expenses, subject to certain minimum annual commissions. Rosenthal will generally assume the credit risk resulting from a customer’s financial inability to make payment with respect to credit approved receivables.

Restoration of Salaries

On July 31, 2020, the Company announced that it has restored the full salaries of its employees, including its President, Chief Financial Officer, Chief Operating Officer, and Chief Merchandising Officer, to pre-COVID-19 reduction levels. Steven Madden, the Company’s founder and Creative and Design Chief, and Edward Rosenfeld, its Chairman and Chief Executive Officer, will voluntarily continue to forego their entire salary, and our Board of Directors will continue to forego their cash compensation. Restoration of the employees’ salaries became effective as of August 1, 2020. Effective April 1, 2020, the salaries of the Company’s President, Chief Financial Officer, Chief Operating Officer, and Chief Merchandising Officer were reduced by 30%, and the salaries of all other employees earning more than $100 per year were reduced by graduated amounts.

23

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of our financial condition and results of operations for the three and six month periods ended June 30, 2020 should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q.

All references in this Quarterly Report to "we," "our," "us" and the "Company" refer to Steven Madden, Ltd. and its subsidiaries unless the context indicates otherwise.

This Quarterly Report contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, among others, statements regarding revenue and earnings guidance, plans, strategies, objectives, expectations and intentions. Forward-looking statements can be identified by words such as: “may”, “will”, “expect”, “believe”, “should”, “anticipate”, “project”, “predict”, “plan”, “intend”, or “estimate”, and similar expressions or the negative of these expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they represent our current beliefs, expectations and assumptions regarding anticipated events and trends affecting our business and industry based on information available as of the time such statements are made. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which may be outside of our control. Our actual results and financial condition may differ materially from those indicated in these forward-looking statements. As such, investors should not rely upon them. Important risk factors include:

•our ability to maintain adequate liquidity when negatively impacted by unforeseen events such as an epidemic or pandemic (COVID-19), which may cause disruption to our business operations and temporary closure of Company-operated and wholesale partner retail stores, resulting in a significant reduction in revenue for an indeterminable period of time;

•our ability to accurately anticipate fashion trends and promptly respond to consumer demand;

•our ability to compete effectively in a highly competitive market;

•our ability to adapt its business model to rapid changes in the retail industry;

•our dependence on the retention and hiring of key personnel;

•our ability to successfully implement growth strategies and integrate acquired businesses;

•our reliance on independent manufacturers to produce and deliver products in a timely manner, especially when faced with adversities such as work stoppages, transportation delays, public health emergencies, social unrest, changes in local economic conditions, and political upheavals as well as meet our quality standards;

•changes in trade policies and tariffs imposed by the United States government and the governments of other nations in which we manufacture and sell products;

•disruptions to product delivery systems and our ability to properly manage inventory;

•our ability to adequately protect our trademarks and other intellectual property rights;

•legal, regulatory, political and economic risks that may affect our sales in international markets;

•changes in U.S. and foreign tax laws that could have an adverse effect on our financial results;

•additional tax liabilities resulting from audits by various taxing authorities;

•our ability to achieve operating results that are consistent with prior financial guidance; and

•other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission.

We do not undertake any obligation to publicly update any forward-looking statement, including, without limitation, any guidance regarding revenue or earnings, whether as a result of new information, future developments or otherwise.

Overview: 

($ in thousands, except earnings per share and per share data)

Steven Madden, Ltd. and its subsidiaries design, source, market and sell fashion-forward branded and private label footwear for women, men and children. In addition, we design, source, market and sell branded fashion handbags, apparel and accessories, as well as private label fashion handbags and accessories. We market and sell our products through better department stores, major department stores, mid-tier department stores, specialty stores, luxury retailers, value priced retailers, national chains, mass merchants, and online retailers, throughout the United States, Canada, Mexico, Italy and certain other European nations. In addition, our products are marketed through our retail stores and our e-commerce websites within the United States, Canada and Mexico, our joint ventures in Europe, South Africa, Israel, Taiwan and China, and under special distribution arrangements in European territories, the Middle East, South and Central America, Oceania and various countries in Asia. Our product lines include a broad range of contemporary styles designed to establish or capitalize on market trends, complemented by core product offerings. We have established a reputation for design creativity and our ability to offer quality products in popular styles at accessible price points, delivered in an efficient manner and time frame.

24

Key Performance Indicators and Statistics

The following measurements are among the key business indicators reviewed by various members of our management to measure our consolidated and segment results:

•total revenue

•gross profit margin

•operating expenses

•(loss)/income from operations

•adjusted EBITDA

•adjusted EBIT

•inventory turnover

•accounts receivable average collection days

•cash flow and liquidity determined by our working capital and free cash flow

•store metrics, such as same store sales, sales per square foot, average unit retail, conversion, average units per transaction, and contribution margin.

While not all of these metrics are disclosed due to the proprietary nature of the information, many of these metrics are disclosed and discussed in this Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Executive Summary

In December 2019, COVID-19 emerged and spread worldwide. The World Health Organization declared COVID-19 a pandemic in March 2020, resulting in federal, state and local governments and private entities mandating various restrictions, including the closure of non-essential businesses, travel restrictions, restrictions on public gatherings, stay-at-home orders and advisories and quarantining of people who may have been exposed to the virus. After closely monitoring and taking into consideration the guidance from federal, state and local governments, in March 2020, we temporarily closed all of our stores and our corporate offices in the U.S. and the vast majority of our stores and offices globally. As of July 2020, the vast majority of our stores and corporate offices in the U.S. and globally reopened. Effective April 1, 2020, we temporarily furloughed a significant number of our employees. Employees with medical benefits will continue to receive those benefits at no personal cost for a duration to be determined by us. Remaining employees worked and continue to work remotely. These and other factors have had and may continue to have a material impact on our business, results of operations, financial position and cash flow. In response to the COVID-19 pandemic, we took precautionary measures to maintain adequate liquidity and financial flexibility by suspending share repurchases and the quarterly cash dividend; suspending salaries of our Founder and Creative and Design Chief, Steve Madden, our Chairman and Chief Executive Officer, Edward Rosenfeld, and our Board of Directors; reducing salaries by 30% for our President, Chief Financial Officer, Chief Operating Officer and Chief Merchandising Officer; reducing salaries by graduated amounts for all other employees earning over $100 per year; significantly scaling back on non-essential operating expenses, capital expenditures and planned inventory purchases; and drawing down $42,662 on our newly amended credit facility agreement with Rosenthal & Rosenthal, Inc. We experienced other adverse impacts as a result of the COVID-19 pandemic, including, but not limited to, charges from adjustments to the carrying amount of certain trademarks, long-lived asset impairment charges and restructuring and other related charges.

Total revenue for the quarter ended June 30, 2020 decreased 68.2% to $142,812 as compared to $449,629 in the same period of last year. Net (loss)/income attributable to Steven Madden, Ltd. decreased to a net loss of $16,586 in the second quarter of 2020 compared to net income of $36,572 in the same period of last year. The effective tax rate for the second quarter of 2020 increased to 26.6% compared to 21.3% in the second quarter of last year primarily due to the tax benefit from the 2020 pre-tax loss in jurisdictions with higher tax rates and a change to the valuation of contingent considerations, partially offset by an increase in Global Intangible Low Taxed Income ("GILTI") under the 2017 Tax Cut and Jobs Act. Diluted loss was $0.21 per share on 78,517 diluted weighted average shares outstanding in the second quarter of 2020 as compared to income of $0.44 per share on 83,869 diluted weighted average shares outstanding in the second quarter of last year.

Our inventory turnover (calculated on a trailing twelve-month average) for the quarters ended June 30, 2020 and 2019 was 7.2 times and 7.9 times, respectively. The change in our inventory turnover is primarily due to the impact of the COVID-19 pandemic on our second quarter sales. Our total company accounts receivable average collection increased to 141 days in the second quarter of 2020 compared to 65 days in the second quarter of 2019 primarily as the result of our wholesale customers' cash preservation initiatives as a result of the COVID-19 pandemic. As of June 30, 2020, we had $356,938 in cash, cash equivalents and marketable securities, advances from factor of $42,662, no long-term debt and total stockholders’ equity of $767,120. Working capital was $398,029 as of June 30, 2020, as compared to $458,584 on June 30, 2019. The decrease in working capital was primarily due to actions taken as a result of the COVID-19 pandemic.

25

The following tables set forth information on operations for the periods indicated:

Selected Financial Information

Three Months Ended June 30,

($ in thousands)

	2020				2019
CONSOLIDATED:
Net sales	$	141,363	99.0	%	$	444,974	99.0	%
Commission and licensing fee income	1,449		1.0	%	4,655		1.0	%
Total revenue	142,812		100.0	%	449,629		100.0	%
Cost of sales	86,924		60.9	%	279,629		62.2	%
Gross profit	55,888		39.1	%	170,000		37.8	%
Operating expenses	79,590		55.7	%	121,317		27.0	%
Impairment charges	—		—	%	4,050		0.9	%
(Loss)/income from operations	(23,702)		(16.6)	%	44,633		9.9	%
Interest and other income – net	357		0.2	%	1,262		0.3	%
(Loss)/income before income taxes	(23,345)		(16.3)	%	45,895		10.2	%
Net (loss)/income attributable to Steven Madden, Ltd.	$	(16,586)	(11.6)	%	$	36,572	8.1	%
By Segment:
WHOLESALE FOOTWEAR SEGMENT:
Net sales	$	77,966	100.0	%	$	286,237	100.0	%
Cost of sales	56,222		72.1	%	191,580		66.9	%
Gross profit	21,744		27.9	%	94,657		33.1	%
Operating expenses	32,443		41.6	%	52,178		18.2	%
Impairment charges	—		—	%	4,050		1.4	%
(Loss)/income from operations	$	(10,699)	(13.7)	%	$	38,429	13.4	%
WHOLESALE ACCESSORIES/APPAREL SEGMENT:
Net sales	$	22,018	100.0	%	$	77,265	100.0	%
Cost of sales	17,212		78.2	%	55,253		71.5	%
Gross profit	4,806		21.8	%	22,012		28.5	%
Operating expenses	9,210		41.8	%	17,262		22.3	%
(Loss)/income from operations	$	(4,404)	(20.0)	%	$	4,750	6.1	%
RETAIL SEGMENT:
Net sales	$	41,379	100.0	%	$	81,472	100.0	%
Cost of sales	13,490		32.6	%	32,796		40.3	%
Gross profit	27,889		67.4	%	48,676		59.7	%
Operating expenses	36,822		89.0	%	50,369		61.8	%
(Loss) from operations	$	(8,933)	(21.6)	%	$	(1,693)	(2.1)	%
Number of stores	225				224
FIRST COST SEGMENT:
Commission fee income	$	252	100.0	%	$	1,576	100.0	%
Gross profit	252		100.0	%	1,576		100.0	%
Operating expenses	424		168.3	%	625		39.7	%
(Loss)/income from operations	$	(172)	(68.3)	%	$	951	60.3	%
LICENSING SEGMENT:
Licensing fee income	$	1,197	100.0	%	$	3,079	100.0	%
Gross profit	1,197		100.0	%	3,079		100.0	%
Operating expenses	691		57.7	%	883		28.7	%
Income from operations	$	506	42.3	%	$	2,196	71.3	%

26

Selected Financial Information

Six Months Ended June 30,

($ in thousands)

	2020				2019
CONSOLIDATED:
Net sales	$	497,047	99.0	%	$	855,914	98.9	%
Commission and licensing fee income	4,933		1.0	%	9,503		1.1	%
Total revenue	501,980		100.0	%	865,417		100.0	%
Cost of sales	312,628		62.3	%	533,572		61.7	%
Gross profit	189,352		37.7	%	331,845		38.3	%
Operating expenses	229,784		45.8	%	238,502		27.6	%
Impairment charges	9,518		1.9	%	4,050		0.5	%
(Loss)/income from operations	(49,950)		(10.0)	%	89,293		10.3	%
Interest and other income – net	1,403		0.3	%	2,454		0.3	%
(Loss)/income before income taxes	(48,547)		(9.7)	%	91,747		10.6	%
Net (loss)/income attributable to Steven Madden, Ltd.	$	(34,037)	(6.8)	%	$	71,097	8.2	%
By Segment:
WHOLESALE FOOTWEAR SEGMENT:
Net sales	$	313,035	100.0	%	$	562,825	100.0	%
Cost of sales	211,507		67.6	%	369,847		65.7	%
Gross profit	101,528		32.4	%	192,978		34.3	%
Operating expenses	83,136		26.6	%	102,227		18.2	%
Impairment charges	—		—	%	4,050		0.7	%
Income from operations	$	18,392	5.9	%	$	86,701	15.4	%
WHOLESALE ACCESSORIES/APPAREL SEGMENT:
Net sales	$	89,690	100.0	%	$	148,772	100.0	%
Cost of sales	66,372		74.0	%	104,844		70.5	%
Gross profit	23,318		26.0	%	43,928		29.5	%
Operating expenses	29,281		32.6	%	34,311		23.1	%
Impairment charges	9,062		10.1	%	—		—	%
(Loss)/income from operations	$	(15,025)	(16.8)	%	$	9,617	6.5	%
RETAIL SEGMENT:
Net sales	$	94,322	100.0	%	$	144,317	100.0	%
Cost of sales	34,749		36.8	%	58,881		40.8	%
Gross profit	59,573		63.2	%	85,436		59.2	%
Operating expenses	113,853		120.7	%	96,835		67.1	%
Impairment charges	456		0.5	%	—		—	%
(Loss) from operations	$	(54,736)	(58.0)	%	$	(11,399)	(7.9)	%
Number of stores	225				224
FIRST COST SEGMENT:
Commission fee income	$	1,502	100.0	%	$	3,934	100.0	%
Gross profit	1,502		100.0	%	3,934		100.0	%
Operating expenses	1,526		101.6	%	3,399		86.4	%
(Loss)/income from operations	$	(24)	(1.6)	%	$	535	13.6	%
LICENSING SEGMENT:
Licensing fee income	$	3,431	100.0	%	$	5,569	100.0	%
Gross profit	3,431		100.0	%	5,569		100.0	%
Operating expenses	1,988		57.9	%	1,730		31.1	%
Income from operations	$	1,443	42.1	%	$	3,839	68.9	%

27

At the end of March 2020, in response to the COVID-19 pandemic, as a precautionary measure our Board of Directors temporarily suspended the payment of dividends and the repurchase of the Company's common stock.

RESULTS OF OPERATIONS

($ in thousands)

Three Months Ended June 30, 2020 Compared to Three Months Ended June 30, 2019

Consolidated:

Total revenue for the three months ended June 30, 2020 decreased 68.2% to $142,812 compared to $449,629 in the same period of last year, with decreases in the Wholesale Footwear, Wholesale Accessories/Apparel and Retail segments as a result of the impact of the COVID-19 pandemic. Gross profit was $55,888, or 39.1% of total revenue, as compared to $170,000, or 37.8% of total revenue, in the prior-year period. The increase in gross profit as a percentage of total revenue was due to the shift in sales to our higher-margin e-commerce business. Operating expenses in the second quarter of 2020 were $79,590, or 55.7% of total revenue, as compared to $121,317, or 27.0% of total revenue, in the second quarter of the prior year. The increase in operating expenses as a percentage of total revenue was primarily attributable to a deleverage on a lower sales base, in addition to restructuring and other related charges related to the COVID-19 pandemic, an increase in costs related to the growth to our e-commerce business and the inclusion of the GREATS and BB Dakota businesses, partially offset by reduced discretionary spending as a result from our initiatives to control expenses, along with the change in valuation of our contingent considerations. The effective tax rate for the second quarter of 2020 increased to 26.6% compared to 21.3% in the second quarter of last year. The increase in effective tax rate was primarily due to the tax benefit from the 2020 pre-tax loss in jurisdictions with higher tax rates and a change to the valuation of contingent considerations, partially offset by an increase in GILTI tax. Net loss attributable to Steven Madden, Ltd. for the second quarter of 2020 was $16,586 compared to net income for the second quarter of 2019 of $36,572.

Wholesale Footwear Segment:

Revenue from the Wholesale Footwear segment in the second quarter of 2020 accounted for $77,966, or 54.6% of total revenue, as compared to $286,237, or 63.7% of total revenue, for the second quarter of 2019. The 72.8% decrease in revenue in the current period is primarily related to order cancellations due to the impact of the COVID-19 pandemic. Gross profit was $21,744, or 27.9% of Wholesale Footwear revenue, in the second quarter of 2020 as compared to $94,657, or 33.1% of Wholesale Footwear revenue, in the second quarter of 2019. The decrease in gross profit as a percentage of Wholesale Footwear revenue was due to a shift in sales mix to the lower-margin private label business. Operating expenses in the second quarter of 2020 were $32,443, or 41.6% of Wholesale Footwear revenue, as compared to $52,178, or 18.2% of Wholesale Footwear revenue, in the second quarter of the prior year. The increase in operating expenses as a percentage of Wholesale Footwear revenue was attributable to a deleverage on a lower sales base, in addition to restructuring and other related charges, partially offset by reduced discretionary spending as a result from our initiatives to control expenses. Income from operations decreased to a loss from operations of $10,699 in the second quarter of 2020 as compared to income from operations of $38,429 for the comparable period in the prior year.

