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, 2023

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)

(718) 446-1800

(Registrant's telephone number, including area code)

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 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 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 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 August 1, 2023, there were 75,314,549 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, 2023

 

PART I – FINANCIAL INFORMATION
ITEM 1.	Condensed Consolidated Financial Statements (Unaudited):
	Condensed Consolidated Balance Sheets	1
	Condensed Consolidated Statements of Income	2
	Condensed Consolidated Statements of Comprehensive 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	21
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	31
ITEM 4.	Controls and Procedures	32
PART II – OTHER INFORMATION
ITEM 1.	Legal Proceedings	33
ITEM 1A.	Risk Factors	33
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
ITEM 5.	Other Information	33
ITEM 6.	Exhibits	34
	Signatures	35

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

	June 30, 2023		December 31, 2022		June 30, 2022
(in thousands, except par value)	(unaudited)				(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	258,056	$	274,713	$	150,929
Short-term investments	16,358		15,085		29,569
Accounts receivable, net of allowances of $6,057, $7,721 and $13,095	41,332		37,937		31,377
Factor accounts receivable	256,627		248,228		344,716
Inventories	207,839		228,752		306,547
Prepaid expenses and other current assets	24,282		22,989		31,047
Income tax receivable and prepaid income taxes	23,405		15,853		12,225
Total current assets	827,899		843,557		906,410
Note receivable – related party	201		401		598
Property and equipment, net	42,267		40,664		35,004
Operating lease right-of-use asset	116,871		90,264		85,608
Deposits and other	10,858		12,070		4,029
Deferred taxes	2,135		1,755		6,517
Goodwill – net	168,967		168,085		167,959
Intangibles – net	101,047		101,192		107,167
Total Assets	$	1,270,245	$	1,257,988	$	1,313,292
LIABILITIES
Current liabilities:
Accounts payable	$	130,417	$	130,542	$	105,130
Accrued expenses	134,469		138,523		219,005
Operating leases – current portion	36,593		29,499		31,074
Income taxes payable	7,773		9,403		14,100
Contingent payment liability – current portion	1,153		1,153		2,000
Accrued incentive compensation	7,237		11,788		8,334
Total current liabilities	317,642		320,908		379,643
Operating leases – long-term portion	96,277		79,128		76,023
Deferred tax liabilities	3,923		3,923		3,378
Other liabilities	10,686		10,166		10,930
Total Liabilities	428,528		414,125		469,974
Commitments, contingencies and other (Note M)
STOCKHOLDERS’ EQUITY
Preferred stock – $0.0001 par value, 5,000 shares authorized; none issued; Series A Junior Participating preferred stock – $0.0001 par value, 60 shares authorized; none issued	—		—		—
Common stock – $0.0001 par value, 245,000 shares authorized,134,826, 134,456 and 134,427 shares issued, 75,303, 76,796 and 79,007 shares outstanding	8		8		8
Additional paid-in capital	533,550		520,441		508,063
Retained earnings	1,610,487		1,571,123		1,510,651
Accumulated other comprehensive loss	(30,984)		(35,709)		(32,729)
Treasury stock – 59,523, 57,660 and 55,420 shares at cost	(1,288,545)		(1,224,310)		(1,152,459)
Total Steven Madden, Ltd. stockholders’ equity	824,516		831,553		833,534
Noncontrolling interest	17,201		12,310		9,784
Total stockholders’ equity	841,717		843,863		843,318
Total Liabilities and Stockholders’ Equity	$	1,270,245	$	1,257,988	$	1,313,292

See accompanying notes to condensed consolidated financial statements - unaudited.