Wholesale Accessories/Apparel Segment:

Revenue generated by the Wholesale Accessories/Apparel segment in the second quarter of 2020 accounted for $22,018, or 15.4% of total revenue, as compared to $77,265, or 17.2% of total revenue, in the second quarter of 2019. The 71.5% decrease in revenue in the current period is primarily related to order cancellations due to the impact of the COVID-19 pandemic. Gross profit was $4,806, or 21.8% of Wholesale Accessories/Apparel revenue, in the second quarter of 2020 as compared to $22,012, or 28.5% of Wholesale Accessories/Apparel revenue, in the second quarter of the prior year. The decrease in gross profit as a percentage of Wholesale Accessories/Apparel revenue was primarily due to a decline in our branded handbag and fashion accessories business. Operating expenses in the second quarter of 2020 were $9,210, or 41.8% of Wholesale Accessories/Apparel revenue, as compared to $17,262, or 22.3% of Wholesale Accessories/Apparel revenue, in the same period of last year. The increase in operating expenses as a percentage of Wholesale Accessories/Apparel revenue was primarily attributable to a deleverage on a lower sales base in addition to restructuring and other related charges, partially offset by reduced discretionary spending as a result from our initiatives to control expenses, along with a change in valuation of a contingent consideration. Loss from operations for the Wholesale Accessories/Apparel segment for the second quarter of 2020 was $4,404 as compared to income from operations of $4,750 for the comparable period of the prior year.

28

Retail Segment:

In the second quarter of 2020, revenue from the Retail segment accounted for $41,379, or 29.0% of total revenue, as compared to $81,472, or 18.1% of total revenue, in the second quarter of 2019. The 49.2% decrease in revenue was primarily due to the closure of substantially all our retail stores for most or all of the quarter as a result of the COVID-19 pandemic, partially offset by strong performance in our e-commerce business. We added three stores and closed two stores during the three months ended June 30, 2020. As of June 30, 2020, we had 225 retail stores compared to 224 stores as of June 30, 2019. The 225 stores currently in operation include 146 Steve Madden® full-price stores, 68 Steve Madden® outlet stores, one Steven® store, one Superga® store, one GREATS® store and eight e-commerce websites. In addition, we operated 17 concessions in international markets. As a result of the closure of the vast majority of our brick-and-mortar stores for most or all of the quarter, we did not report comparable store sales for the quarter. Gross profit in the second quarter of 2020 was $27,889, or 67.4% of Retail revenue, as compared to $48,676, or 59.7% of Retail revenue, in the second quarter of 2019. The increase in gross profit as a percentage of Retail revenue was primarily due to a shift in sales to the higher-margin e-commerce business. Operating expenses in the second quarter of 2020 were $36,822, or 89.0% of Retail revenue, as compared to $50,369, or 61.8% of Retail revenue, in the second quarter of 2019. The increase in operating expenses as a percentage of Retail revenue was primarily attributable to a deleverage on a lower sales base, an increase in costs related to the growth to our e-commerce business and the inclusion of the GREATS business, partially offset by reduced discretionary spending as a result from our initiatives to control expenses, along with the change in valuation of a contingent consideration. Loss from operations for the Retail segment was $8,933 in the second quarter of 2020 as compared to a loss from operations of $1,693 in the comparable period last year.

First Cost Segment:

Commission fee income generated by the First Cost segment accounted for $252, or 0.2% of total revenue, in the second quarter of 2020 as compared to $1,576, or 0.4% of total revenue, for the first quarter of 2019. Operating expenses decreased to $424 in the current period as compared to $625 in the same period last year. Loss from operations was $172 in the second quarter of 2020 as compared to income from operations of $951 in the comparable period of last year.

Licensing Segment:

Licensing fee income generated by the Licensing segment accounted for $1,197, or 0.8% of total revenue, in the second quarter of 2020 as compared to $3,079, or 0.7% of total revenue, for the second quarter of 2019. Operating expenses decreased to $691 in the current period as compared to $883 in the same period of last year. Income from the Licensing segment was $506 as compared to $2,196 in the comparable period last year.

Six Months Ended June 30, 2020 Compared to Six Months Ended June 30, 2019

Consolidated:

Total revenue for the six months ended June 30, 2020 decreased 42.0% to $501,980 compared to $865,417 in the same period of last year, with decreases in the Wholesale Footwear, Wholesale Accessories/Apparel and Retail segments as a result of the impact of the COVID-19 pandemic. Gross profit was $189,352, or 37.7% of total revenue, as compared to $331,845, or 38.3% of total revenue, in the prior-year period. The decrease in gross profit as a percentage of total revenue was primarily due to inventory reserves, inclusive of inventory purchase commitments as a result of the COVID-19 pandemic. Operating expenses in the six months ended June 30, 2020 were $229,784, or 45.8% of total revenue, as compared to $238,502, or 27.6% of total revenue, in the same period of the prior year. The increase in operating expenses as a percentage of total revenue was primarily attributable to a deleverage on a lower sales base, in addition to the impairment of lease right-of-use assets and store fixed assets, restructuring and other related charges as a result of the COVID-19 pandemic, and the inclusion of the GREATS and BB Dakota businesses, partially offset by reduced discretionary spending as a result from our initiatives to control expenses, along with the change in valuation of contingent considerations. The effective tax rate for the six months ended June 30, 2020 increased to 28.0% compared to 22.2% for the same period last year. The increase in effective tax rate is primarily due to the tax benefit from the 2020 pre-tax loss in jurisdictions with higher tax rates and a change to the valuation of contingent considerations, partially offset by an increase in GILTI tax. Net loss attributable to Steven Madden, Ltd. for the six months ended June 30, 2020 was $34,037 compared to net income of $71,097 for the same period of 2019.

Wholesale Footwear Segment:

Revenue from the Wholesale Footwear segment for the six months ended June 30, 2020 accounted for $313,035, or 62.4% of total revenue, as compared to $562,825, or 65.0% of total revenue, for the same period of 2019. The 44.4% decrease in revenue in the current period was primarily related to order cancellations due to the impact of the COVID-19 pandemic. Gross profit was $101,528, or 32.4% of Wholesale Footwear revenue, for the six months ended June 30, 2020 as compared to $192,978, or 34.3% of Wholesale Footwear revenue, for same period of 2019. The decrease in gross profit as a percentage of Wholesale

29

Footwear revenue was primarily due to inventory related reserves taken as a result of the COVID-19 pandemic. Operating expenses for the six months ended June 30, 2020 were $83,136, or 26.6% of Wholesale Footwear revenue, as compared to $102,227, or 18.2% of Wholesale Footwear revenue, for the same period of the prior year. The increase in operating expenses as a percentage of Wholesale Footwear revenue was primarily attributable to a deleverage on a lower sales base in addition to restructuring and other related charges as a result of the COVID-19 pandemic, partially offset by reduced discretionary spending as a result from our initiatives to control expenses. Income from operations decreased to $18,392 for the six months end June 30, 2020 as compared to $86,701 for the comparable period in the prior year.

Wholesale Accessories/Apparel Segment:

Revenue generated by the Wholesale Accessories/Apparel segment for six months ended June 30, 2020 accounted for $89,690, or 17.9% of total revenue, as compared to $148,772, or 17.2% of total revenue, for the comparable period of 2019. The 39.7% decrease in revenue in the current period is primarily attributable to order cancellations due to the impact of the COVID-19 pandemic. Gross profit was $23,318, or 26.0% of Wholesale Accessories/Apparel revenue, for the six months ended June 30, 2020 as compared to $43,928, or 29.5% of Wholesale Accessories/Apparel revenue, in the prior year. The decrease in gross profit as a percentage of Wholesale Accessories/Apparel revenue was due to inventory related reserves as a result of the COVID-19 pandemic. Operating expenses for the six months ended June 30, 2020 were $29,281, or 32.6% of Wholesale Accessories/Apparel revenue, as compared to $34,311, or 23.1% of Wholesale Accessories/Apparel revenue, in the same period of last year. The increase in operating expenses as a percentage of Wholesale Accessories/Apparel revenue was primarily attributable to a deleverage on a lower sales base, in addition to restructuring and other related charges as a result of the COVID-19 pandemic, partially offset by reduced discretionary spending as a result from our initiatives to control expenses, along with a change in valuation of a contingent consideration. In the Wholesale Accessories/Apparel segment, an impairment of certain trademarks was recorded for the six months ended June 30, 2020. Loss from operations for the Wholesale Accessories/Apparel segment for the six months ended June 30, 2020 was $15,025 as compared to income from operations of $9,617 for the comparable period of the prior year.

Retail Segment:

For the six months ended June 30, 2020, revenue from the Retail segment accounted for $94,322, or 18.8% of total revenue, as compared to $144,317, or 16.7% of total revenue, in the same period of 2019. The 34.6% decrease in revenue was primarily due to the closure of all of our brick-and-mortar stores in the U.S. and the vast majority of our brick-and-mortar stores globally from the second half of March through at least the end of May, when we started to reopen some of our stores. We added four stores and closed six stores during the six months ended June 30, 2020. As of June 30, 2020, we had 225 retail stores compared to 224 stores as of June 30, 2019. Gross profit for the six months ended June 30, 2020 was $59,573, or 63.2% of Retail revenue, as compared to $85,436, or 59.2% of Retail revenue, in the comparable period of 2019. The increase in gross profit as a percentage of Retail revenue was primarily due to strong margins from a shift in sales to the higher-margin e-commerce business. Operating expenses for the six months ended June 30, 2020 were $113,853, or 120.7% of Retail revenue, as compared to $96,835, or 67.1% of Retail revenue, in the comparable period of 2019. The increase in operating expenses as a percentage of Retail revenue was primarily attributable to a deleverage on a lower sales base, in addition to the impairment of lease right-of-use assets and store fixed assets, restructuring and related charges as a result of the COVID-19 pandemic and the inclusion of the GREATS business, partially offset by reduced discretionary spending as a result from our initiatives to control expenses, along with the change in valuation of a contingent consideration. Loss from operations for the Retail segment was $54,736 for the six months ended June 30, 2020 as compared to $11,399 in the comparable period last year.

First Cost Segment:

Commission fee income generated by the First Cost segment accounted for $1,502, or 0.3% of total revenue, for the six months ended June 30, 2020 as compared to $3,934, or 0.5% of total revenue, for the same period of 2019. Operating expenses decreased to $1,526 in the current period as compared to $3,399 in the same period last year. Loss from operations was $24 for six months ended June 30, 2020 as compared to income from operations of $535 in the comparable period of last year.

Licensing Segment:

Licensing fee income generated by the Licensing segment accounted for $3,431, or 0.7% of total revenue, for six months ended June 30, 2020 as compared to $5,569, or 0.6% of total revenue, for the second quarter of 2019. Operating expenses increased to $1,988 in the current period as compared to $1,730 in the same period of last year. Income from the Licensing segment was $1,443 as compared to $3,839 in the comparable period last year.

30

LIQUIDITY AND CAPITAL RESOURCES

($ in thousands)

We took a number of precautionary but significant measures to preserve liquidity and enhance financial flexibility as a result of the COVID-19 pandemic. We suspended stock repurchases and our quarterly cash dividend. We significantly scaled back all non-essential operating expenses, capital expenditures and inventory purchases. We also furloughed a significant portion of our employees, temporarily suspended salaries for our Founder and Creative and Design Chief, Steve Madden, our Chairman and Chief Executive Officer, Edward Rosenfeld, and our Board of Directors, reduced salaries by 30% for our President, Chief Financial Officer, Chief Operating Officer and Chief Merchandising Officer, temporarily reduced the salaries of all employees with salaries greater than $100 per year and drew down from our existing credit facility as of March 2020.

Cash, cash equivalents and marketable securities totaled $356,938 and $304,622 at June 30, 2020 and December 31, 2019, respectively. Of the total cash, cash equivalents and marketable securities at June 30, 2020, $138,964, or approximately 39%, was held in our foreign subsidiaries and of the total cash, cash equivalents and marketable securities at December 31, 2019, $137,072, or approximately 45%, was held in our foreign subsidiaries.

We have a collection agency agreement with Rosenthal & Rosenthal, Inc. (“Rosenthal”). Until May 6, 2020, the agreement provided us with a credit facility in the amount of $30,000, having a sub-limit of $15,000 on the aggregate face amount of letters of credit, at an interest rate based, at our election, upon either the prime rate or LIBOR. Effective May 6, 2020, the credit facility was increased to $50,000 as a precautionary measure in response to the COVID-19 pandemic. As of June 30, 2020, the balance drawn on this credit facility was $42,622.

On July 22, 2020, we entered into a new $150,000, five-year, asset-based revolving credit facility, which replaced our credit facility with Rosenthal.

As of June 30, 2020, we had working capital of $398,029, cash and cash equivalents of $318,101, investments in marketable securities of $38,837 and we had short-term debt of $42,662.

We believe that based on our current financial position and available cash, cash equivalents, and marketable securities, we will meet all of our financial commitments and operating needs for at least the next twelve months. In addition, we have an asset-based revolving credit facility, which we can access as a precautionary measure.

OPERATING ACTIVITIES

($ in thousands)

Cash provided by operations was $57,867 for the six months ended June 30, 2020 compared to $59,761 in the same period of last year. Cash provided by operations was derived primarily from a change in factor accounts receivables of $92,975 and a decrease in inventory of $33,614, partially offset by a change in accounts payable and accrued expenses of $76,183.

INVESTING ACTIVITIES

($ in thousands)

During the six months ended June 30, 2020, we invested $25,818 in marketable securities offset by cash received of $25,656 from the maturities and sales of marketable securities. We also made capital expenditures of $4,320, principally for systems enhancements, leasehold improvements to office space, and new stores, which were committed to and in final stages prior to the COVID-19 pandemic.

FINANCING ACTIVITIES

($ in thousands)

During the six months ended June 30, 2020, net cash provided by financing activities was $1,844, which consisted of share repurchases of $29,678 and cash dividends paid of $12,459, partially offset by net proceeds from advances from factor of $42,662 and proceeds from the exercise of stock options of $960.

31

CONTRACTUAL OBLIGATIONS

($ in thousands)

Our contractual obligations as of June 30, 2020 were as follows:

	Payment due by period
Contractual Obligations	Total		Remainder of 2020		2021-2022		2023-2024		2025 and after
Operating lease obligations	$	169,747	$	22,602	$	70,908	$	40,448	$	35,789
Purchase obligations	52,790		52,790		—		—		—
Future minimum royalty and advertising payments	26,401		4,363		16,600		5,438		—
Transition tax	16,410		1,563		3,126		6,837		4,884
Total	$	265,348	$	81,318	$	90,634	$	52,723	$	40,673

At June 30, 2020, we had no open letters of credit for the purchase of inventory.

Substantially all our products are produced by independent manufacturers at overseas locations, the majority of which are located in China, with a growing percentage located in Cambodia, Mexico, Brazil, Italy, India, Vietnam and some other European nations. We have not entered into any long-term manufacturing or supply contracts with any of these foreign manufacturers. We believe that a sufficient number of alternative sources exist outside of the United States for the manufacture of our products. Purchases are made primarily in United States dollars.

We have employment agreements with our Creative and Design Chief, Steven Madden, and certain executive officers, which provide for the payment of compensation aggregating approximately $3,276 in the remainder of 2020, $10,150 in 2021, $8,366 in 2022 and $7,174 in 2023. In addition, some of these employment agreements provide for discretionary bonuses and some provide for incentive compensation based on various performance criteria as well as other benefits, including stock-related compensation.

Transition tax of $16,410 was the result of the Tax Cuts and Jobs Act of 2017 (the "Tax Act"). Excluded from the contractual obligations table above are long-term taxes payable of $1,150 as of June 30, 2020 primarily related to uncertain tax positions, for which we are unable to make a reasonably reliable estimate of the timing of payments in individual years beyond one year due to uncertainties in the timing of tax audit outcomes.

DIVIDENDS

At the end of March 2020, in response to the COVID-19 pandemic, as a precautionary measure our Board of Directors temporarily suspended the payment of dividends and the repurchase of the Company's common stock.

Future quarterly cash dividend payments are also subject to the discretion of our Board of Directors and contingent upon future earnings, our financial condition, capital requirements, general business conditions, and other factors. Therefore, we can give no assurance that cash dividends of any kind will be paid to holders of our common stock in the future.

INFLATION

We do not believe that inflation and price changes have had a significant effect on our sales or profitability in the three months ended June 30, 2020. Historically, we have minimized the impact of product cost increases by increasing prices, changing suppliers and improving operating efficiencies. However, no assurance can be given that we will be able to offset any such inflationary cost increases in the future.

OFF-BALANCE SHEET ARRANGEMENTS

We have no off-balance sheet arrangements.

CRITICAL ACCOUNTING POLICIES AND THE USE OF ESTIMATES

There have been no material changes to our critical accounting policies and the use of estimates from these disclosures reported in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the Securities and Exchange Commission on March 2, 2020.

32

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

($ in thousands)

We do not engage in the trading of market risk sensitive instruments in the normal course of business. Our financing arrangements are subject to variable interest rates, primarily based on the prime rate and LIBOR. The terms of our collection agency agreements with Rosenthal & Rosenthal, Inc. can be found in the Liquidity and Capital Resources section of Item 2 and in Note F to the Condensed Consolidated Financial Statements included in this Quarterly Report. The terms of our new $150 million asset-based revolving credit agreement can be found in Note T to the Condensed Consolidated Financial Statements included in this Quarterly Report.

As of June 30, 2020, we held marketable securities valued at $38,837, which consist of certificates of deposit. We have the ability to hold these investments until maturity.

We face market risk to the extent that our U.S. or foreign operations involve the transaction of business in foreign currencies. In addition, our inventory purchases are primarily done in foreign jurisdictions and inventory purchases may be impacted by fluctuations in the exchange rates between the U.S. dollar and the local currencies of our contract manufacturers, which could have the effect of increasing the cost of goods sold in the future. We manage these risks primarily by denominating these purchases in U.S. dollars. To mitigate the risk of purchases that are denominated in foreign currencies we may enter into forward foreign exchange contracts for terms of no more than two years. A description of our accounting policies for derivative financial instruments is included in Note P to the Condensed Consolidated Financial Statements.

In the first six months of 2020, we entered into forward foreign exchange contracts with notional amounts totaling $16,121. We performed a sensitivity analysis based on a model that measures the impact of a hypothetical change in foreign currency exchange rates to determine the effects that market risk exposures may have on the fair values of our forward foreign exchange contracts that were outstanding as of June 30, 2020. As of June 30, 2020, a 10% increase or decrease of the U.S. dollar against the exchange rates for foreign currencies under forward foreign exchange contracts would result in a net increase or decrease, respectively, in the fair value of our derivatives portfolio of approximately $1,599.

In addition, we are exposed to translation risk in connection with our foreign operations in Canada, Mexico, Europe, South Africa, China, Taiwan and Israel because our subsidiaries and joint ventures in these countries utilize the local currency as their functional currency, and those financial results are translated into U.S. dollars. As currency exchange rates fluctuate, foreign currency exchange rate translation adjustments reflected in our financial statements with respect to our foreign operations affects the comparability of financial results between years.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

As required by Rule 13a-15(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), our management, including our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures as of the end of the fiscal quarter covered by this Quarterly Report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) were, as of the end of the fiscal quarter covered by this Quarterly Report, effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

As required by Rule 13a-15(d) under the Exchange Act, our management, including our Chief Executive Officer and Chief Financial Officer, has evaluated our internal controls over financial reporting to determine whether any changes occurred during the quarter covered by this Quarterly Report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. There were no changes in our internal controls over financial reporting that occurred during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting. We have not experienced any material impact to our internal controls over financial reporting despite the fact that most of our employees are working remotely due to the COVID-19 pandemic. We are continually monitoring and assessing the effects that the COVID-19 pandemic may have on our internal controls to minimize the impact on their design and operating effectiveness.

33

On August 9, 2019 and August 12, 2019, we acquired GREATS Brand, Inc. and B.B. Dakota, Inc., respectively.  In conducting our evaluation of the effectiveness of internal controls over financial reporting as of June 30, 2020, we excluded GREATS Brand, Inc. and B.B. Dakota, Inc. from that evaluation in accordance with the rules relating to recently acquired entities.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We have been named as a defendant in certain lawsuits in the normal course of business. In the opinion of management, after consulting with legal counsel, the liabilities, if any, resulting from these matters should not have a material impact on our financial position, results of operations or cash flows. It is the policy of management to disclose the amount or range of reasonably possible losses in excess of recorded amounts.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

($ in thousands, except share and per share data)

The following table presents the total number of shares of our common stock, $.0001 par value, purchased by us in the three months ended June 30, 2020, the average price paid per share and the approximate dollar value of the shares that still could have been purchased at the end of the fiscal period pursuant to our Share Repurchase Program. In the middle of March 2020, in response to the COVID-19 pandemic, as a precautionary measure, the Company temporarily suspended the repurchase of the Company's common stock under the Share Repurchase Program. See also Note K to the Condensed Consolidated Financial Statements. During the three months ended June 30, 2020, there were no sales by us of unregistered shares of common stock.

Period	Total Number of Shares Purchased (1)	Average Price Paid per Share (1)		Maximum Dollar Amount of Shares that May Yet Be Purchased Under the Plans or Programs
4/1/2020 - 4/30/2020	15,304	$	19.70	$	111,590
5/1/2020 - 5/31/2020	2,554	25.07		111,590
6/1/2020 - 6/30/2020	7,159	24.33		111,590
Total	25,017	$	21.57

(1) The Steven Madden, Ltd. 2019 Incentive Compensation Plan and its predecessor plan, the Steven Madden, Ltd. Amended and Restated 2006 Stock Incentive Plan, each provide us with the right to deduct or withhold, or require employees to remit to us, an amount sufficient to satisfy all or part of the tax-withholding obligations applicable to stock-based compensation awards. To the extent permitted, participants may elect to satisfy all or part of such withholding obligations by tendering to us previously owned shares or by having us withhold shares having a fair market value equal to the minimum statutory tax-withholding rate that could be imposed on the transaction. Included in this table are shares withheld during the second quarter of 2020 in connection with the settlement of vested restricted stock to satisfy tax-withholding requirements with an aggregate purchase price of approximately $540.

34

ITEM 6. EXHIBITS

10.1	Employment Agreement dated May 11, 2020 between the Company and Karla Frieders (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 14, 2020)#
10.2	Amendment to Collection Agency Agreement dated May 6, 2020 between Rosenthal & Rosenthal, Inc. and the Company (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on May 28, 2020)
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 †
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 †
32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 †*
32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 †*
101	The following materials from Steven Madden, Ltd.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of (Loss)/Income, (iii) the Condensed Consolidated Statements of Comprehensive (Loss)/Income, (iv) the Condensed Consolidated Statements of Changes in Stockholders' Equity, (v) the Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text*
104	Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL).*

#	Indicates management contract or compensatory plan or arrangement required to be identified pursuant to Item 15(b) of this Quarterly Report on Form 10-Q.
†	Filed herewith
*	This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any filing, except to the extent the Company specifically incorporates it by reference.

35

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: August 4, 2020

STEVEN MADDEN, LTD.

/s/ EDWARD R. ROSENFELD

Edward R. Rosenfeld

Chairman and Chief Executive Officer

/s/ ARVIND DHARIA

Arvind Dharia

Chief Financial Officer

36

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO RULE 13a-14(a) OR 15d-14(a) OF THE SECURITIES

EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Edward R. Rosenfeld, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 of Steven Madden, Ltd.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ EDWARD R. ROSENFELD

Edward R. Rosenfeld

Chairman and Chief Executive Officer

August 4, 2020

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO RULE 13a-14(a) OR 15d-14(a) OF THE SECURITIES

EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Arvind Dharia, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 of Steven Madden, Ltd.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ ARVIND DHARIA

Arvind Dharia

Chief Financial Officer

August 4, 2020

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 of Steven Madden, Ltd. (the “Company”), as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Edward R. Rosenfeld, Chairman and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ EDWARD R. ROSENFELD

Edward R. Rosenfeld

Chairman and Chief Executive Officer

August 4, 2020

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020 of Steven Madden, Ltd. (the “Company”), as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Arvind Dharia, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ ARVIND DHARIA

Arvind Dharia

Chief Financial Officer

August 4, 2020

XML

Cover Page - $ / shares	6 Months Ended
	Jun. 30, 2020	Jul. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Cover [Abstract]
Entity Incorporation, State or Country Code	DE
Title of 12(g) Security	Common Stock, par value $.0001 per share
Trading Symbol	SHOO
Security Exchange Name	NASDAQ
Entity Registrant Name	STEVEN MADDEN, LTD.
Entity Address, Address Line One	52-16 Barnett Avenue
Entity Address, City or Town	Long Island City
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11104
City Area Code	718
Local Phone Number	446-1800
Entity Interactive Data Current	Yes
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		83,151,403
Amendment Flag	false
Entity Central Index Key	0000913241
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	0-23702
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Common Stock, Par or Stated Value Per Share	$ 0.0001		$ 0.0001	$ 0.0001
Entity Tax Identification Number	13-3588231

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Repayment of Notes Receivable from Related Parties	$ 204	$ 204
Current assets:
Cash and cash equivalents	318,101	212,664	$ 264,101
Accounts receivable, net of allowances of $9,937, $11,066 and $12,570	20,183	21,409	38,166
Factor accounts receivable	123,496	285,227	216,471
Inventories	103,282	146,120	136,896
Marketable securities – available for sale	38,837	36,096	40,521
Prepaid expenses and other current assets	18,444	31,275	22,066
Operating Lease, Right-of-Use Asset	120,489	179,320	155,700
Prepaid taxes	13,578	8,012	658
Total current assets	635,921	740,803	718,879
Note receivable – related party	1,369	1,743	1,558
Property and equipment, net	49,594	61,654	65,504
Deposits and other	2,917	2,592	2,948
Marketable securities – available for sale	0		0
Goodwill – net	166,333	148,566	171,349
Intangibles – net	149,409	137,563	162,709
Total Assets	1,132,392	1,281,560	1,278,647
Current liabilities:
Accounts payable	42,474	107,436	61,706
Accrued expenses	113,744	129,810	169,895
Operating Lease, Liability, Current	36,890	38,652	38,624
Accrued incentive compensation	2,122	6,321	11,046
Liabilities, Current	237,892	282,219	281,271
Business Combination, Contingent Consideration, Liability, Noncurrent	1,829	0	9,124
Operating Lease, Liability, Noncurrent	114,630	154,643	133,172
Other liabilities	7,793	13,101	7,979
Liabilities	365,272	454,004	437,423
STOCKHOLDERS’ EQUITY
Common stock – $.0001 par value, 245,000 shares authorized, 133,173, 132,754 and 132,681 shares issued, 83,035, 83,520 and 84,821 shares outstanding	6	6	6
Additional paid-in capital	466,384	438,242	454,217
Retained earnings	1,263,910	1,264,631	1,310,406
Accumulated other comprehensive loss	(39,850)	(29,449)	(30,440)
Treasury stock – 50,138, 49,234 and 47,860 shares at cost	935,366	855,076	(905,688)
Stockholders' Equity Attributable to Parent	755,084	818,354	828,501
Noncontrolling interest	12,036	9,202	12,723
Total stockholders’ equity	767,120	827,556	841,224
Total Liabilities and Stockholders’ Equity	1,132,392	1,281,560	1,278,647
Line of Credit Facility, Maximum Month-end Outstanding Amount	42,662	0	0
Deferred Tax and Other Liabilities, Noncurrent	3,128	4,041	5,877
Deferred Tax Assets, Net	6,360	9,319	0
Preferred Stock [Member]
STOCKHOLDERS’ EQUITY
Preferred stock – $.0001 par value, 5,000 shares authorized; none issued; Series A Junior Participating preferred stock – $.0001 par value, 60 shares authorized; none issued	$ 0	$ 0	$ 0

XML

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Allowances for Accounts Receivable (in dollars)	$ 9,937	$ 11,066	$ 12,570
Preferred stock-issued	0	0	0
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized	245,000,000	245,000,000	245,000,000
Common stock, shares issued	133,173,000	132,754,000	132,681,000
Common stock, shares outstanding	83,035,000	83,520,000	84,821,000
Treasury stock-shares at cost	50,138,000	49,234,000	47,860,000
Preferred Class A [Member]
Preferred stock-par value	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock- shares authorized	5,000,000	5,000,000	5,000,000
Preferred Class B [Member]
Preferred stock-par value	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock- shares authorized	60,000	60,000	60,000

XML

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Total revenue	$ 142,812	$ 449,629	$ 501,980	$ 865,417
Cost of Goods and Services Sold	86,924	279,629	312,628	533,572
Gross profit	55,888	170,000	189,352	331,845
Operating expenses	79,590	121,317	229,784	238,502
Impairment of intangibles	0	4,050	(9,518)	(4,050)
(Loss)/income from operations	(23,702)	44,633	(49,950)	89,293
Interest and other income – net	357	1,262	1,403	2,454
(Loss)/income before provision for income taxes	(23,345)	45,895	(48,547)	91,747
(Benefit)/provision for income taxes (Note M)	(6,201)	9,784	(13,602)	20,371
Net (loss)/income	(17,144)	36,111	(34,945)	71,376
Less: net (loss)/income attributable to noncontrolling interest	(558)	(461)	(908)	279
Net (loss)/income attributable to Steven Madden, Ltd.	$ (16,586)	$ 36,572	$ (34,037)	$ 71,097
Basic net income per share (in dollars per share)	$ (0.21)	$ 0.46	$ (0.43)	$ 0.89
Diluted net income per share (in dollars per share)	$ (0.21)	$ 0.44	$ (0.43)	$ 0.85
Basic weighted average common shares outstanding	78,517	79,951	78,696	80,241
Effect of dilutive securities – options/restricted stock	0	3,918	0	3,823
Diluted weighted average common shares outstanding	78,517	83,869	78,696	84,064
Common Stock, Dividends, Per Share, Cash Paid	$ 0	$ 0.14	$ 0.15	$ 0.28
Revenue from Contract with Customer, Excluding Assessed Tax	$ 141,363	$ 444,974	$ 497,047	$ 855,914
Other Income	$ 1,449	$ 4,655	$ 4,933	$ 9,503

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net (loss)	$ (17,144)	$ 36,111	$ (34,945)	$ 71,376
Foreign currency translation adjustment, Pre-tax	5,770	1,362	(9,880)	3,617
Foreign currency translation adjustment, Tax	0	0	0	0
Other comprehensive income/(loss):
Foreign currency translation adjustment, After-tax	5,770	1,362	(9,880)	3,617
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax, Portion Attributable to Parent	(797)	(567)	879	(816)
Gain (loss) on cash flow hedging derivatives, Tax	240	136	(249)	196
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	(557)	(431)	630	(620)
Unrealized gain (loss) on marketable securities, Pre-tax		18		88
Unrealized gain (loss) on marketable securities, Tax	0	(4)	0	(21)
Unrealized gain (loss) on marketable securities, After-tax		14		67
Total other comprehensive (loss), Pre-tax	4,973	813	(9,001)	2,889
Total other comprehensive (loss), Tax	240	132	(249)	175
Total other comprehensive (loss), After-tax	5,213	945	(9,250)	3,064
Comprehensive (loss)	(11,931)	37,056	(44,195)	74,440
Less: net income attributable to noncontrolling interest	(558)	(461)	(908)	279
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	(740)	(536)	(748)	164
Comprehensive (loss) attributable to Steven Madden, Ltd.	$ (11,191)	$ 37,592	$ (43,447)	$ 74,276

XML

Condensed Consolidated Statement of Equity Statement $ in Thousands	USD ($) $ / shares shares
Common Stock, Shares, Outstanding | shares	85,715,000
Common stock – $.0001 par value, 245,000 shares authorized, 133,173, 132,754 and 132,681 shares issued, 83,035, 83,520 and 84,821 shares outstanding	$ 6
Additional paid-in capital	424,835
Retained earnings	1,217,521
Accumulated other comprehensive loss	$ (32,628)
Treasury Stock, Shares | shares	46,276,000
Treasury Stock, Value	$ 803,920
Noncontrolling interest	8,868
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	814,682
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax	$ (21)
Stock Repurchased During Period, Shares | shares	(1,584,000)
Payments for Repurchase of Common Stock	$ 51,156
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares	80,000
Stock Issued During Period, Value, Stock Options Exercised	$ 1,799
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | shares	610,000
Accrued interest on note receivable - related party	$ 11,608
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax	3,732
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest	(115)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	3,617
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	67
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	(620)
Dividends, Common Stock, Cash	23,987
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(1,113)
Noncontrolling Interest, Increase from Business Combination	1,283
Net Income (Loss) Attributable to Parent	71,097
Less: net income attributable to noncontrolling interest	279
Net (loss)	71,376
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	$ 196
Common Stock, Dividends, Per Share, Cash Paid | $ / shares	$ 0.28
Common Stock, Shares, Outstanding | shares	85,729,000
Common stock – $.0001 par value, 245,000 shares authorized, 133,173, 132,754 and 132,681 shares issued, 83,035, 83,520 and 84,821 shares outstanding	$ 6
Additional paid-in capital	431,228
Retained earnings	1,240,004
Accumulated other comprehensive loss	$ (30,469)
Treasury Stock, Shares | shares	46,801,000
Treasury Stock, Value	$ 821,074
Noncontrolling interest	10,851
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	830,546
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax	$ (4)
Stock Repurchased During Period, Shares | shares	(1,059,000)
Payments for Repurchase of Common Stock	$ 34,002
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares	48,000
Stock Issued During Period, Value, Stock Options Exercised	$ 1,077
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | shares	103,000
Accrued interest on note receivable - related party	$ 5,937
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax	1,437
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest	(75)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	1,362
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	14
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	(431)
Dividends, Common Stock, Cash	11,945
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(1,113)
Net Income (Loss) Attributable to Parent	36,572
Less: net income attributable to noncontrolling interest	(461)
Net (loss)	36,111
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	$ 136
Common Stock, Dividends, Per Share, Cash Paid | $ / shares	$ 0.14
Common Stock, Shares, Outstanding | shares	84,821,000
Common stock – $.0001 par value, 245,000 shares authorized, 133,173, 132,754 and 132,681 shares issued, 83,035, 83,520 and 84,821 shares outstanding	$ 6
Additional paid-in capital	438,242
Retained earnings	1,264,631
Accumulated other comprehensive loss	$ (29,449)
Treasury Stock, Shares | shares	47,860,000
Treasury Stock, Value	$ (855,076)
Noncontrolling interest	9,202
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 827,556
Common Stock, Shares, Outstanding | shares	83,520,000
Common stock – $.0001 par value, 245,000 shares authorized, 133,173, 132,754 and 132,681 shares issued, 83,035, 83,520 and 84,821 shares outstanding	$ 6
Additional paid-in capital	454,217
Retained earnings	1,310,406
Accumulated other comprehensive loss	$ (30,440)
Treasury Stock, Shares | shares	49,234,000
Treasury Stock, Value	$ 905,688
Noncontrolling interest	12,723
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	841,224
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax	$ 0
Stock Repurchased During Period, Shares | shares	(904,000)
Payments for Repurchase of Common Stock	$ 29,678
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares	52,000
Stock Issued During Period, Value, Stock Options Exercised	$ 960
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | shares	367,000
Accrued interest on note receivable - related party	$ 11,207
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax	(10,040)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest	160
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(9,880)
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	630
Dividends, Common Stock, Cash	12,459
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	0
Noncontrolling Interest, Increase from Business Combination	359
Net Income (Loss) Attributable to Parent	(34,037)
Less: net income attributable to noncontrolling interest	(908)
Net (loss)	(34,945)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	$ (249)
Common Stock, Dividends, Per Share, Cash Paid | $ / shares	$ 0.15
Common Stock, Shares, Outstanding | shares	83,046,000
Common stock – $.0001 par value, 245,000 shares authorized, 133,173, 132,754 and 132,681 shares issued, 83,035, 83,520 and 84,821 shares outstanding	$ 6
Additional paid-in capital	460,777
Retained earnings	1,280,496
Accumulated other comprehensive loss	$ (45,245)
Treasury Stock, Shares | shares	50,113,000
Treasury Stock, Value	$ 934,827
Noncontrolling interest	12,417
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	773,624
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax	$ 0
Stock Repurchased During Period, Shares | shares	(25,000)
Payments for Repurchase of Common Stock	$ 539
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares	4,000
Stock Issued During Period, Value, Stock Options Exercised	$ 86
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | shares	10,000
Accrued interest on note receivable - related party	$ 5,521
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax	5,952
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest	(182)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	5,770
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	(557)
Noncontrolling Interest, Increase from Business Combination	359
Net Income (Loss) Attributable to Parent	(16,586)
Less: net income attributable to noncontrolling interest	(558)
Net (loss)	(17,144)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	$ 240
Common Stock, Dividends, Per Share, Cash Paid | $ / shares	$ 0
Common Stock, Shares, Outstanding | shares	83,035,000
Common stock – $.0001 par value, 245,000 shares authorized, 133,173, 132,754 and 132,681 shares issued, 83,035, 83,520 and 84,821 shares outstanding	$ 6
Additional paid-in capital	466,384
Retained earnings	1,263,910
Accumulated other comprehensive loss	$ (39,850)
Treasury Stock, Shares | shares	50,138,000
Treasury Stock, Value	$ (935,366)
Noncontrolling interest	12,036
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	767,120
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value	$ (298)