1

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(unaudited)

 

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2023		2022		2023		2022
Net sales	$	442,837	$	532,680	$	904,574	$	1,090,024
Commission and licensing fee income	2,465		2,309		4,562		4,699
Total revenue	445,302		534,989		909,136		1,094,723
Cost of sales (exclusive of depreciation and amortization)	255,432		317,224		524,174		649,060
Gross profit	189,870		217,765		384,962		445,663
Operating expenses	145,830		152,526		294,411		282,528
Income from operations	44,040		65,239		90,551		163,135
Interest and other income/(expense) – net	1,956		(1,291)		3,976		(1,234)
Income before provision for income taxes	45,996		63,948		94,527		161,901
Provision for income taxes	10,923		15,033		22,668		38,393
Net income	35,073		48,915		71,859		123,508
Less: net income attributable to noncontrolling interest	544		455		600		535
Net income attributable to Steven Madden, Ltd.	$	34,529	$	48,460	$	71,259	$	122,973
Basic net income per share	$	0.47	$	0.63	$	0.96	$	1.60
Diluted net income per share	$	0.46	$	0.62	$	0.95	$	1.55
Basic weighted average common shares outstanding	73,613		76,556		74,053		76,902
Effect of dilutive securities – options/restricted stock	1,270		2,158		1,308		2,288
Diluted weighted average common shares outstanding	74,883		78,714		75,361		79,190
Cash dividends declared per common share	$	0.21	$	0.21	$	0.42	$	0.42

See accompanying notes to condensed consolidated financial statements - unaudited.

2

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

(unaudited)

 

	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
(in thousands)	Pre-tax amounts		Tax benefit		After-tax amounts		Pre-tax amounts		Tax benefit		After-tax amounts
Net income					$	35,073					$	71,859
Other comprehensive income/(loss):
Foreign currency translation adjustment	$	4,140	$	—	4,140		$	5,079	$	—	5,079
Loss on cash flow hedging derivatives	(489)		133		(356)		(886)		241		(645)
Total other comprehensive income	$	3,651	$	133	3,784		$	4,193	$	241	4,434
Comprehensive income					38,857						76,293
Less: comprehensive income attributable to noncontrolling interests					449						309
Comprehensive income attributable to Steven Madden, Ltd.					$	38,408					$	75,984
	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
(in thousands)	Pre-tax amounts		Tax expense		After-tax amounts		Pre-tax amounts		Tax expense		After-tax amounts
Net income					$	48,915					$	123,508
Other comprehensive income/(loss):
Foreign currency translation adjustment	$	(5,564)	$	—	(5,564)		$	(4,433)	$	—	(4,433)
Gain on cash flow hedging derivatives	640		(164)		476		725		(186)		539
Total other comprehensive loss	$	(4,924)	$	(164)	(5,088)		$	(3,708)	$	(186)	(3,894)
Comprehensive income					43,827						119,614
Less: comprehensive income/(loss) attributable to noncontrolling interests					74						(174)
Comprehensive income attributable to Steven Madden, Ltd.					$	43,753					$	119,788

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, 2023	76,011	$	8	$	526,844	$	1,591,814	$	(34,863)	58,735	$	(1,262,761)	$	16,656	$	837,698
Share repurchases and net settlement of awards under stock plan	(788)	—		—		—		—		788	(25,784)		—		(25,784)
Exercise of stock options	26	—		606		—		—		—	—		—		606
Issuance of restricted stock, net of forfeitures	54	—		—		—		—		—	—		—		—
Stock-based compensation	—	—		6,100		—		—		—	—		—		6,100
Foreign currency translation adjustment	—	—		—		—		4,235		—	—		(95)		4,140
Cash flow hedge (net of tax benefit of $133)	—	—		—		—		(356)		—	—		—		(356)
Dividends on common stock ($0.21 per share)	—	—		—		(15,856)		—		—	—		—		(15,856)
Investment of noncontrolling interest	—	—		—		—		—		—	—		96		96
Net income	—	—		—		34,529		—		—	—		544		35,073
Balance - June 30, 2023	75,303	$	8	$	533,550	$	1,610,487	$	(30,984)	59,523	$	(1,288,545)	$	17,201	$	841,717
	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, 2022	76,796	$	8	$	520,441	$	1,571,123	$	(35,709)	57,660	$	(1,224,310)	$	12,310	$	843,863
Share repurchases and net settlement of awards under stock plan	(1,863)	—		—		—		—		1,863	(64,235)		—		(64,235)
Exercise of stock options	37	—		870		—		—		—	—		—		870
Issuance of restricted stock, net of forfeitures	333	—		—		—		—		—	—		—		—
Stock-based compensation	—	—		12,239		—		—		—	—		—		12,239
Foreign currency translation adjustment	—	—		—		—		5,370		—	—		(291)		5,079
Cash flow hedge (net of tax benefit of $241)	—	—		—		—		(645)		—	—		—		(645)
Dividends on common stock ($0.42 per share)	—	—		—		(31,895)		—		—	—		—		(31,895)
Investment of noncontrolling interest	—	—		—		—		—		—	—		4,582		4,582
Net income	—	—		—		71,259		—		—	—		600		71,859
Balance - June 30, 2023	75,303	$	8	$	533,550	$	1,610,487	$	(30,984)	59,523	$	(1,288,545)	$	17,201	$	841,717

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, 2022	79,869	$	8	$	502,254	$	1,478,806	$	(28,022)	54,492	$	(1,117,831)	$	8,192	$	843,407
Share repurchases and net tax settlement of awards under stock plan	(928)	—		—		—		—		928	(34,628)		—		(34,628)
Exercise of stock options	8	—		140		—		—		—	—		—		140
Issuance of restricted stock, net of forfeitures	58	—		—		—		—		—	—		—		—
Stock-based compensation		—		6,170		—		—		—	—		—		6,170
Foreign currency translation adjustment	—	—		—		—		(5,183)		—	—		(381)		(5,564)
Cash flow hedge (net of tax expense of $164)	—	—		—		—		476		—	—		—		476
Dividends on common stock ($0.21 per share)	—	—		—		(16,615)		—		—	—		—		(16,615)
Sale of minority ownership of joint venture	—	—		(501)		—		—		—	—		1,518		1,017
Net income	—	—		—		48,460		—		—	—		455		48,915
Balance - June 30, 2022	79,007	$	8	$	508,063	$	1,510,651	$	(32,729)	55,420	$	(1,152,459)	$	9,784	$	843,318
	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, 2021	80,557	$	8	$	495,999	$	1,421,067	$	(29,544)	53,472	$	(1,075,432)	$	8,440	$	820,538
Share repurchases and net tax settlement of awards under stock plan	(1,948)	—		—		—		—		1,948	(77,027)		—		(77,027)
Exercise of stock options	18	—		415		—		—		—	—		—		415
Issuance of restricted stock, net of forfeitures	380	—		—		—		—		—	—		—		—
Stock-based compensation	—	—		12,150		—		—		—	—		—		12,150
Foreign currency translation adjustment	—	—		—		—		(3,724)		—	—		(709)		(4,433)
Cash flow hedge (net of tax expense of $186)	—	—		—		—		539		—	—		—		539
Dividends on common stock ($0.42 per share)	—	—		—		(33,389)		—		—	—		—		(33,389)
Sale of minority ownership of joint venture	—	—		(501)		—		—		—	—		1,518		1,017
Net income	—	—		—		122,973		—		—	—		535		123,508
Balance - June 30, 2022	79,007	$	8	$	508,063	$	1,510,651	$	(32,729)	55,420	$	(1,152,459)	$	9,784	$	843,318

See accompanying notes to condensed consolidated financial statements - unaudited.

5

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

	Six Months Ended June 30,
(in thousands)	2023		2022
Cash flows from operating activities:
Net income	$	71,859	$	123,508
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	12,239		12,150
Depreciation and amortization	7,257		10,471
Loss on disposal of fixed assets	193		260
Impairment of lease right-of-use asset	95		—
Deferred taxes	—		(1,936)
Accrued interest on note receivable - related party	(4)		(8)
Notes receivable - related party	204		204
Change in valuation of contingent payment liabilities	—		(4,960)
Other operating activities	26		—
Changes, net of acquisitions, in:
Accounts receivable	(3,395)		(4,564)
Factor accounts receivable	(6,256)		20,589
Inventories	22,417		(53,222)
Prepaid expenses, income tax receivables, prepaid taxes, and other assets	(8,572)		(7,676)
Accounts payable and accrued expenses	(7,316)		(44,197)
Accrued incentive compensation	(4,551)		(6,537)
Leases and other liabilities	(1,939)		(3,457)
Payment of contingent consideration	—		(339)
Net cash provided by operating activities	82,257		40,286
Cash flows from investing activities:
Capital expenditures	(7,793)		(5,263)
Purchase of a trademark	—		(2,000)
Purchases of short-term investments	(11,406)		(38,951)
Maturity/sale of short-term investments	10,445		53,803
Net cash (used in)/provided by investing activities	(8,754)		7,589
Cash flows from financing activities:
Proceeds from exercise of stock options	870		415
Investment of noncontrolling interest	4,582		—
Common stock purchased for treasury	(64,235)		(77,027)
Cash dividends paid on common stock	(31,895)		(33,389)
Payment of contingent consideration	—		(4,770)
Net cash used in financing activities	(90,678)		(114,771)
Effect of exchange rate changes on cash and cash equivalents	518		(1,674)
Net decrease in cash and cash equivalents	(16,657)		(68,570)
Cash and cash equivalents – beginning of period	274,713		219,499
Cash and cash equivalents – end of period	$	258,056	$	150,929