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net (loss)	$ (34,945)	$ 71,376
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Tax benefit from stock-based compensation	9,244	10,763
Depreciation and amortization	305	737
Loss on disposal of fixed assets	9,518	4,050
Impairment of intangibles	(9,109)	2
Deferred taxes	(16)	(21)
Accrued interest on note receivable - related party	11,207	11,608
Marketable Securities, Realized Gain (Loss)	0	(5)
Changes, net of acquisitions, in:
Accounts receivable	17,984	3,909
Factor accounts receivable	92,975	(43,832)
Notes receivable - related party	33,614	(8,873)
Repayment of Notes Receivable from Related Parties	204	204
Inventories	(9,247)	(7,849)
Prepaid expenses, prepaid taxes, deposits and other	(76,183)	26,232
Increase (Decrease) in Employee Related Liabilities	(8,812)	(4,974)
Increase (Decrease) in Other Accrued Liabilities	(4,259)	(1,449)
Net cash provided by operating activities	57,867	59,761
Net benefit in connection with reversal of contingent liability partially offset by acceleration of amortization related to Kate Spade license termination	0	(1,868)
Provision for Doubtful Accounts	0	(259)
Cash flows from investing activities:
Capital expenditures	(4,320)	(6,214)
Purchases of marketable securities	(25,818)	(37,426)
Repayment of notes receivable	25,656	69,488
Net cash (used in)/provided by investing activities	(4,482)	25,848
Cash flows from financing activities:
Proceeds from exercise of stock options	(29,678)	(51,156)
Payments of Dividends	(12,459)	(23,987)
Tax benefit from the exercise of options	960	1,799
Net cash provided by/(used in) financing activities	1,844	(73,174)
Effect of Exchange Rate on Cash and Cash Equivalents	(1,229)	198
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	359	1,283
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	0	(1,113)
Net increase in cash and cash equivalents	54,000	12,633
Cash and cash equivalents – beginning of period	264,101	200,031
Cash and cash equivalents – end of period	318,101	212,664
Tangible Asset Impairment Charges	12,012	0
Line of Credit Facility, Maximum Month-end Outstanding Amount	42,662	0
Repayments of Lines of Credit	(134,122)	0
Line of Credit Assumed	176,784	0
Operating Lease, Impairment Loss	17,986	0
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 4,611	$ 0

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Basis of Reporting

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Basis of Reporting

Note A – Basis of Reporting

The accompanying unaudited condensed consolidated financial statements of Steven Madden, Ltd. and subsidiaries (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) that are considered necessary for a fair presentation of the financial position of the Company and the results of its operations and cash flows for the periods presented. Certain reclassifications were made to prior years' presentation to conform to the 2020 presentation. The results of operations for the three and six-month periods ended June 30, 2020 are not necessarily indicative of the operating results for the full year. These financial statements should be read in conjunction with the financial statements and related disclosures for the year ended December 31, 2019 included in the Annual Report of Steven Madden, Ltd. on Form 10-K filed with the SEC on March 2, 2020.

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Acquisitions

6 Months Ended

Jun. 30, 2020

Acquisitions [Abstract]

Acqusitions

– Acquisitions

GREATS Brand, Inc.

On August 9, 2019, the Company acquired 90% of the outstanding common stock of GREATS Brand, Inc., owner of GREATS, a pioneering digitally native sneaker brand, for an initial payment of $12,829 and a future contingent payment of $5,000 based on the GREATS brand achieving certain EBITA targets (See Note H - Fair Value Measurements). The amount of future payments will be determined by GREATS' future performance with no minimum future payment. After the effect of closing adjustments, the purchase price was $14,209, net of cash acquired of approximately $290. The acquisition was funded by cash on hand and adds a new footwear brand with added growth potential to the Company.

The results of the GREATS brand have been included in the consolidated financial statements since the date of acquisition within the Retail and Wholesale footwear segments.

The following table summarizes the adjusted fair value of the assets acquired and liabilities assumed in the acquisition:

Cash	$	290
Accounts receivable	41
Inventory	1,387
Prepaid and other assets	6,447
Fixed assets	200
Trademark (1)	13,086
Customer relationships (2)	1,140
Accounts payable	(1,963)
Accrued expenses	(1,055)
Deferred tax liabilities long-term	(3,463)
Noncontrolling interest	(1,611)
Total fair value of assets acquired	$	14,499
(1) Trademark is indefinitely lived.
(2) Customer relationships will be amortized over 20 years.

B.B. Dakota, Inc.

On August 12, 2019, the Company acquired 100% of the outstanding common stock of B.B Dakota, Inc., owner of BB Dakota, a contemporary women's apparel company, for an initial payment of $24,568 and a future contingent payment on the BB Dakota brand achieving certain EBITDA targets (See Note H - Fair Value Measurements). In connection therewith, the Company recorded a long-term liability of $4,770 as of the date of acquisition to reflect estimated fair value of the contingent purchase price. The amount of future payments will be determined by BB Dakota's future performance with no minimum future payment. After the effect of closing adjustments, the purchase price was $29,404, net of cash acquired of approximately $353 and a post-closing capital adjustment of $419. The acquisition was funded by cash on hand and adds new apparel brands with added growth potential to the Company.

The results of the BB Dakota brand have been included in the consolidated financial statements since the date of acquisition within the Wholesale Accessories/Apparel and Retail segments.

The following table summarizes the fair value of the assets acquired and liabilities assumed as of the August 12, 2019 acquisition date:

Cash	$	353
Accounts receivable	4,419
Inventory	6,696
Prepaid and other assets	855
Fixed assets	382
Trademark (1)	9,670
Customer relationships (2)	2,530
Accounts payable	(2,885)
Accrued expenses	(2,893)
Deferred tax liabilities long-term	(2,735)
Total fair value excluding goodwill	16,392
Goodwill	13,365
Net assets acquired	$	29,757
(1) Trademark is indefinitely lived.
(2) Customer relationships will be amortized over 10 years.

The acquisitions were accounted for in accordance with FASB Topic ASC 805 ("Business Combinations"), which requires that the total cost of an acquisition be allocated to tangible and intangible assets acquired and liabilities assumed based upon their respective fair values at the date of acquisition.

The Company recorded goodwill for the BB Dakota acquisition based on the amount by which the purchase price exceeded the fair value of the net assets acquired, which consists largely of the synergies expected from the acquisition.

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Use of Estimates

6 Months Ended

Jun. 30, 2020

Use of Estimates [Abstract]

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Significant areas involving management estimates include variable consideration included in revenue, allowances for bad debts, inventory valuation, valuation of intangible assets, impairment of long-lived assets, litigation reserves and contingent payment liabilities. The Company estimates variable consideration for future customer chargebacks and markdown allowances, discounts, returns and other miscellaneous compliance-related deductions that relate to the current period sales. The Company evaluates anticipated chargebacks by reviewing several performance indicators of its major customers. These performance indicators, which include retailers’ inventory levels, sell-through rates and gross margin levels, are analyzed by management to estimate the amount of the anticipated customer allowance. While the full impact of the COVID-19 pandemic is unknown and cannot be reasonably estimated, the Company has made accounting estimates based on the facts and circumstances available as of the reporting date. Actual amounts could differ from these estimates, and such differences could be material.

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Factor Receivable

6 Months Ended

Jun. 30, 2020

Due To and From Factor [Abstract]

Due To And From Factor

Factor ReceivableDuring the six-month period ending June 30, 2020, the Company had a collection agency agreement with Rosenthal & Rosenthal, Inc. (“Rosenthal”). Under the agreement, the Company had the right to request advances from Rosenthal of up to the lower of 85% of aggregate receivables submitted to Rosenthal or a $50,000 credit facility with a $15,000 sub-limit for letters of credit. Advances under the agreement bore interest at a rate based, at the Company’s election, upon a calculation that utilizes either the prime rate minus 0.5% or LIBOR plus 2.5%. As of June 30, 2020, $42,662 was outstanding under the credit facility and recorded as advances from factor on the Company's Condensed Consolidated Balance Sheets. As of December 31,

2019, and June 30, 2019 no borrowings were outstanding under the credit facility. As of June 30, 2020 and 2019, as well as December 31, 2019, there were no open letters of credit. The Company also paid Rosenthal a fee based on a percentage of the gross invoice amount submitted to Rosenthal. With respect to receivables related to the Company's private label business, the fee was 0.14% of the gross invoice amount. With respect to all other receivables, the fee was 0.20% of the gross invoice amount. Rosenthal assumed the credit risk on a substantial portion of the receivables that the Company submits to it and, to the extent of any loans made to the Company, Rosenthal maintains a lien on the Company’s receivables to secure the Company’s obligations.

On July 22, 2020, the Company and Rosenthal entered into an Amended and Restated Deferred Purchase Factoring Agreement, which amended, restated, replaced, and superseded the Rosenthal agreement. At that time, all advances from Rosenthal were repaid. See Note T - Subsequent Events for further information regarding the Amended and Restated Deferred Purchase Factoring Agreement.

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Marketable Securities

6 Months Ended

Jun. 30, 2020

Marketable Securities [Abstract]

Marketable Securities

Marketable Securities

In the period ended June 30, 2019, the Company held corporate bonds with maturities greater than three months at the time of purchase. These securities, which are classified as available-for-sale, are carried at fair value, with unrealized gains and losses, net of any tax effect, reported in stockholders’ equity as accumulated other comprehensive income/(loss). Amortization of premiums and discounts is included in interest income. As of June 30, 2020, all bonds previously held by the Company reached maturity. For the three and six months ended June 30, 2020 and 2019, the amortization of bond premiums totaled $0 and $0 compared to $88 and $218, respectively. The value of corporate bonds may fluctuate as a result of changes in market interest rates and credit risk.

As of June 30, 2020 and December 31, 2019, marketable securities consisted of certificates of deposit. These securities are classified as current based upon their maturities.

The schedule of maturities at June 30, 2020 and December 31, 2019 is as follows:

	Maturities as of June 30, 2020				Maturities as of December 31, 2019
	1 Year or Less		1 to 4 Years		1 Year or Less		1 to 4 Years
Certificates of deposit	$	38,837	$	—	$	40,521	$	—
Total	$	38,837	$	—	$	40,521	$	—

For the three and six months ended June 30, 2020, losses of $0 and $0 were reclassified from accumulated other comprehensive income and recognized in the Condensed Consolidated Statements of (Loss)/Income in interest and other income compared to losses of $5 and $5 for the comparable periods in 2019. As of June 30, 2020, there were no unrealized gains or losses, as all bonds previously held by the Company reached maturity. For the comparable period in 2019, current marketable securities included immaterial unrealized losses and no non-current marketable securities were held by the Company.

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Fair Value Measurement

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair Value Measurement

The accounting guidance under Accounting Standards Codification 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”) requires the Company to make disclosures about the fair value of certain of its assets and liabilities. ASC 820-10 clarifies the principle that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. ASC 820-10 utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. A brief description of those three levels is as follows:

•Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.

•Level 3: Significant unobservable inputs.

The Company’s financial assets and liabilities subject to fair value measurements as of June 30, 2020 and December 31, 2019 are as follows:

			June 30, 2020
			Fair Value Measurements
	Fair value		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	192,945	$	192,945	$	—	$	—
Current marketable securities	38,837		38,837		—		—
Forward contracts	565		—		565		—
Total assets	$	232,347	$	231,782	$	565	$	—
Liabilities:
Contingent consideration	$	1,829	$	—	$	—	$	1,829
Total liabilities	$	1,829	$	—	$	—	$	1,829

			December 31, 2019
			Fair Value Measurements
	Fair value		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	107,535	$	107,535	$	—	$	—
Current marketable securities	40,521		40,521		—		—
Total assets	$	148,056	$	148,056	$	—	$	—
Liabilities:
Contingent consideration	$	9,124	$	—	$	—	$	9,124
Forward contracts	495		—		495		—
Total liabilities	$	9,619	$	—	$	495	$	9,124

Forward contracts are entered into to manage the risk associated with the volatility of future cash flows (see Note P - Derivative Instruments). Fair value of these instruments is based on observable market transactions of spot and forward rates.

The Company's level 3 balance consists of contingent consideration related to acquisitions. The changes in the Company's level 3 liabilities for the periods ended June 30, 2020 and December 31, 2019 are as follows:

	Balance at January 1,		Payments	Acquisitions	Adjustments (1)	Balance at June 30,
2020
Liabilities:
Contingent consideration	$	9,124	—	—	(7,295)	$	1,829
	Balance at January 1,		Payments	Acquisitions	Adjustments (2)	Balance at December 31,
2019
Liabilities:
Contingent consideration	$	3,000	—	9,124	(3,000)	$	9,124

(1) Amount consists of adjustments of $3,930 and $3,365 to the preliminary purchase accounting of B.B. Dakota, Inc. and GREATS Brand, Inc, respectively. The adjustment of $3,930 was a benefit to operating expenses, related to the change in valuation of the contingent consideration in connection with acquisition of B.B. Dakota, Inc. The adjustment of $3,365, comprises an adjustment of $2,684 to the preliminary fair value, recorded during the first quarter 2020 and a benefit of $681 to operating expenses related to the change in valuation of the contingent consideration in connection with the acquisition of GREATS Brand, Inc., recorded during the second quarter of 2020.

(2) Amount was a benefit of $3,000 to operating expenses related to the Schwartz and Benjamin acquisition.

At June 30, 2020, the liability for potential contingent consideration was $989 in connection with the August 9, 2019 acquisition of GREATS Brand, Inc. Pursuant to the terms of an earn-out provision contained in the equity purchase agreement, between the Company and the sellers of GREATS Brand, Inc., earn-out payments are based on EBITA performance. The fair value of the contingent payments was estimated using the present value of the payments based on management’s projections of the financial results of GREATS Brand, Inc. during the earn-out period, utilizing a discount rate of 11.3%.

At June 30, 2020, the liability for potential contingent consideration was $840 in connection with the August 12, 2019 acquisition of B.B. Dakota, Inc. Pursuant to the terms of an earn-out provision contained in the equity purchase agreement, between the Company and the sellers of B.B. Dakota, Inc., earn-out payments are based on EBITDA performance. The fair value of the contingent payments was estimated using the present value of the payments based on management’s projections of the financial results of B.B. Dakota, Inc. during the earn-out period, utilizing a discount rate of 11.8%.

The Company recorded a liability for potential contingent consideration in connection with the January 30, 2017 acquisition of Schwartz & Benjamin. The fair value of the contingent payments was estimated using the present value of the payments based on management’s projections of the financial results of Schwartz & Benjamin during the earn-out period. An earn-out payment in the aggregate amount of $7,000 was paid to the sellers of Schwartz & Benjamin in the first quarter of 2018, leaving a remaining balance of $3,000 at December 31, 2018. In the first quarter of 2019, the Company reversed the $3,000 balance, because it did not have to be paid due to the termination of the Kate Spade license agreement held by Schwartz & Benjamin as of December 31, 2019.

The fair value of trademarks is measured on a non-recurring basis using Level 3 inputs, including forecasted cash flows, discount rates and implied royalty rates. During the first quarter, Cejon, GREATS and Jocelyn trademarks with an aggregate carrying amount of $40,598 were written down to their fair values of $31,080, resulting in a pre-tax impairment charge of $9,518. Of the $9,518 impairment charge, $9,062 and $456 were recorded in impairment of intangibles in the Wholesale Accessories/apparel and Retail segments, respectively.

The fair values of right-of-use lease assets and fixed assets related to Company-owned retail stores were determined using Level 3 inputs, including estimated discounted future cash flows associated with the assets using sales trends and market participant assumptions. During the first quarter, certain right-of-use lease assets with a carrying amount of $60,661 and certain property, plant and equipment with a carrying amount of $12,292 related to retail store fixed assets were written down to a fair value of $43,835 and $297, respectively, resulting in impairment charges of $28,821. During the second quarter, the Company

recorded an additional impairment charge of $1,161. The impairment charges were recorded in operating expenses in the Retail segment.

The carrying value of certain financial instruments such as cash equivalents, certificate of deposits, accounts receivable, factor accounts receivable and accounts payable approximates their fair values due to the short-term nature of their underlying terms. The fair values of investments in marketable securities available for sale (corporate bonds) are determined by reference to publicly quoted prices in an active market. Fair value of the notes receivable held by the Company approximates their carrying value based upon their imputed or actual interest rate, which approximates applicable current market interest rates. Some assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. These assets can include long-lived assets that have been reduced to fair value when impaired. Assets that are written down to fair value when impaired are not subsequently adjusted to fair value unless further impairment occurs.

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Leases (Notes)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Lessee, Operating Leases [Text Block]

– Leases

During the first quarter 2019, the Company adopted ASU No. 2016-02, “Leases (Topic 842),” which requires leases with durations greater than twelve months to be recognized on the balance sheet. The Company adopted the standard using the modified retrospective approach with an effective date as of January 1, 2019. Upon adoption, the Company recorded $194,100 for right-of-use asset and $209,000 for lease liabilities.

The Company elected the package of three practical expedients. As such, the Company did not reassess whether expired or existing contracts are or contain a lease and did not need to reassess the lease classifications or reassess the initial direct costs associated with expired or existing leases. The Company did not elect the hindsight practical expedient and the land easement practical expedient, neither of which are applicable to the Company. In addition, the Company has elected to take the practical expedient to not separate lease and non-lease components for all asset classes.

The Company leases office space, sample production space, warehouses, showrooms, storage and retail stores under operating leases. The Company’s portfolio of leases is primarily related to real estate and since most of its leases do not provide a readily determinable implicit rate, the Company estimated its incremental borrowing rate to discount the lease payments based on information available at lease commencement.

Lease Position

The table below presents the lease-related assets and liabilities recorded on the balance sheet as of June 30, 2020 and December 31, 2019:

	Classification on the Balance Sheet	June 30, 2020			December 31, 2019
Assets
Noncurrent (1) (2)	Operating lease right-of-use asset	$	120,489		$	155,700
Liabilities
Current	Operating leases - current portion	$	36,890		$	38,624
Noncurrent	Operating leases - long-term portion	114,630			133,172
Total operating lease liabilities		$	151,520		$	171,796
Weighted-average remaining lease term		5.2 years			5.5 years
Weighted-average discount rate		4.4		%	4.4		%

(1) During the first quarter of 2020, the Company recorded a pre-tax impairment charge related to the right-of-use assets of $16,826 and during the second quarter of 2020, the Company recorded a pre-tax impairment charge related to the right-of-use assets of $1,161.

(2) During the third quarter of 2019, the Company recorded a pre-tax impairment charge related to the right-of-use assets of $1,883.

Lease Costs

 The table below presents certain information related to lease costs during the three and six months ended June 30, 2020 and 2019:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Operating lease cost	$	9,033	$	11,544	$	20,416	$	22,901
Short-term lease cost	106		9		119		16
Less: sublease income	201		147		402		277
Total lease cost	$	8,938	$	11,406	$	20,133	$	22,640

Other Information

The table below presents supplemental cash flow information related to leases as of the six months ended June 30, 2020 and 2019:

	Six Months Ended June 30,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	21,772	$	22,963

Undiscounted Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the balance sheet as of June 30, 2020:

2020 (remaining six months)	$	22,602
2021	39,925
2022	30,983
2023	22,067
2024	18,381
Thereafter	35,789
Total minimum lease payments	169,747
Less: interest	18,227
Present value of lease liabilities	$	151,520

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Share Repurchase Program

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Share Repurchase Program [Text Block]

Share Repurchase Program

The Company's Board of Directors authorized a share repurchase program (the “Share Repurchase Program”), effective as of January 1, 2004. The Share Repurchase Program does not have a fixed expiration or termination date and may be modified or terminated by the Board of Directors at any time. On several occasions, the Board of Directors has increased the amount authorized for repurchase of the Company's common stock. Most recently, on April 24, 2019, the Board of Directors approved the extension of the Company's Share Repurchase Program for up to $200,000 in repurchases of the Company's common stock, which includes the amount remaining under the prior authorization. The Share Repurchase Program permits the Company to effect repurchases from time to time through a combination of open market repurchases or in privately negotiated transactions at such prices and times as are determined to be in the best interest of the Company. In the middle of March 2020, in response to the COVID-19 pandemic, as a precautionary measure the Company temporarily suspended the repurchase of the Company's common stock. During the six months ended June 30, 2020, an aggregate of 769,526 shares of the Company's common stock were repurchased under the Share Repurchase Program, at a weighted average price per share of $32.97, for an aggregate purchase price of approximately $25,370, which includes the amount remaining under the prior authorization. As of June 30, 2020, approximately $111,590 remained available for future repurchases under the Share Repurchase Program.     

The Steven Madden, Ltd. 2019 Incentive Compensation Plan provides the Company with the right to deduct or withhold, or require employees to remit to the Company, an amount sufficient to satisfy any applicable tax withholding obligations applicable to stock-based compensation awards. To the extent permitted, employees may elect to satisfy all or part of such withholding obligations by tendering to the Company previously owned shares or by having the Company withhold shares having a fair market value equal to the employee's withholding tax obligation. During the six months ended June 30, 2020, an aggregate of 134,308 shares were withheld in connection with the settlement of vested restricted stock to satisfy tax-withholding requirements, at an average price per share of $32.08, for an aggregate purchase price of approximately $4,308.

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Net Income Per Share of Common Stock

6 Months Ended

Jun. 30, 2020

Net Income Per Share of Common Stock [Abstract]

Net Income Per Share of Common Stock

Note L – Net (Loss)/Income Per Share of Common Stock

Basic net (loss)/income per share is based on the weighted average number of shares of common stock outstanding during the period, which does not include unvested restricted common stock subject to forfeiture of 4,483,000 shares for the period ended June 30, 2020, compared to 5,464,000 shares for the period ended June 30, 2019. Diluted net income per share reflects: (a) the potential dilution assuming shares of common stock were issued upon the exercise of outstanding in-the-money options and the proceeds thereof were used to purchase shares of the Company’s common stock at the average market price during the period, and (b) the vesting of granted non-vested restricted stock awards for which the assumed proceeds upon vesting are deemed to be the amount of compensation cost not yet recognized attributable to future services using the treasury stock method, to the extent dilutive. The three and six months ended June 30, 2020 resulted in a net loss; therefore, there was no difference in the weighted average number of common shares for basic and diluted loss per share as the effect of all potentially dilutive shares outstanding was anti-dilutive. For the three and six months ended June 30, 2020, options to purchase approximately 8,000 and 180,000 shares of common stock, respectively, have been excluded from the calculation of diluted net (loss) per share as compared to approximately 48,000 and 56,000 shares that were excluded from the calculation of diluted net income per share for the three and six months ended June 30, 2019, as the result would have been anti-dilutive. For the three and six months ended June 30, 2020, 2,477,000 and 2,532,000 restricted shares, respectively, were excluded from the calculation of diluted net (loss) per share, as the result would have been anti-dilutive. At June 30, 2019, all unvested restricted stock awards were dilutive.

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Income Taxes (Notes)

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Note M – Income Taxes

The Company’s provision for income taxes for the three and six months ended June 30, 2020 and 2019 is based on the estimated annual effective tax rate, plus or minus discrete items.

The Company’s provision for income taxes and effective tax rates for the three and six months ended June 30, 2020 and 2019 is presented in the following table:

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
(Loss)/income before provision for income taxes	$	(23,345)		$	45,895		$	(48,547)		$	91,747
Income tax (benefit)/expense	$	(6,201)		$	9,784		$	(13,602)		$	20,371
Effective tax rate	26.6		%	21.3		%	28.0		%	22.2		%

The difference between the Company’s effective tax rates for the three and six months ended June 30, 2020 and 2019 is primarily due to the tax benefit from the 2020 pre-tax loss in jurisdictions with higher tax rates, the tax benefit of the change in valuation of contingent considerations, and a partially offsetting increase in Global Intangible Low Taxed Income.

The Company recognizes interest and penalties, if any, related to uncertain income tax positions in income tax expense. Accrued interest and penalties on unrecognized tax benefits, and interest and penalty expense are immaterial to the consolidated financial statements. The unrecognized tax benefits have not changed for the six months ended June 30, 2020 from the prior period.

The Company files income tax returns in the U.S. for federal, state, and local purposes, and in certain foreign jurisdictions. The Company's tax years 2017 through 2019 remain open to examination by most taxing authorities. During 2017, the U.S. Internal Revenue Service ("IRS") completed its audit of the Company's 2014 U.S. income tax return.

In response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law on March 27, 2020, which includes significant corporate income tax and payroll tax provisions aimed at providing economic relief. The Company expects to receive favorable cash flow benefits related to the employee retention credit, employer payroll tax deferral, and accelerated depreciation related to qualified improvement property. The Company will continue to assess the impact of the CARES Act and other COVID-19 related incentives.

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Stock-Based Compensation

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Equity-Based Compensation

In February 2019, the Company's Board of Directors approved the Steven Madden, Ltd. 2019 Incentive Compensation Plan (the “2019 Plan”), under which non-qualified stock options, stock appreciation rights, performance shares, restricted stock, other stock-based awards and performance-based cash awards may be granted to employees, consultants and non-employee directors. The 2019 Plan is the successor to the Company's Amended and Restated 2006 Stock Incentive Plan, as amended (the "2006 Plan"), the term of which expired on April 6, 2019. The Company's stockholders approved the 2019 Plan at the Company's annual meeting of stockholders held on May 24, 2019.

The following table summarizes the number of shares of common stock authorized for issuance under the 2019 Plan, the number of stock-based awards granted (net of expired or cancelled awards) under the 2019 Plan and the number of shares of common stock available for the grant of stock-based awards under the 2019 Plan:

Common stock authorized	11,000,000
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled awards	(1,956,852)
Common stock available for grant of stock-based awards as of June 30, 2020	9,043,148

Total equity-based compensation for the three and six months ended June 30, 2020 and 2019 is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Restricted stock	$	4,627	$	4,938	$	9,491	$	9,555
Stock options	894		999		1,716		2,053
Total	$	5,521	$	5,937	$	11,207	$	11,608

Equity-based compensation is included in operating expenses on the Company’s Condensed Consolidated Statements of Income.

Stock Options

Cash proceeds and intrinsic values related to total stock options exercised during the three and six months ended June 30, 2020 and 2019 are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Proceeds from stock options exercised	$	86	$	1,077	$	960	$	1,799
Intrinsic value of stock options exercised	$	21	$	513	$	758	$	842

During the three and six months ended June 30, 2020, options to purchase approximately 121,683 shares of common stock with a weighted average exercise price of $30.42 and options to purchase approximately 510,162 shares of common stock with a weighted average exercise price of $27.09 vested, respectively. During the three and six months ended June 30, 2019, options to purchase approximately 77,075 shares of common stock with a weighted average exercise price of $33.77 and options to purchase approximately 480,762 shares of common stock with a weighted average exercise price of $27.68 vested, respectively. As of June 30, 2020, there were unvested options relating to 870,188 shares of common stock outstanding with a total of $5,625 of unrecognized compensation cost and an average vesting period of 1.6 years.

The Company uses the Black-Scholes-Merton option-pricing model to estimate the fair value of options granted, which requires several assumptions. The expected term of the options represents the estimated period of time until exercise and is based on the historical experience of similar awards. Expected volatility is based on the historical volatility of the Company’s common stock. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. The dividend yield is based on the Company's annualized dividend per share amount divided by the Company's stock price. The following weighted average assumptions were used for stock options granted during the six months ended June 30, 2020 and 2019:

	2020	2019
Volatility	33.9% to 50.0%	32.0% to 33.4%
Risk free interest rate	0.2% to 1.6%	2.3% to 2.5%
Expected life in years	3.0 to 5.0	3.0 to 5.0
Dividend yield	1.3%	1.7%
Weighted average fair value	$10.16	$8.31

Activity relating to stock options granted under the Company’s plans during the six months ended June 30, 2020 is as follows:

	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2020	2,802,000	$	26.85
Granted	499,000	34.61
Exercised	(52,000)	20.58
Forfeited	(317,000)	38.94
Outstanding at June 30, 2020	2,932,000	$	26.97	3.7 years	$	686
Exercisable at June 30, 2020	2,062,000	$	27.21	3.6 years	$	620

Restricted Stock

The following table summarizes restricted stock activity during the six months ended June 30, 2020 and 2019:

	2020			2019
	Number of Shares	Weighted Average Fair Value at Grant Date		Number of Shares	Weighted Average Fair Value at Grant Date
Outstanding at January 1,	4,427,000	$	19.84	5,135,000	$	18.42
Granted	402,000	33.63		625,000	32.56
Vested	(311,000)	27.72		(281,000)	26.03
Forfeited	(35,000)	26.40		(15,000)	26.86
Outstanding at June 30,	4,483,000	$	20.48	5,464,000	$	19.60

As of June 30, 2020, the Company had $57,085 of total unrecognized compensation cost related to restricted stock awards granted under the 2019 Plan and the 2006 Plan. This cost is expected to be recognized over a weighted average period of 3.8 years. The Company determines the fair value of its restricted stock awards based on the market price of its common stock on the date of grant.

On June 30, 2020, pursuant to his employment agreement with the Company, Mr. Madden was granted an option to purchase 225,000 shares of the Company's common stock at an exercise price of $24.83 per share, which option will vest in four equal installments commencing on September 30, 2020 and ending on June 30, 2021. As of June 30, 2020, the Company's founder and Creative and Design Chief, Mr. Madden, had unvested options to purchase 675,000 shares of the Company's common stock and 3,347,390 restricted shares of the Company's common stock.

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Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

The following is a summary of the carrying amount of goodwill by reporting unit as of June 30, 2020:

	Wholesale						Net Carrying  Amount
	Footwear		Accessories/ Apparel		Retail
Balance at January 1, 2020	$	91,572	$	62,688	$	17,089	$	171,349
Purchase accounting adjustment	—		—		(2,591)		(2,591)
Translation and other	(1,373)		—		(1,052)		(2,425)
Balance at June 30, 2020	$	90,199	$	62,688	$	13,446	$	166,333

The following table details identifiable intangible assets as of June 30, 2020:

	Estimated Lives	Cost Basis		Accumulated Amortization (1)		Impairment (2)		Net Carrying Amount
Trade names	6–10 years	$	8,770	$	8,770	$	—	$	—
Customer relationships	10–20 years	38,980		21,206		—		17,774
		47,750		29,976		—		17,774
Re-acquired right	indefinite	35,200		9,583		—		25,617
Trademarks	indefinite	115,481		(55)		9,518		106,018
		$	198,431	$	39,504	$	9,518	$	149,409

(1) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar.

(2) Impairment charges of $8,615, $456 and $447 were recorded in the first quarter of 2020 related to the Company's Cejon, GREATS and Jocelyn trademarks, respectively. As a result of the COVID-19 pandemic and decline in the macroeconomic environment, the Company performed an interim impairment analysis as of March 31, 2020 that resulted in $9,518 of impairment charges.

The Company evaluates its goodwill and intangible assets for indicators of impairment at least annually in the third quarter of each year or whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Given the substantial reduction in sales, EBITDA and the reduced cash flow projections as a result of the COVID-19 pandemic, the Company determined that impairment indicators were present and that an impairment assessment was warranted for goodwill and indefinite-lived intangible assets. As a result, the Company performed an interim assessment of goodwill, assigned to its reporting units using a quantitative approach as of March 31, 2020 and an interim assessment of indefinite-lived intangible assets using a quantitative approach as of March 31, 2020. In conducting the interim goodwill assessment, the estimated fair values of the Company's reporting units were determined using discounted cash flows and market comparisons. Based on the results of the impairment assessment, the Company concluded that the fair values of its reporting units significantly exceeded their respective carrying values and therefore no goodwill impairment charges were recorded. In evaluating indefinite-lived intangible assets, estimated fair values were determined using discounted cash flows and supported comparable royalty rates. Based on the results of the quantitative impairment assessment, the Company concluded that the fair values of certain trademarks were below their respective carrying values, which resulted in $9,518 of impairment charges.

The amortization of intangible assets amounted to $895 and $1,786 for the three and six months ended June 30, 2020, respectively, compared to $1,333 and $2,667 for the three and six months ended June 30, 2019 and is included in operating expenses in the Company's Condensed Consolidated Statements of (Loss)/Income. The estimated future amortization expense for intangibles as of June 30, 2020 is as follows:

2020 (remaining six months)	$	1,378
2021	2,168
2022	1,747
2023	1,747
2024	1,747
Thereafter	8,987
Total	$	17,774

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Derivative Instruments	6 Months Ended
	Jun. 30, 2020
Derivative Instruments Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	Derivative InstrumentsThe Company uses derivative instruments, specifically, forward foreign exchange contracts, to manage the risk associated with the volatility of future cash flows. The foreign exchange contracts are used to mitigate the impact of exchange rate fluctuations on certain forecasted purchases of inventory and are designated as cash flow hedging instruments. As of June 30, 2020, the fair value of the Company's foreign currency derivatives, which is included on the Condensed Consolidated Balance Sheets in other assets, was $565. As of June 30, 2020, $388 of gains related to cash flow hedges are recorded in accumulated other comprehensive income, before tax, and are expected to be recognized in earnings at the same time the hedged items affect earnings. As of June 30, 2019, $98 of losses related to cash flow hedges were recorded in accumulated other comprehensive loss, before tax. For the three months ended June 30, 2020, the Company's hedging activities were considered effective and, thus, no ineffectiveness from hedging activities was recognized in the Condensed Consolidated Statements of (Loss)/Income. For the six months ended June 30, 2020, the Company's hedging activities were considered ineffective due to COVID-19, and, thus, gains of $176 related to ineffectiveness from hedging activities were recognized in the Condensed Consolidated Statements of (Loss)/Income during the first quarter of 2020. For the three and six months ended June 30, 2020, gains of $30 and $30 were reclassified from accumulated other comprehensive income and recognized in the income statement in cost of sales as compared to losses of $8 and $8 for the three and six months ended June 30, 2019.