See accompanying notes to condensed consolidated financial statements - unaudited.

6

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2023

(in thousands except 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 (“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, the results of its operations and cash flows for the periods presented. The results of operations for the three and six months ended June 30, 2023 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, 2022 included in the Annual Report of Steven Madden, Ltd. on Form 10-K filed with the SEC on March 1, 2023.

Note B – 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 goodwill and intangible assets and impairment of long-lived assets related to retail stores. The Company estimates variable consideration for future customer chargebacks and markdown allowances, discounts, returns and other miscellaneous compliance-related deductions that relate to 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 allowances.

Note C – Acquisitions & Sale of Minority Noncontrolling Interest

As of April 1, 2022, the Company sold a 49.9% minority non-controlling interest in Steve Madden South Africa Proprietary Limited for $1,017 to a third party to form a joint venture.

Note D – Short-Term Investments

As of June 30, 2023 and December 31, 2022, short-term investments consisted of certificates of deposit. These securities are classified as current based upon their maturities. As of June 30, 2023 and December 31, 2022, short-term investments amounted to $16,358 and $15,085, respectively, and have original maturities less than or equal to one year as of the balance sheet date.

Note E – 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.

7

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2023

(in thousands except per share data)

The Company’s financial assets and liabilities subject to fair value measurements as of June 30, 2023 and December 31, 2022 were as follows:

	June 30, 2023								December 31, 2022
	Fair value		Level 1		Level 2		Level 3		Fair value		Level 1		Level 2		Level 3
Assets:
Forward contracts	1,281		—		1,281		—		916		—		916		—
Total assets	$	1,281	$	—	$	1,281	$	—	$	916	$	—	$	916	$	—
Liabilities:
Forward contracts	2,597		—		2,597		—		1,241		—		1,241		—
Total liabilities	$	2,597	$	—	$	2,597	$	—	$	1,241	$	—	$	1,241	$	—

Forward contracts are used to manage the risk associated with the volatility of future cash flows (see Note L – 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. There were no changes in the Company’s Level 3 liabilities for the period ended June 30, 2023. The changes in the Company's Level 3 liabilities for the period ended December 31, 2022 were as follows:

	Balance at January 1, 2022		Adjustments(1)	Transfer out of Level 3(2)	Balance at December 31, 2022
Liabilities:
Contingent consideration	$	6,960	(5,807)	(1,153)	$	—

(1) In 2022, amount consists of an adjustment of $(5,807) that was included as a benefit in operating expenses, related to the change in valuation of the contingent consideration in connection with the acquisition of B.B. Dakota, Inc.

(2) On December 31, 2022, the transfer out of Level 3 amount of $1,153, which was recorded in the current portion of our contingent payment liabilities on the Consolidated Balance Sheets, represented the current portion of our contingent liabilities and was measured at the amount payable based on actual EBITDA performance for the related performance period. At June 30, 2023, the amount of $1,153 was recorded in the current portion of our contingent payment liabilities on the Consolidated Balance Sheets as the amount will be paid later this year.

At June 30, 2023, the liability for contingent consideration was $1,153 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., the earn-out payments are based on EBITDA performance for the related performance period.

The fair values of trademarks are measured on a non-recurring basis and are determined using Level 3 inputs, including forecasted cash flows, discount rates, and implied royalty rates (see Note K – Goodwill and Intangible Assets).