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Commitments, Contingencies and Other

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Other

Commitments, Contingencies and Other

Future Minimum Royalty and Advertising Payments:

The Company has minimum commitments related to the Company’s license agreements. The Company sources, distributes, advertises and sells pursuant to its license agreements with unaffiliated licensors. Royalty amounts under the license agreements are generally based on a stipulated percentage of sales, although most of these agreements contain provisions for the payment of minimum annual royalty amounts. The license agreements have various terms and some have additional renewal options, provided that minimum sales levels and certain other conditions are achieved. As of June 30, 2020 the Company had future minimum royalty and advertising payments of $26,401.

Legal Proceedings:

The Company has been named as a defendant in certain lawsuits in the normal course of business. In the opinion of management, after consulting with legal counsel, the liabilities, if any, resulting from these matters should not have a material effect on the Company's financial position or results of operations. It is the policy of management to disclose the amount or range of reasonably possible losses in excess of recorded amounts or cash flows.

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Operating Segment Information

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Operating Segment Information

Operating Segment InformationThe Company operates the following business segments: Wholesale Footwear, Wholesale Accessories/Apparel, Retail, First Cost and Licensing. The Wholesale Footwear segment, through sales to department stores, mid-tier retailers, mass market merchants, online retailers and specialty stores, derives revenue, both domestically and internationally, from sales of branded and private label women’s, men’s, girls’ and children’s footwear. The Wholesale Accessories/Apparel segment, which includes branded and private label handbags, apparel, belts and small leather goods as well as cold weather and selected other fashion accessories, derives revenue, both domestically and internationally, from sales to department stores, mid-tier retailers, mass market merchants, online retailers and specialty stores. Our Wholesale Footwear and Wholesale Accessories/Apparel segments, derives revenue from certain territories within Asia, Europe, North America (excluding the United States) and Africa and, under special distribution arrangements, in various other territories within Australia, the Middle East, India, South and Central America and New Zealand and pursuant to a partnership agreement in Singapore. The Retail segment, through the operation of Company-owned retail stores in the United States, Canada and Mexico, our joint ventures in South Africa, China, Taiwan and Israel and the Company’s websites, derives revenue from sales of branded women’s, men’s and children’s footwear, accessories, apparel and licensed products to consumers. The First Cost segment represents activities of a subsidiary that earns commissions and design fees for serving as a buying agent of footwear products to mass-merchants, mid-tier department stores and other retailers with respect to their purchase of footwear. In the Licensing segment, the Company generates revenue by licensing its Steve Madden®, Steven by Steve Madden® and Madden Girl® trademarks and other trademark rights for use in connection with the manufacture, marketing and sale of eyewear, outerwear, hosiery, activewear, sleepwear, jewelry, watches, hair accessories, umbrellas, bedding, luggage and fragrance. In addition, this segment licenses the Betsey Johnson® trademark for use in connection with the manufacture, marketing and sale of women's and children's apparel, hosiery, outerwear,

sleepwear, activewear, jewelry, watches, bedding, luggage, umbrellas and household goods. The Licensing segment also licenses the Dolce Vita® trademark for use in connection with the manufacture, marketing and sale of swimwear.

As of and for the three months ended,	Wholesale Footwear		Wholesale Accessories/Apparel		Total Wholesale		Retail		First Cost		Licensing		Consolidated
June 30, 2020
Total revenue	$	77,966	$	22,018	$	99,984	$	41,379	$	252	$	1,197	$	142,812
Gross profit	21,744		4,806		26,550		27,889		252		1,197		55,888
(Loss)/income from operations	(10,699)		(4,404)		(15,103)		(8,933)		(172)		506		(23,702)
Segment assets	$	822,087	$	112,917	935,004		183,657		7,290		6,441		1,132,392
Capital expenditures					$	767	$	252	$	—	$	—	$	1,019
June 30, 2019
Total revenue	$	286,237	$	77,265	$	363,502	$	81,472	$	1,576	$	3,079	$	449,629
Gross profit	94,657		22,012		116,669		48,676		1,576		3,079		170,000
Income/(loss) from operations	38,429		4,750		43,179		(1,693)		951		2,196		44,633
Segment assets	$	911,077	$	101,041	1,012,118		253,025		8,721		7,696		1,281,560
Capital expenditures					$	1,273	$	1,542	$	—	$	—	$	2,815
As of and for the six months ended,	Wholesale Footwear		Wholesale Accessories/Apparel		Total Wholesale		Retail		First Cost		Licensing		Consolidated
June 30, 2020
Total revenue	$	313,035	$	89,690	$	402,725	$	94,322	$	1,502	$	3,431	$	501,980
Gross profit	101,528		23,318		124,846		59,573		1,502		3,431		189,352
Income/(loss) from operations	18,392		(15,025)		3,367		(54,736)		(24)		1,443		(49,950)
Segment assets	$	822,087	$	112,917	935,004		183,657		7,290		6,441		1,132,392
Capital expenditures					$	3,417	$	903	$	—	$	—	$	4,320
June 30, 2019
Total revenue	$	562,825	$	148,772	$	711,597	$	144,317	$	3,934	$	5,569	$	865,417
Gross profit	192,978		43,928		236,906		85,436		3,934		5,569		331,845
Income/(loss) from operations	86,701		9,617		96,318		(11,399)		535		3,839		89,293
Segment assets	$	911,077	$	101,041	1,012,118		253,025		8,721		7,696		1,281,560
Capital expenditures					$	2,965	$	3,249	$	—	$	—	$	6,214

Revenues by geographic area are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Domestic (a)	$	126,130	$	403,977	$	444,067	$	772,410
International	16,682		45,652		57,913		93,007
Total	$	142,812	$	449,629	$	501,980	$	865,417
(a) Includes revenues of $49,659 and $117,984 for the three and six months ended June 30, 2020, respectively, and $101,855 and $178,972 for the comparable periods in 2019 related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by our international entities.

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Recent Accounting Pronouncements (Notes)

6 Months Ended

Jun. 30, 2020

Recent Accounting Pronouncements [Abstract]

Recently Adopted Accounting Standards [Abstract]

Recent Accounting Pronouncements

Recently Adopted

In August 2018, the FASB issued Accounting Standards Update No. 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Topic 350): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.” This new guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective January 1, 2020 and did not have any significant impact on the Company’s financial position or results of operations.

In August 2018, the FASB issued Accounting Standards Update No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This new guidance removes certain disclosure requirements related to the fair value hierarchy, modifies existing disclosure requirements related to measurement uncertainty and adds new disclosure requirements. The new disclosure requirements include disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. ASU 2018-13 is effective January 1, 2020 and did not have any significant impact on the Company’s financial position or results of operations.

In June 2016, the FASB issued Accounting Standards Update 2016-13 ("ASU 2016-13"), "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." ASU 2016-13 replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective January 1, 2020 and did not have any significant impact on the Company’s financial position or results of operations.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU is intended to simplify various aspects related to accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for annual periods beginning after December 15, 2020 and interim periods within those annual periods, with early adoption permitted. An entity that elects early adoption must adopt all the amendments in the same period. Most amendments within this ASU are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. On April 1, 2020, the Company early adopted the new standard, with no impact to its consolidated financial statements and related disclosures.

Not Yet Adopted

In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” (“ASU No. 2020-04”), which provides practical expedients for contract modifications and certain hedging relationships associated with the transition from reference rates that are expected to be discontinued. This guidance is applicable the Company's borrowing instruments that use LIBOR as a reference rate, and is effective immediately, but is only available through December 31, 2022. The Company is currently evaluating the impact of ASU 2020-04; however, at the current time the Company does not expect that the adoption of this ASU will have a material impact on its condensed consolidated financial statements.

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Accounting Changes and Error Corrections

6 Months Ended

Jun. 30, 2020

Accounting Changes and Error Corrections [Abstract]

Reclassifications

Note C – Reclassification

The Company reclassified commission and licensing fee income into Total Revenue and reclassified the respective expenses into Operating Expenses from previously labeled Commission and Licensing Fee Income - Net on the Company’s Condensed Consolidated Statements of Income for the 2019 period.

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Property, Plant, and Equipment

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Asset Impairment Charges

Note J – Impairment of Other Long-Lived Assets

Property and equipment and lease-related right-of-use assets, along with other long-lived assets, are evaluated for impairment periodically whenever triggering events or indicators exist that the carrying values may not be fully recoverable. As a result of the COVID-19 pandemic, the Company experienced lower than projected revenues and EBITDA, and identified indicators of impairment for certain stores. The Company performed undiscounted cash flow analyses over the long-lived assets of certain stores with impairment indicators and compared them to the carrying value of those assets. Based on these undiscounted cash flow analyses, the Company determined that certain long-lived assets had carrying values that exceeded their estimated undiscounted cash flows. Fair values of the long-lived assets are estimated using an income approach based on management’s forecast of future cash flows derived from continued retail operations and the fair value of individual operating lease assets determined using estimated market rental rates. Significant estimates are used in determining future cash flows of each store over its remaining lease term including the Company's expectations of future projected cash flows which include revenues, operating expenses, and market conditions. An impairment loss is recorded if the carrying amount of the long-lived asset

exceeds its fair value. As a result, the Company recognized a pre-tax charge of $16,826 for impairment of its right-of-use assets and a pre-tax charge of $11,995 for impairment of its stores fixed assets for the three months ended March 31, 2020. During the three months ended June 30, 2020, the Company recorded a pre-tax charge of $1,161 for impairment of its right-of-use assets and a pre-tax charge of $17 for impairment of its stores fixed assets. These charges were recorded in operating expenses in the consolidated statements of operations.

The determination of estimated market rent used in the fair value estimate of the Company’s right-of-use assets included within the respective stores long-lived assets requires significant management judgment. Changes in these estimates could have a significant impact on whether long-lived stores assets should be further evaluated and could have a significant impact on the resulting impairment charge.

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Extraordinary and Unusual Items

6 Months Ended

Jun. 30, 2020

Unusual or Infrequent Items, or Both [Abstract]

Unusual or Infrequent Items, or Both, Disclosure

Note B - COVID-19

In December 2019, COVID-19 emerged and spread worldwide. The World Health Organization declared COVID-19 a pandemic in March 2020, resulting in federal, state and local governments and private entities mandating various restrictions, including the closure of non-essential businesses, travel restrictions, restrictions on public gatherings, stay at home orders and advisories and quarantining of people who may have been exposed to the virus. After closely monitoring and taking into consideration the guidance from federal, state and local governments, in March 2020, the Company temporarily closed all of its brick-and-mortar stores and its corporate offices in the U.S. and the vast majority of its brick-and-mortar stores and offices globally. Effective April 1, 2020, the Company temporarily furloughed a significant number of its employees. Employees with medical benefits will continue to receive those benefits at no personal cost for a duration to be determined by the Company. Remaining employees worked and continue to work remotely. These and other factors have had and may continue to have a material impact on the Company's business, results of operations, financial position and cash flow. In response to the COVID-19 pandemic, the Company took precautionary measures to maintain adequate liquidity and financial flexibility by suspending share repurchases and the quarterly cash dividend; suspending salaries of our Founder and Creative and Design Chief, Steve Madden, our Chairman and Chief Executive Officer, Edward Rosenfeld, and our Board of Directors; reducing salaries by 30% for our President, Chief Financial Officer, Chief Operating Officer and Chief Merchandising Officer; reducing salaries by graduated amounts for all other employees earning over $100 per year; significantly scaling back on non-essential operating expenses, capital expenditures and planned inventory purchases; and as a precautionary measure, drawing down on the Company's newly amended $50,000 credit facility with Rosenthal & Rosenthal, Inc. The Company experienced other adverse impacts as a result of the COVID-19 pandemic, including, but not limited to, charges from adjustments to the carrying amount of certain trademarks, long-lived asset impairment charges and restructuring and other related charges.

During the second quarter 2020, the Company recorded a pre-tax charge of $5,414 related to restructuring and other related items. This charge was related to the lay-off of approximately 250 employees. The pre-tax charge of $5,414 comprised of $2,958 recorded in the Footwear segment, $1,678 recorded in the Accessories/Apparel segment, $646 recorded in the Retail segment, $125 recorded in the First Cost segment and $6 recorded in the Licensing segment.

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Subsequent Events

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Credit Agreement

On July 22, 2020, the Company entered into a $150,000 revolving credit agreement (the “Credit Agreement”) with various lenders and Citizens Bank, N.A., as administrative agent (in such capacity, the “Agent”), which replaces the Company’s existing credit facility provided by Rosenthal. The Credit Agreement provides for a revolving credit facility scheduled to mature on July 22, 2025. The initial maximum availability under the revolving credit facility is $150,000 subject to a borrowing base consisting of certain eligible credit card receivables, accounts receivables, inventory, and, subject to the satisfaction of

certain conditions, in-transit inventory. Availability under the revolving credit facility is reduced by outstanding letters of credit. No revolving loans or letters of credit were outstanding under the Credit Agreement.

Borrowings under the Credit Agreement generally bear interest at a variable rate equal to, at the Company’s election, (i) LIBOR for the applicable interest period plus a specified margin, which is based upon average availability under the revolving credit facility from time to time, or (ii) the base rate (which is the highest of (a) the prime rate announced by Citizens Bank, N.A. or its parent company, (b) the sum of the federal funds effective rate plus 0.50%, and (c) the sum of one-month LIBOR plus 1%) plus a specified margin, which is based upon average availability under the revolving credit facility from time to time.

Amended and Restated Deferred Purchase Factoring Agreement

On July 22, 2020, the Company also entered into an Amended and Restated Deferred Purchase Factoring Agreement (the “Factoring Agreement”) between the Company and Rosenthal. Pursuant to the Factoring Agreement, Rosenthal will serve as the collection agent with respect to certain of the Company’s receivables and will be entitled to receive a base commission of 0.20% of the gross invoice amount of each receivable assigned for collection, plus certain additional fees and expenses, subject to certain minimum annual commissions. Rosenthal will generally assume the credit risk resulting from a customer’s financial inability to make payment with respect to credit approved receivables.

Restoration of Salaries

On July 31, 2020, the Company announced that it has restored the full salaries of its employees, including its President, Chief Financial Officer, Chief Operating Officer, and Chief Merchandising Officer, to pre-COVID-19 reduction levels. Steven Madden, the Company’s founder and Creative and Design Chief, and Edward Rosenfeld, its Chairman and Chief Executive Officer, will voluntarily continue to forego their entire salary, and our Board of Directors will continue to forego their cash compensation. Restoration of the employees’ salaries became effective as of August 1, 2020. Effective April 1, 2020, the salaries of the Company’s President, Chief Financial Officer, Chief Operating Officer, and Chief Merchandising Officer were reduced by 30%, and the salaries of all other employees earning more than $100 per year were reduced by graduated amounts.

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Basis of Reporting (Policies)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Basis of Accounting, Policy

Note A – Basis of Reporting

The accompanying unaudited condensed consolidated financial statements of Steven Madden, Ltd. and subsidiaries (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) that are considered necessary for a fair presentation of the financial position of the Company and the results of its operations and cash flows for the periods presented. Certain reclassifications were made to prior years' presentation to conform to the 2020 presentation. The results of operations for the three and six-month periods ended June 30, 2020 are not necessarily indicative of the operating results for the full year. These financial statements should be read in conjunction with the financial statements and related disclosures for the year ended December 31, 2019 included in the Annual Report of Steven Madden, Ltd. on Form 10-K filed with the SEC on March 2, 2020.

Use of Estimates, Policy [Policy Text Block]

Significant areas involving management estimates include variable consideration included in revenue, allowances for bad debts, inventory valuation, valuation of intangible assets, impairment of long-lived assets, litigation reserves and contingent payment liabilities. The Company estimates variable consideration for future customer chargebacks and markdown allowances, discounts, returns and other miscellaneous compliance-related deductions that relate to the current period sales. The Company evaluates anticipated chargebacks by reviewing several performance indicators of its major customers. These performance indicators, which include retailers’ inventory levels, sell-through rates and gross margin levels, are analyzed by management to estimate the amount of the anticipated customer allowance.

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Acquisitions Acquisition (Tables)

6 Months Ended

Jun. 30, 2020

Greats Brand Inc. [Member]

Business Acquisition [Line Items]

Schedule of Purchase Price Allocation [Table Text Block]

Cash	$	290
Accounts receivable	41
Inventory	1,387
Prepaid and other assets	6,447
Fixed assets	200
Trademark (1)	13,086
Customer relationships (2)	1,140
Accounts payable	(1,963)
Accrued expenses	(1,055)
Deferred tax liabilities long-term	(3,463)
Noncontrolling interest	(1,611)
Total fair value of assets acquired	$	14,499
(1) Trademark is indefinitely lived.
(2) Customer relationships will be amortized over 20 years.

B. B. Dakota, Inc. [Member]

Business Acquisition [Line Items]

Schedule of Purchase Price Allocation [Table Text Block]

Cash	$	353
Accounts receivable	4,419
Inventory	6,696
Prepaid and other assets	855
Fixed assets	382
Trademark (1)	9,670
Customer relationships (2)	2,530
Accounts payable	(2,885)
Accrued expenses	(2,893)
Deferred tax liabilities long-term	(2,735)
Total fair value excluding goodwill	16,392
Goodwill	13,365
Net assets acquired	$	29,757
(1) Trademark is indefinitely lived.
(2) Customer relationships will be amortized over 10 years.