The fair values of lease right-of-use assets and fixed assets related to Company-owned retail stores are measured on a non-recurring basis and are determined using Level 3 inputs, including estimated discounted future cash flows associated with the assets using sales trends, market rents and market participant assumptions (see Note F – Leases).

The carrying value of certain financial instruments such as cash equivalents, certificates of deposit, accounts receivable, factor accounts receivable and accounts payable approximates their fair values due to the short-term nature of their underlying terms. 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 (non-recurring). 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.

8

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2023

(in thousands except per share data)

Note F – Leases

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

Some of the Company’s retail store leases provide for variable lease payments based on sales volumes at the leased location, which are not measurable at the inception of the lease and are therefore not included in the measurement of the right-of-use assets and lease liabilities. Under Topic 842, these variable lease costs are expensed as incurred.

Lease Position

The following table presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022:

	Classification on the Balance Sheet	June 30, 2023			December 31, 2022
Assets
Noncurrent(1)	Operating lease right-of-use asset	$	116,871		$	90,264
Liabilities
Current	Operating leases – current portion	$	36,593		$	29,499
Noncurrent	Operating leases – long-term portion	96,277			79,128
Total operating lease liabilities		$	132,870		$	108,627
Weighted-average remaining lease term		4.3 years			4.6 years
Weighted-average discount rate		4.8		%	4.4		%

(1) During the three and six months ended June 30, 2023, the Company recorded a pre-tax impairment charge related to its right-of-use assets of $0 and $95, respectively, recorded in the Wholesale Footwear Segment.

Lease Costs

 The following table presents the composition of lease costs during the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating lease cost	$	10,565	$	8,270	$	19,703	$	16,525
Variable lease cost	1,107		2,260		1,846		3,654
Less: sublease income	66		66		132		191
Total lease cost	$	11,606	$	10,464	$	21,417	$	19,988

9

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2023

(in thousands except per share data)

Other Information

The following table presents supplemental cash and non-cash information related to the Company's operating leases during the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	11,379	$	9,674	$	21,393	$	19,492
Noncash transactions
Right-of-use asset obtained in exchange for new operating lease liabilities	$	14,061	$	9,450	$	44,589	$	14,967
Right-of-use asset amortization expense(1)	$	9,691	$	8,085	$	17,887	$	15,058

(1) Included in "Leases and other liabilities" in the Consolidated Statement of Cash Flows.

Future Minimum Lease Payments

The following table presents future minimum lease payments for each of the first five years and the total for the remaining years as of June 30, 2023:

2023 (remaining six months)	$	22,037
2024	38,878
2025	32,845
2026	23,144
2027	14,009
Thereafter	16,093
Total minimum lease payments	147,006
Less: interest	14,136
Total lease liabilities	$	132,870

Note G – 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. On May 8, 2023, the Board of Directors approved an increase in the Company's share repurchase authorization of approximately $189,900, bringing the total authorization to $250,000. 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. During the three and six months ended June 30, 2023, an aggregate of 773 and 1,739 shares of the Company's common stock, excluding net settlements of employee stock awards, were repurchased under the Share Repurchase Program, at a weighted average price per share of $32.66 and $34.39, for an aggregate purchase price of approximately $25,230 and $59,811, respectively. During the three and six months ended June 30, 2022, an aggregate of 912 and 1,838 shares of the Company's common stock, excluding net settlements of employee stock awards, were repurchased under the Share Repurchase Program, at a weighted average price per share of $37.28 and $39.44, for an aggregate purchase price of approximately $34,013 and $72,488, respectively. As of June 30, 2023, approximately $224,769 remained available for future repurchases under the Share Repurchase Program.

10

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2023

(in thousands except per share data)

The Steven Madden, Ltd. Amended and Restated 2006 Stock Incentive Plan (as further amended, the "2006 Plan"), which expired on April 6, 2019, and the Steven Madden, Ltd. 2019 Incentive Compensation Plan (the "2019 Plan") both provide 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 and/or option cost 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 and/or option cost. During the three and six months ended June 30, 2023, an aggregate of 16 and 124 shares were withheld in connection with the settlement of vested restricted stock to satisfy tax-withholding requirements and option costs, at an average price per share of $34.55 and $35.78, for an aggregate purchase price of approximately $553 and $4,424, respectively. During the three and six months ended June 30, 2022, an aggregate of 16 and 110 shares were withheld in connection with the settlement of vested restricted stock to satisfy tax-withholding requirements and option costs, at an average price per share of $39.05 and $41.25, for an aggregate purchase price of approximately $615 and $4,539, respectively.