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Marketable Securities Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2020

Marketable Securities [Abstract]

Available-for-sale Securities [Table Text Block]

The schedule of maturities at June 30, 2020 and December 31, 2019 is as follows:

	Maturities as of June 30, 2020				Maturities as of December 31, 2019
	1 Year or Less		1 to 4 Years		1 Year or Less		1 to 4 Years
Certificates of deposit	$	38,837	$	—	$	40,521	$	—
Total	$	38,837	$	—	$	40,521	$	—

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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities

The Company’s financial assets and liabilities subject to fair value measurements as of June 30, 2020 and December 31, 2019 are as follows:

			June 30, 2020
			Fair Value Measurements
	Fair value		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	192,945	$	192,945	$	—	$	—
Current marketable securities	38,837		38,837		—		—
Forward contracts	565		—		565		—
Total assets	$	232,347	$	231,782	$	565	$	—
Liabilities:
Contingent consideration	$	1,829	$	—	$	—	$	1,829
Total liabilities	$	1,829	$	—	$	—	$	1,829

			December 31, 2019
			Fair Value Measurements
	Fair value		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	107,535	$	107,535	$	—	$	—
Current marketable securities	40,521		40,521		—		—
Total assets	$	148,056	$	148,056	$	—	$	—
Liabilities:
Contingent consideration	$	9,124	$	—	$	—	$	9,124
Forward contracts	495		—		495		—
Total liabilities	$	9,619	$	—	$	495	$	9,124

	Balance at January 1,		Payments	Acquisitions	Adjustments (1)	Balance at June 30,
2020
Liabilities:
Contingent consideration	$	9,124	—	—	(7,295)	$	1,829
	Balance at January 1,		Payments	Acquisitions	Adjustments (2)	Balance at December 31,
2019
Liabilities:
Contingent consideration	$	3,000	—	9,124	(3,000)	$	9,124

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Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Lessee, Operating Lease, Disclosure [Table Text Block]

Lease Position

The table below presents the lease-related assets and liabilities recorded on the balance sheet as of June 30, 2020 and December 31, 2019:

	Classification on the Balance Sheet	June 30, 2020			December 31, 2019
Assets
Noncurrent (1) (2)	Operating lease right-of-use asset	$	120,489		$	155,700
Liabilities
Current	Operating leases - current portion	$	36,890		$	38,624
Noncurrent	Operating leases - long-term portion	114,630			133,172
Total operating lease liabilities		$	151,520		$	171,796
Weighted-average remaining lease term		5.2 years			5.5 years
Weighted-average discount rate		4.4		%	4.4		%

(1) During the first quarter of 2020, the Company recorded a pre-tax impairment charge related to the right-of-use assets of $16,826 and during the second quarter of 2020, the Company recorded a pre-tax impairment charge related to the right-of-use assets of $1,161.

(2) During the third quarter of 2019, the Company recorded a pre-tax impairment charge related to the right-of-use assets of $1,883.

Lease, Cost [Table Text Block]

Lease Costs

 The table below presents certain information related to lease costs during the three and six months ended June 30, 2020 and 2019:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Operating lease cost	$	9,033	$	11,544	$	20,416	$	22,901
Short-term lease cost	106		9		119		16
Less: sublease income	201		147		402		277
Total lease cost	$	8,938	$	11,406	$	20,133	$	22,640

Schedule of Leases Supplemental Cash Flows

Other Information

The table below presents supplemental cash flow information related to leases as of the six months ended June 30, 2020 and 2019:

	Six Months Ended June 30,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	21,772	$	22,963

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Undiscounted Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the lease liabilities recorded on the balance sheet as of June 30, 2020:

2020 (remaining six months)	$	22,602
2021	39,925
2022	30,983
2023	22,067
2024	18,381
Thereafter	35,789
Total minimum lease payments	169,747
Less: interest	18,227
Present value of lease liabilities	$	151,520

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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule Of Share Based Compensation Shares Authorized Under Stock Plans Issued And Avaliability

The following table summarizes the number of shares of common stock authorized for issuance under the 2019 Plan, the number of stock-based awards granted (net of expired or cancelled awards) under the 2019 Plan and the number of shares of common stock available for the grant of stock-based awards under the 2019 Plan:

Common stock authorized	11,000,000
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled awards	(1,956,852)
Common stock available for grant of stock-based awards as of June 30, 2020	9,043,148

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

Total equity-based compensation for the three and six months ended June 30, 2020 and 2019 is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Restricted stock	$	4,627	$	4,938	$	9,491	$	9,555
Stock options	894		999		1,716		2,053
Total	$	5,521	$	5,937	$	11,207	$	11,608

Schedule Of Cash Proceeds And Intrinsic Values For Stock Options Exercised

Cash proceeds and intrinsic values related to total stock options exercised during the three and six months ended June 30, 2020 and 2019 are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Proceeds from stock options exercised	$	86	$	1,077	$	960	$	1,799
Intrinsic value of stock options exercised	$	21	$	513	$	758	$	842

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used

The following weighted average assumptions were used for stock options granted during the six months ended June 30, 2020 and 2019:

	2020	2019
Volatility	33.9% to 50.0%	32.0% to 33.4%
Risk free interest rate	0.2% to 1.6%	2.3% to 2.5%
Expected life in years	3.0 to 5.0	3.0 to 5.0
Dividend yield	1.3%	1.7%
Weighted average fair value	$10.16	$8.31

Schedule of Share-based Compensation, Stock Options, Activity

Activity relating to stock options granted under the Company’s plans during the six months ended June 30, 2020 is as follows:

	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2020	2,802,000	$	26.85
Granted	499,000	34.61
Exercised	(52,000)	20.58
Forfeited	(317,000)	38.94
Outstanding at June 30, 2020	2,932,000	$	26.97	3.7 years	$	686
Exercisable at June 30, 2020	2,062,000	$	27.21	3.6 years	$	620

Schedule of Nonvested Share Activity

The following table summarizes restricted stock activity during the six months ended June 30, 2020 and 2019:

	2020			2019
	Number of Shares	Weighted Average Fair Value at Grant Date		Number of Shares	Weighted Average Fair Value at Grant Date
Outstanding at January 1,	4,427,000	$	19.84	5,135,000	$	18.42
Granted	402,000	33.63		625,000	32.56
Vested	(311,000)	27.72		(281,000)	26.03
Forfeited	(35,000)	26.40		(15,000)	26.86
Outstanding at June 30,	4,483,000	$	20.48	5,464,000	$	19.60

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Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following is a summary of the carrying amount of goodwill by reporting unit as of June 30, 2020:

	Wholesale						Net Carrying  Amount
	Footwear		Accessories/ Apparel		Retail
Balance at January 1, 2020	$	91,572	$	62,688	$	17,089	$	171,349
Purchase accounting adjustment	—		—		(2,591)		(2,591)
Translation and other	(1,373)		—		(1,052)		(2,425)
Balance at June 30, 2020	$	90,199	$	62,688	$	13,446	$	166,333

Schedule of Indentifiable Intangible Assets

The following table details identifiable intangible assets as of June 30, 2020:

	Estimated Lives	Cost Basis		Accumulated Amortization (1)		Impairment (2)		Net Carrying Amount
Trade names	6–10 years	$	8,770	$	8,770	$	—	$	—
Customer relationships	10–20 years	38,980		21,206		—		17,774
		47,750		29,976		—		17,774
Re-acquired right	indefinite	35,200		9,583		—		25,617
Trademarks	indefinite	115,481		(55)		9,518		106,018
		$	198,431	$	39,504	$	9,518	$	149,409

(1) Includes the effect of foreign currency translation related primarily to the movements of the Canadian dollar and Mexican peso in relation to the U.S. dollar.

(2) Impairment charges of $8,615, $456 and $447 were recorded in the first quarter of 2020 related to the Company's Cejon, GREATS and Jocelyn trademarks, respectively. As a result of the COVID-19 pandemic and decline in the macroeconomic environment, the Company performed an interim impairment analysis as of March 31, 2020 that resulted in $9,518 of impairment charges.

The Company evaluates its goodwill and intangible assets for indicators of impairment at least annually in the third quarter of each year or whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Given the substantial reduction in sales, EBITDA and the reduced cash flow projections as a result of the COVID-19 pandemic, the Company determined that impairment indicators were present and that an impairment assessment was warranted for goodwill and indefinite-lived intangible assets. As a result, the Company performed an interim assessment of goodwill, assigned to its reporting units using a quantitative approach as of March 31, 2020 and an interim assessment of indefinite-lived intangible assets using a quantitative approach as of March 31, 2020. In conducting the interim goodwill assessment, the estimated fair values of the Company's reporting units were determined using discounted cash flows and market comparisons. Based on the results of the impairment assessment, the Company concluded that the fair values of its reporting units significantly exceeded their respective carrying values and therefore no goodwill impairment charges were recorded. In evaluating indefinite-lived intangible assets, estimated fair values were determined using discounted cash flows and supported comparable royalty rates. Based on the results of the quantitative impairment assessment, the Company concluded that the fair values of certain trademarks were below their respective carrying values, which resulted in $9,518 of impairment charges.

Schedule of Intangible Assets, Future Amortization Expense

The estimated future amortization expense for intangibles as of June 30, 2020 is as follows:

2020 (remaining six months)	$	1,378
2021	2,168
2022	1,747
2023	1,747
2024	1,747
Thereafter	8,987
Total	$	17,774

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Operating Segment Information (Tables)

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

As of and for the three months ended,	Wholesale Footwear		Wholesale Accessories/Apparel		Total Wholesale		Retail		First Cost		Licensing		Consolidated
June 30, 2020
Total revenue	$	77,966	$	22,018	$	99,984	$	41,379	$	252	$	1,197	$	142,812
Gross profit	21,744		4,806		26,550		27,889		252		1,197		55,888
(Loss)/income from operations	(10,699)		(4,404)		(15,103)		(8,933)		(172)		506		(23,702)
Segment assets	$	822,087	$	112,917	935,004		183,657		7,290		6,441		1,132,392
Capital expenditures					$	767	$	252	$	—	$	—	$	1,019
June 30, 2019
Total revenue	$	286,237	$	77,265	$	363,502	$	81,472	$	1,576	$	3,079	$	449,629
Gross profit	94,657		22,012		116,669		48,676		1,576		3,079		170,000
Income/(loss) from operations	38,429		4,750		43,179		(1,693)		951		2,196		44,633
Segment assets	$	911,077	$	101,041	1,012,118		253,025		8,721		7,696		1,281,560
Capital expenditures					$	1,273	$	1,542	$	—	$	—	$	2,815
As of and for the six months ended,	Wholesale Footwear		Wholesale Accessories/Apparel		Total Wholesale		Retail		First Cost		Licensing		Consolidated
June 30, 2020
Total revenue	$	313,035	$	89,690	$	402,725	$	94,322	$	1,502	$	3,431	$	501,980
Gross profit	101,528		23,318		124,846		59,573		1,502		3,431		189,352
Income/(loss) from operations	18,392		(15,025)		3,367		(54,736)		(24)		1,443		(49,950)
Segment assets	$	822,087	$	112,917	935,004		183,657		7,290		6,441		1,132,392
Capital expenditures					$	3,417	$	903	$	—	$	—	$	4,320
June 30, 2019
Total revenue	$	562,825	$	148,772	$	711,597	$	144,317	$	3,934	$	5,569	$	865,417
Gross profit	192,978		43,928		236,906		85,436		3,934		5,569		331,845
Income/(loss) from operations	86,701		9,617		96,318		(11,399)		535		3,839		89,293
Segment assets	$	911,077	$	101,041	1,012,118		253,025		8,721		7,696		1,281,560
Capital expenditures					$	2,965	$	3,249	$	—	$	—	$	6,214

Schedule of Revenues, by Geographic Area

	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
(Loss)/income before provision for income taxes	$	(23,345)		$	45,895		$	(48,547)		$	91,747
Income tax (benefit)/expense	$	(6,201)		$	9,784		$	(13,602)		$	20,371
Effective tax rate	26.6		%	21.3		%	28.0		%	22.2		%

Revenue from External Customers by Geographic Areas

Revenues by geographic area are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Domestic (a)	$	126,130	$	403,977	$	444,067	$	772,410
International	16,682		45,652		57,913		93,007
Total	$	142,812	$	449,629	$	501,980	$	865,417
(a) Includes revenues of $49,659 and $117,984 for the three and six months ended June 30, 2020, respectively, and $101,855 and $178,972 for the comparable periods in 2019 related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by our international entities.

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Acquisitions (Detail) - USD ($) $ in Thousands	6 Months Ended	9 Months Ended
	Jun. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Liability	$ 1,829		$ 9,124	$ 3,000
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value	$ 298
Adjustment to Purchase Price of Acquisition		$ 419
Adjustment to Purchase Price of Acquisition		$ 419
Greats Brand Inc. [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years
Business Acquisition, Percentage of Voting Interests Acquired		90.00%
Payments to Acquire Businesses, Gross		$ 12,829
Business Combination, Contingent Consideration, Liability	$ 989
Payments to Acquire Businesses, Net of Cash Acquired		14,209
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents		290
Business Combination, Acquired Receivable, Fair Value		41
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory		1,387
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets		6,447
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable		(1,963)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities		(1,055)
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value		(1,611)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net		14,499
shoo:FutureContingentPayment		5,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities		$ (3,463)
B. B. Dakota, Inc. [Member]
Business Acquisition [Line Items]
Finite-Lived Intangible Asset, Useful Life	10 years
Business Acquisition, Percentage of Voting Interests Acquired		100.00%
Payments to Acquire Businesses, Gross		$ 24,568
Business Combination, Contingent Consideration, Liability	$ 840	4,770
Payments to Acquire Businesses, Net of Cash Acquired		29,404
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents		353
Business Combination, Acquired Receivable, Fair Value		4,419
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory		6,696
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets		855
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		382
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable		(2,885)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities		(2,893)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net		16,392
Goodwill – net		13,365
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net		29,757
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities		(2,735)
Customer Relationships [Member] | Greats Brand Inc. [Member]
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired		1,140
Customer Relationships [Member] | B. B. Dakota, Inc. [Member]
Business Acquisition [Line Items]
Finite-lived Intangible Assets Acquired		2,530
Trademarks [Member] | Greats Brand Inc. [Member]
Business Acquisition [Line Items]
Indefinite-lived Intangible Assets Acquired		13,086
Trademarks [Member] | B. B. Dakota, Inc. [Member]
Business Acquisition [Line Items]
Indefinite-lived Intangible Assets Acquired		$ 9,670

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Factor Receivable (Detail) - USD ($) $ in Thousands		6 Months Ended		12 Months Ended
	Jul. 22, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Line of Credit Facility, Collateral		85.00%
Line of Credit Facility, Maximum Borrowing Capacity	$ 150,000	$ 50,000
Letters Of Credit SubLimit Capacity Amount		$ 15,000
Debt Instrument, Basis Spread on Variable Rate	0.50%	0.50%
Factoring Fee	0.20%	0.20%
Line of Credit Facility, Maximum Month-end Outstanding Amount		$ 42,662	$ 0	$ 0
First Cost and Private Label business [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Factoring Fee		0.14%
London Interbank Offered Rate (LIBOR) [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%	2.50%

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Marketable Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Marketable Securities [Abstract]
Available-for-sale Securities, Gross Realized Gains		$ 5		$ 5
Investment Income, Amortization of Premium	$ 0	$ 88	$ 0	$ 218

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Marketable Securities Marketable Securities Table (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Current	$ 38,837	$ 40,521	$ 36,096
Available-for-sale Securities, Noncurrent	0	0
Certificates of Deposit [Member]
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Current	38,837	40,521
Available-for-sale Securities, Noncurrent	$ 0	$ 0

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Fair Value Measurement (Detail) - (Table) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					6 Months Ended		12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Mar. 31, 2018	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period	121,683		77,075			510,162	480,762
Business Acquisition, Contingent Consideration, Actual Cash Payment					$ 7,000			$ 0
Assets:
Cash Equivalents	$ 192,945					$ 192,945		107,535
Available-for-sale Securities, Current	38,837		$ 36,096			38,837	$ 36,096	40,521
Current marketable securities – available for sale								40,521
Notes Receivable, Related Parties, Noncurrent	1,369		$ 1,743			1,369	$ 1,743	1,558
Available-for-sale Securities, Noncurrent	0					0		0
Total assets	232,347					232,347		148,056
Contingent payment liability	(1,829)					(1,829)		(9,124)			$ (3,000)
Business Acquisition, Contingent Consideration, Change in Estimate						7,295
Liabilities:
Total liabilities	1,829					1,829		9,619
Foreign Currency Contracts, Liability, Fair Value Disclosure								495
Foreign Currency Contract, Asset, Fair Value Disclosure	$ 565					$ 565
Share based compensation arrangement by share based payment award options exercisable during period weighted average exercise price - in dollars per share	$ 30.42		$ 33.77			$ 27.09	$ 27.68
Repayment of Notes Receivable from Related Parties						$ (204)	$ (204)
Increase (Decrease) in Accrued Interest Receivable, Net						(16)	(21)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability						4,611	0
Indefinite-Lived Trademarks	$ 106,018					106,018
Loss on disposal of fixed assets	0		$ (4,050)			9,518	4,050
Trademark Implied Fair Value		$ 31,080
Operating Lease, Right-of-Use Asset	120,489		$ 179,320			120,489	$ 179,320	155,700		$ 194,100
Right of Use Asset Subject to Impairment Carrying Value		60,661
Property, Plant, & Equipment Subject to Impairment Carrying Value		12,292
Right of Use Asset Fair Value		43,835
Property, Plant, & Equipment Fair Value		297
Right of Use Asset and PP&E Impairment Charges		28,821
Trademark Subject to Impairment Carrying Value		40,598
Retail [Member]
Liabilities:
Impairment of Intangible Assets (Excluding Goodwill)		456
Wholesale Accessories [Member]
Liabilities:
Impairment of Intangible Assets (Excluding Goodwill)		9,062
Trademarks [Member]
Liabilities:
Loss on disposal of fixed assets		9,518				9,518
Fair Value [Member]
Assets:
Contingent payment liability								(9,124)
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash Equivalents	192,945					192,945		107,535
Current marketable securities – available for sale	38,837					38,837		40,521
Total assets	231,782					231,782		148,056
Contingent payment liability	0					0		0
Liabilities:
Total liabilities	0					0		0
Foreign Currency Contracts, Liability, Fair Value Disclosure								0
Fair Value, Inputs, Level 2 [Member]
Assets:
Cash Equivalents	0					0		0
Current marketable securities – available for sale	0					0		0
Total assets	565					565		0
Contingent payment liability	0					0		0
Liabilities:
Total liabilities	0					0		495
Foreign Currency Contracts, Liability, Fair Value Disclosure								495
Foreign Currency Contract, Asset, Fair Value Disclosure	565					565
Fair Value, Inputs, Level 3 [Member]
Assets:
Cash Equivalents	0					0		0
Current marketable securities – available for sale	0					0		0
Total assets	0					0		0
Contingent payment liability	(1,829)					(1,829)		(9,124)
Liabilities:
Total liabilities	1,829					1,829		9,124
Foreign Currency Contracts, Liability, Fair Value Disclosure								0
Changes Measurement [Member]
Assets:
Business Acquisition, Contingent Consideration, Change in Estimate				$ 3,000				$ 3,000
Greats Brand Inc. [Member]
Assets:
Contingent payment liability	(989)					(989)
Business Acquisition, Contingent Consideration, Change in Estimate	$ 681	2,684				$ 3,365
Liabilities:
Discount Rate - Fair Value of Contingent Liability	11.30%					11.30%
Loss on disposal of fixed assets		$ 456
B. B. Dakota, Inc. [Member]
Assets:
Contingent payment liability	$ (840)					$ (840)			$ (4,770)
Business Acquisition, Contingent Consideration, Change in Estimate						$ 3,930
Liabilities:
Discount Rate - Fair Value of Contingent Liability	11.80%					11.80%