Note H – Net Income Per Share of Common Stock

Basic net 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 2,145 shares for the period ended June 30, 2023, compared to 2,963 shares for the period ended June 30, 2022. 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 assumed proceeds, which are deemed to be the proceeds from the exercise plus compensation cost not yet recognized attributable to future services using the treasury method, 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.

	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Weighted average common shares outstanding:
Basic	73,613	76,556	74,053	76,902
Effect of dilutive securities:
Stock awards and options to purchase shares of common stock	1,270	2,158	1,308	2,288
Diluted	74,883	78,714	75,361	79,190

For the three and six months ended June 30, 2023, options to purchase approximately 17 and 9 shares of common stock have been excluded from the calculation of diluted net income per share as the result would have been anti-dilutive. For the three and six months ended June 30, 2022, options to purchase approximately 21 and 9 shares of common stock have been excluded from the calculation of diluted net income per share as the result would have been anti-dilutive. For the three and six months ended June 30, 2023, 79 and 61 restricted shares were excluded from the calculation of diluted net income per share, as compared to approximately 30 and 22 shares that were excluded from the calculation of diluted net income per share for the three and six months ended June 30, 2022, as the result would have been anti-dilutive. The Company had contingently issuable performance awards outstanding that did not meet the performance conditions as of June 30, 2023 and 2022 and, therefore, were excluded from the calculation of diluted net income per common share for the three and six months ended June 30, 2023 and 2022. The maximum number of potentially dilutive shares that could be issued upon vesting for these performance awards was approximately 12 and 12 as of June 30, 2023 and 2022, respectively. These amounts were also excluded from the computation of weighted average potentially dilutive securities.

11

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2023

(in thousands except per share data)

Note I – Income Taxes

The Company’s provision for income taxes for the three and six months ended June 30, 2023 and 2022 is based on the estimated annual effective tax rate, plus or minus discrete items. The following table presents the provision for income taxes and the effective tax rates for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Income before provision for income taxes	$	45,996	$	63,948	$	94,527	$	161,901
Income tax expense	$	10,923	$	15,033	$	22,668	$	38,393
Effective tax rate	23.7%		23.5%		24.0%		23.7%

The difference between the Company’s effective tax rates of 23.7% and 23.5% and 24.0% and 23.7% for the three and six months ended June 30, 2023 and 2022, respectively, is primarily due to the expected jurisdictional mix of profit and losses from each period.

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 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 2019 through 2022 remain open to examination by most taxing authorities.

Note J – Equity-Based Compensation

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
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled awards	(6,298)
Common stock available for grant of stock-based awards as of June 30, 2023	4,702

In addition, vested and unvested options to purchase 1,455 shares of common stock and 1,067 shares of unvested restricted stock awarded under the 2006 Plan were outstanding as of June 30, 2023.

Total equity-based compensation for the three and six months ended June 30, 2023 and 2022 is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Restricted stock	$	5,406	$	5,209	$	10,799	$	10,271
Stock options	694		961		1,440		1,879
Total	$	6,100	$	6,170	$	12,239	$	12,150

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

12

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2023

(in thousands except per share data)

Stock Options

Cash proceeds and intrinsic values related to total stock options exercised during the three and six months ended June 30, 2023 and 2022 are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Proceeds from stock options exercised	$	606	$	140	$	870	$	415
Intrinsic value of stock options exercised	$	224	$	123	$	358	$	295

During the three and six months ended June 30, 2023, options to purchase 70 shares vested with a weighted average exercise price of $36.51 and options to purchase 149 shares vested with a weighted average exercise price of $36.57 vested, respectively. During the three and six months ended June 30, 2022, options to purchase 68 shares vested with a weighted average exercise price of $42.73 and options to purchase approximately 378 shares vested with a weighted average exercise price of $31.74. As of June 30, 2023, there were unvested options relating to 307 shares of common stock outstanding with a total of $2,502 of unrecognized compensation cost and an average vesting period of 1.5 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, 2023 and 2022:

	Six Months Ended June 30,
	2023	2022
Volatility	40.6% to 48.1%	42.5% to 50.7%
Risk free interest rate	3.7% to 4.0%	1.2% to 3.0%
Expected life in years	3.0 to 5.0	3.0 to 5.0
Dividend yield	2.5%	2.0%
Weighted average fair value	$10.95	$14.08

Activity relating to stock options granted under the Company’s plans during the six months ended June 30, 2023 was as follows:

	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2023	2,766	$	29.82
Granted	235	30.72
Exercised	(37)	23.29
Forfeited	(2)	46.28
Expired	(229)	$	36.01
Outstanding at June 30, 2023	2,733	$	29.45	2.0 years	$	13,284
Exercisable at June 30, 2023	2,426	$	29.01	1.6 years	$	12,779

13

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2023

(in thousands except per share data)

Activity relating to stock options granted under the Company’s plans during the six months ended June 30, 2022 was as follows:

	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2022	2,531	$	29.06
Granted	265	37.06
Exercised	(18)	23.72
Outstanding at June 30, 2022	2,778	$	29.86	2.5 years	$	12,267
Exercisable at June 30, 2022	2,431	$	28.78	2.2 years	$	12,196

Restricted Stock

 The following table summarizes restricted stock activity during the six months ended June 30, 2023 and 2022:

	Six Months Ended June 30,
	2023			2022
	Number of Shares	Weighted Average Fair Value at Grant Date		Number of Shares	Weighted Average Fair Value at Grant Date
Outstanding at January 1,	2,111	$	28.45	2,849	$	23.80
Granted	357	33.19		395	41.26
Vested	(299)	34.78		(266)	32.50
Forfeited	(24)	39.87		(15)	33.18
Outstanding at June 30,	2,145	$	28.23	2,963	$	25.30

As of June 30, 2023, the Company had $43,564 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 3.1 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.

Note K – Goodwill and Intangible Assets

The following is a summary of the carrying amount of goodwill by reporting unit as of June 30, 2023:

	Wholesale						Net Carrying  Amount
	Footwear		Accessories/ Apparel		Direct-to-Consumer
Balance at January 1, 2023	$	90,173	$	62,688	$	15,224	$	168,085
Translation	441		—		441		882
Balance at June 30, 2023	$	90,614	$	62,688	$	15,665	$	168,967

14

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2023

(in thousands except per share data)

The following table details identifiable intangible assets as of June 30, 2023:

	Estimated Lives	Cost Basis		Accumulated Amortization		Impairment & Other(1)		Net Carrying Amount
Trade names	1–10 years	$	18,695	$	(16,075)	$	(2,620)	$	—
Customer relationships	10–20 years	38,680		(25,533)		(1,942)		11,205
		57,375		(41,608)		(4,562)		11,205
Re-acquired right	indefinite	35,200		—		(8,850)		26,350
Trademarks	indefinite	63,283		—		209		63,492
		$	155,858	$	(41,608)	$	(13,203)	$	101,047

(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.

The following table details identifiable intangible assets as of December 31, 2022:

	Estimated Lives	Cost Basis(1)		Accumulated Amortization		Impairment & Other(2)		Net Carrying Amount
Trade names	1–10 years	$	18,695	$	(16,075)	$	(2,620)	$	—
Customer relationships	10–20 years	38,680		(25,059)		(1,574)		12,047
		57,375		(41,134)		(4,194)		12,047
Re-acquired right	indefinite	35,200		—		(9,432)		25,768
Trademarks	indefinite	63,283		—		94		63,377
		$	155,858	$	(41,134)	$	(13,532)	$	101,192

(1) During the year ended December 31, 2021, the Company purchased the trademark for Dolce Vita® Handbags for $2,000 and the cash consideration was paid in 2022.

(2) 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.

The Company evaluates its goodwill and indefinite-lived intangible assets for indicators of impairment at least annually in the third quarter of each year and whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. A qualitative assessment of goodwill and indefinite-lived intangible assets was performed as of July 1, 2022. In conducting the qualitative impairment assessment for goodwill and indefinite-lived intangibles, the Company concluded that it is more likely than not that the fair values of its reporting units exceeded their carrying values and the fair values of its indefinite-lived intangibles exceeded their respective carrying values. Therefore, in 2022, as a result of the annual test, no impairment charges were recorded for goodwill and intangibles.