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Leases (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jan. 01, 2019
Leases [Abstract]
Impairment of Leasehold			$ 1,883
Operating Lease, Payments					$ 21,772	$ 22,963
Prepaid expenses and other current assets	$ 18,444			$ 31,275	18,444	31,275	$ 22,066
Lessee, Operating Lease, Liability, Payments, Due	22,602				22,602
Operating Lease, Cost	9,033			11,544	20,416	22,901
Short-term Lease, Cost	106			9	119	16
Sublease Income	201			147	402	277
Operating Lease, Right-of-Use Asset	$ 120,489			179,320	$ 120,489	179,320	$ 155,700	$ 194,100
Operating Lease, Weighted Average Remaining Lease Term	5 years 2 months 12 days				5 years 2 months 12 days		5 years 6 months
Operating Lease, Weighted Average Discount Rate, Percent	4.40%				4.40%		4.40%
Operating Lease, Liability, Current	$ 36,890			38,652	$ 36,890	38,652	$ 38,624
Operating Lease, Liability, Noncurrent	114,630			154,643	114,630	154,643	133,172
Operating Lease, Liability	151,520				151,520		$ 171,796	$ 209,000
Lease, Cost	8,938			$ 11,406	20,133	22,640
Lessee, Operating Lease, Liability, Payments, Due Year Two	39,925				39,925
Lessee, Operating Lease, Liability, Payments, Due Year Three	30,983				30,983
Lessee, Operating Lease, Liability, Payments, Due Year Four	22,067				22,067
Lessee, Operating Lease, Liability, Payments, Due Year Five	18,381				18,381
Lessee, Operating Lease, Liability, Payments, Due after Year Five	35,789				35,789
Lessee, Operating Lease, Liability, Payments, Due	169,747				169,747
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	18,227				18,227
Operating Lease, Liability	151,520				151,520
Tangible Asset Impairment Charges	17	$ 11,995			12,012	0
Operating Lease, Impairment Loss	$ 1,161	$ 16,826			$ 17,986	$ 0

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Share Repurchase Program Share Repurchse Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Apr. 24, 2019
Treasury Stock Acquired, Average Cost Per Share			$ 32.08
Stock Repurchased During Period, Shares	25,000	1,059,000	904,000	1,584,000
Stock Repurchased During Period, Value			$ 25,370
Stock Repurchase Program, Authorized Amount	$ 111,590		$ 111,590
Shares Paid for Tax Withholding for Share Based Compensation			134,308
Stock Repurchased During Period, Shares	25,000	1,059,000	904,000	1,584,000
Share Price	$ 24.83		$ 24.83
Stock Repurchased During Period, Value			$ 25,370
Stock Repurchase Program, Remaining Authorized Repurchase Amount					$ 200,000
Treasury Stock Acquired, Average Cost Per Share			$ 32.08
Payments Related to Tax Withholding for Share-based Compensation			$ 4,308
Common Stock [Member]
Treasury Stock Acquired, Average Cost Per Share			$ 32.97
Stock Repurchased During Period, Shares			769,526
Stock Repurchased During Period, Shares			769,526
Treasury Stock Acquired, Average Cost Per Share			$ 32.97

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Net Income Per Share of Common Stock (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	10,000	103,000	367,000	610,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	4,483,000	5,464,000	4,483,000	5,464,000	4,427,000	5,135,000
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8,000	48,000	180,000	56,000
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	3,347,390		3,347,390
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,477,000		2,532,000

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Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ (23,345)	$ 45,895	$ (48,547)	$ 91,747
(Benefit)/provision for income taxes (Note M)	$ (6,201)	$ 9,784	$ (13,602)	$ 20,371
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	26.60%	21.30%	28.00%	22.20%

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Stock-Based Compensation (Detail) - (Table 1) - shares		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	May 24, 2019
Share-based Payment Arrangement [Abstract]
Common stock authorized			11,000,000
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled		(1,956,852)
Common stock available for grant of stock-based awards as of June 30, 2012	9,043,148	9,043,148
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	225,000	499,000

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Stock-Based Compensation (Detail) - (Table 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Total	$ 5,521	$ 5,937	$ 11,207	$ 11,608
Restricted Stock [Member]
Allocated Share-based Compensation Expense	4,627	4,938	9,491	9,555
Stock Options [Member]
Allocated Share-based Compensation Expense	$ 894	$ 999	$ 1,716	$ 2,053

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Stock-Based Compensation (Detail) - (Table 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Proceeds from stock options exercised	$ 86	$ 1,077	$ 960	$ 1,799
Intrinsic value of stock options exercised	$ 21	$ 513	$ 758	$ 842

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Stock-Based Compensation (Detail) - (Table 4) - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum	33.90%	32.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum	50.00%	33.40%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum	1.60%	2.50%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum	0.20%	2.30%
Dividend yield	1.30%	1.70%
Weighted average fair value	$ 10.16	$ 8.31
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	3 years	3 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	5 years	5 years

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Stock-Based Compensation (Detail) - (Table 5) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at January 1, 2012				2,802,000
Outstanding at January 1, 2012 (in Dollars per share)				$ 26.85
Granted	225,000			499,000
Granted (in Dollars per share)				$ 34.61
Exercised		(4,000)	(48,000)	(52,000)	(80,000)
Exercised (in Dollars per share)				$ 20.58
Cancelled/Forfeited				(317,000)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price				$ 38.94
Outstanding at June 30, 2012	2,932,000	2,932,000		2,932,000
Outstanding at June 30, 2012 (in Dollars per share)	$ 26.97	$ 26.97		$ 26.97
Outstanding at June 30, 2012				3 years 8 months 12 days
Outstanding at June 30, 2012 (in Dollars)	$ 686	$ 686		$ 686
Exercisable at June 30, 2012	2,062,000	2,062,000		2,062,000
Exercisable at June 30, 2012 (in Dollars per share)	$ 27.21	$ 27.21		$ 27.21
Exercisable at June 30, 2012				3 years 7 months 6 days
Exercisable at June 30, 2012 (in Dollars)	$ 620	$ 620		$ 620

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Stock-Based Compensation (Detail) - (Table 6) - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Non-vested at January 1	4,427,000	5,135,000
Non-vested at January 1 (in Dollars per share)	$ 19.84	$ 18.42
Granted	402,000	625,000
Granted (in Dollars per share)	$ 33.63	$ 32.56
Vested	(311,000)	(281,000)
Vested (in Dollars per share)	$ 27.72	$ 26.03
Forfeited	(35,000)	(15,000)
Non-vested at March 31	4,483,000	5,464,000
Non-vested at March 31 (in Dollars per share)	$ 20.48	$ 19.60
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 26.40	$ 26.86

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Stock-Based Compensation (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	May 24, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury Stock Acquired, Average Cost Per Share				$ 32.08
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized							11,000,000
Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period		121,683	77,075	510,162	480,762
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable During Period Weighted Average Exercise Price (in Dollars per share)		$ 30.42	$ 33.77	$ 27.09	$ 27.68
Share Based Compensation Arrangement By Share-Based Payment Award Equity Options Nonvested Number	870,188	870,188		870,188
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition				1 year 7 months 6 days
Employee Service Share Based Compensation Nonvested Restricted Awards Total Compensation Cost Not Yet Recognized Period For Recognition				3 years 9 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	225,000			499,000
Share Price	$ 24.83	$ 24.83		$ 24.83
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	4,483,000	4,483,000	5,464,000	4,483,000	5,464,000	4,427,000		5,135,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share-Based Payment Award Equity Options Nonvested Number	675,000	675,000		675,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 5,625	$ 5,625		$ 5,625
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 57,085	$ 57,085		$ 57,085
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	3,347,390	3,347,390		3,347,390

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Goodwill and Intangible Assets (Detail) - (Table 1) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Goodwill – net	$ 166,333	$ 171,349	$ 148,566
Goodwill [Roll Forward]
Goodwill, Purchase Accounting Adjustments	(2,591)
Goodwill, Foreign Currency Translation Gain (Loss)	(2,425)
Wholesale Footwear [Member]
Goodwill – net	90,199	91,572
Goodwill [Roll Forward]
Goodwill, Purchase Accounting Adjustments	0
Goodwill, Foreign Currency Translation Gain (Loss)	(1,373)
Wholesale Accessories [Member]
Goodwill – net	62,688	62,688
Goodwill [Roll Forward]
Goodwill, Purchase Accounting Adjustments	0
Goodwill, Foreign Currency Translation Gain (Loss)	0
Retail [Member]
Goodwill – net	13,446	$ 17,089
Goodwill [Roll Forward]
Goodwill, Purchase Accounting Adjustments	(2,591)
Goodwill, Foreign Currency Translation Gain (Loss)	$ (1,052)

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Goodwill and Intangible Assets (Detail) - (Table 2) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Finite-Lived Trade Names, Gross	$ 8,770			$ 8,770
Finite-Lived Customer Lists, Gross	38,980			38,980
Finite-Lived Intangible Assets, Accumulated Amortization	29,976			29,976
Impairment of Intangible Assets, Finite-lived				0
Accumulated amortization	39,504			39,504
Finite-Lived Intangible Assets, Gross	47,750			47,750
Indefinite-Lived Contractual Rights	25,617			25,617
Loss on disposal of fixed assets	0		$ (4,050)	9,518	$ 4,050
Finite-Lived Intangible Assets, Net	17,774			17,774
Indefinite-Lived Trademarks	106,018			106,018
Intangible Assets, Gross (Excluding Goodwill)	198,431			198,431
Intangibles – net	149,409		137,563	149,409	137,563	$ 162,709
Amortization of Intangible Assets	895		$ 1,333	$ 1,786	$ 2,667
Greats Brand Inc. [Member]
Estimated Lives				20 years
Loss on disposal of fixed assets		$ 456
Jocelyn [Member]
Loss on disposal of fixed assets		447
Cejon [Member]
Loss on disposal of fixed assets		8,615
Re-acquired right [Member]
Accumulated amortization	9,583			$ 9,583
Indefinite-lived Intangible Assets (Excluding Goodwill)	35,200			35,200
Trademarks [Member]
Accumulated amortization	(55)			(55)
Loss on disposal of fixed assets		$ 9,518		9,518
Indefinite-lived Intangible Assets (Excluding Goodwill)	115,481			115,481
Trade names [Member]
Finite-Lived Intangible Assets, Accumulated Amortization	8,770			8,770
Finite-Lived Intangible Assets, Net	0			0
Customer relationships [Member]
Finite-Lived Intangible Assets, Accumulated Amortization	21,206			21,206
Finite-Lived Intangible Assets, Net	$ 17,774			$ 17,774
Minimum [Member] | Trade names [Member]
Estimated Lives				6 years
Minimum [Member] | Customer relationships [Member]
Estimated Lives				10 years
Maximum [Member] | Trade names [Member]
Estimated Lives				10 years
Maximum [Member] | Customer relationships [Member]
Estimated Lives				20 years

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Goodwill and Intangible Assets (Detail) - (Table 3) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 895		$ 1,333	$ 1,786	$ 2,667
Stock Repurchased During Period, Shares	25		1,059	904	1,584
Loss on disposal of fixed assets	$ 0		$ (4,050)	$ 9,518	$ 4,050
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	1,378			1,378
2014	2,168			2,168
2015	1,747			1,747
2016	1,747			1,747
2017	1,747			1,747
Thereafter	8,987			8,987
Total	17,774			17,774
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Loss on disposal of fixed assets		$ 9,518		9,518
Trade Names [Member]
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Total	$ 0			$ 0

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Derivative Instruments Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments [Abstract]
Foreign Currency Contract, Asset, Fair Value Disclosure	$ 565		$ 565
Accumulated Unrealized Gain (Loss) on Cash Flow Hedging Instruments	388	$ 98	388	$ 98
Derivative, Net Hedge Ineffectiveness Gain (Loss)			176
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 30	$ 8	$ 30	$ 8

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Commitments, Contingencies and Other Commitments (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Other Commitment	$ 26,401

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Operating Segment Information (Detail) - (Table 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
44012
Total revenue	$ 142,812,000	$ 449,629,000	$ 501,980,000	$ 865,417,000
Gross profit	55,888,000	170,000,000	189,352,000	331,845,000
Operating Income (Loss)	(23,702,000)	44,633,000	(49,950,000)	89,293,000
Segment assets	1,132,392,000	1,281,560,000	1,132,392,000	1,281,560,000	$ 1,278,647,000
Capital expenditures	1,019,000	2,815,000	4,320,000	6,214,000
Wholesale Footwear [Member]
44012
Total revenue	77,966,000	286,237,000	313,035,000	562,825,000
Gross profit	21,744,000	94,657,000	101,528,000	192,978,000
Operating Income (Loss)	(10,699,000)	38,429,000	18,392,000	86,701,000
Segment assets	822,087,000	911,077,000	822,087,000	911,077,000
Wholesale Accessories [Member]
44012
Total revenue	22,018,000	77,265,000	89,690,000	148,772,000
Gross profit	4,806,000	22,012,000	23,318,000	43,928,000
Operating Income (Loss)	(4,404,000)	4,750,000	(15,025,000)	9,617,000
Segment assets	112,917,000	101,041,000	112,917,000	101,041,000
Total Wholesale [Member]
44012
Total revenue	99,984,000	363,502,000	402,725,000	711,597,000
Gross profit	26,550,000	116,669,000	124,846,000	236,906,000
Operating Income (Loss)	(15,103,000)	43,179,000	3,367,000	96,318,000
Segment assets	935,004,000	1,012,118,000	935,004,000	1,012,118,000
Capital expenditures	767,000	1,273,000	3,417,000	2,965,000
Retail [Member]
44012
Total revenue	41,379,000	81,472,000	94,322,000	144,317,000
Gross profit	27,889,000	48,676,000	59,573,000	85,436,000
Operating Income (Loss)	(8,933,000)	(1,693,000)	(54,736,000)	(11,399,000)
Segment assets	183,657,000	253,025,000	183,657,000	253,025,000
Capital expenditures	252,000	1,542,000	903,000	3,249,000
First Cost Member
44012
Total revenue	252,000	1,576,000	1,502,000	3,934,000
Gross profit	252,000	1,576,000	1,502,000	3,934,000
Operating Income (Loss)	(172,000)	951,000	(24,000)	535,000
Segment assets	7,290,000	8,721,000	7,290,000	8,721,000
Capital expenditures	0	0	0	0
Licensing [Member]
44012
Total revenue	1,197,000	3,079,000	3,431,000	5,569,000
Gross profit	1,197,000	3,079,000	3,431,000	5,569,000
Operating Income (Loss)	506,000	2,196,000	1,443,000	3,839,000
Segment assets	6,441,000	7,696,000	6,441,000	7,696,000
Capital expenditures	$ 0	$ 0	$ 0	$ 0

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Operating Segment Information (Detail) - (Table 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Domestic	$ 142,812	$ 449,629	$ 501,980	$ 865,417
Domestic Destination [Member]
Segment Reporting Information [Line Items]
Domestic	126,130	403,977	444,067	772,410
Non-US [Member]
Segment Reporting Information [Line Items]
Domestic	16,682	45,652	57,913	93,007
Geographical [Member]
Segment Reporting Information [Line Items]
Domestic	$ 49,659	$ 101,855	$ 117,984	$ 178,972

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Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Tangible Asset Impairment Charges	$ 17	$ 11,995	$ 12,012	$ 0
Operating Lease, Impairment Loss	$ 1,161	$ 16,826	$ 17,986	$ 0

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Extraordinary and Unusual Items (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2020 USD ($) employeeCount	Jul. 22, 2020 USD ($)
Restructuring Costs	$ 5,414
Line of Credit Facility, Maximum Borrowing Capacity	$ 50,000	$ 150,000
Salary Reduction Percentage for Executives	30.00%
Salary Reduction for Non-Executive Employees	$ 100
Lay-Off Employee Count | employeeCount	250
Wholesale Footwear [Member]
Restructuring Costs	$ 2,958
Wholesale Accessories [Member]
Restructuring Costs	1,678
Retail [Member]
Restructuring Costs	646
First Cost Member
Restructuring Costs	125
Licensing [Member]
Restructuring Costs	$ 6

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Subsequent Events (Details) - USD ($) $ in Thousands		6 Months Ended
	Jul. 22, 2020	Jun. 30, 2020
Subsequent Events [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity	$ 150,000	$ 50,000
Debt Instrument, Basis Spread on Variable Rate	0.50%	0.50%
Factoring Fee	0.20%	0.20%
Salary Reduction Percentage for Executives		30.00%