15

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2023

(in thousands except per share data)

The amortization of intangible assets amounted to $461 and $884 for the three and six months ended June 30, 2023 compared to $2,189 and $4,503 for the three and six months ended June 30, 2022 and is included in operating expenses in the Company's Condensed Consolidated Statements of Income. The estimated future amortization expense for intangibles as of June 30, 2023 was as follows:

2023 (remaining six months)	$	839
2024	1,679
2025	1,679
2026	1,679
2027	1,451
Thereafter	3,878
Total	$	11,205

Note L – 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, 2023, the Company's entire net forward contracts hedging portfolio consisted of a notional amount of $89,384, with the fair value included on the Consolidated Balance Sheets in other current assets of $1,281 and other current liabilities of $2,597. For the three and six months ended June 30, 2023 and 2022, the Company's hedging activities were considered effective, and, thus, no ineffectiveness from hedging activities was recognized in the Consolidated Statements of Income during the first and second quarters of 2023 and 2022. These gains and losses are recognized in Cost of sales (exclusive of depreciation and amortization) on the Consolidated Statements of Income.

Note M – Commitments, Contingencies and Other

Future Minimum Royalty and Advertising Payments:

The Company has minimum commitments related to a license agreement. The Company sources, distributes, advertises and sells certain of its products pursuant to a license agreement with an unaffiliated licensor. Royalty amounts under the license agreement are based on stipulated minimum net sales and the payment of minimum annual royalty amounts. The license agreement has various terms and renewal options, provided that minimum sales levels and certain other conditions are achieved. As of June 30, 2023, the Company had future minimum royalty and advertising payments of $19,813. Royalty expenses are recognized in Cost of sales (exclusive of depreciation and amortization) on the Consolidated Statements of Income.

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.

Letters of Credit:

As of June 30, 2023, the Company had $504 in letters of credit outstanding unrelated to the Company's Credit Agreement.

16

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2023

(in thousands except per share data)

Note N – Operating Segment Information

The Company operates the following operating segments, which are presented as reportable segments: Wholesale Footwear, Wholesale Accessories/Apparel, Direct-to-Consumer, and Licensing. As of January 2023, the Company no longer serves as a buying agent for any of its customers, and as a result no longer reports under the First Cost segment. This change is not considered to have a material or meaningful impact on the Company's operations. Our Wholesale Footwear segment designs, sources, and markets our brands and sells our products to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, Canada, Mexico, and Europe, and through our joint ventures and international distributor network. Our Wholesale Accessories/Apparel segment designs, sources, and markets our brands and sells our products to department stores, mass merchants, off-price retailers, online retailers, specialty retailers, independent stores and clubs throughout the United States, Canada, Mexico, and Europe and through our joint ventures and international distributor network. Our Direct-to-Consumer segment consists of Steve Madden® and Dolce Vita® full-price retail stores, Steve Madden® outlet stores, and our directly-operated digital e-commerce websites. We operate retail locations in regional malls and shopping centers, as well as high streets in major cities across the United States, Canada, Mexico, Israel, South Africa, Taiwan, China, and the Middle East. Our Licensing segment is engaged in the licensing of the Steve Madden® and Betsey Johnson® trademarks for use in the sale of select apparel, accessory, and home categories as well as various other non-core products.

Our Corporate activities do not constitute a reportable segment and include costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cyber security, and other shared services.

The Chief Operating Decision Maker does not review asset information by segment; therefore we do not present assets in this note.

17

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2023

(in thousands except per share data)

As of and for the three months ended,	Wholesale Footwear		Wholesale Accessories/Apparel		Total Wholesale		Direct-to-Consumer		First Cost		Licensing		Corporate (1)		Consolidated
June 30, 2023
Total revenue	$	234,908	$	79,723	$	314,631	$	128,205	$	—	$	2,466	$	—	$	445,302
Gross profit	79,045		26,709		105,754		81,650		—		2,466		—		189,870
Income/(loss) from operations	$	43,726	$	11,380	$	55,106	$	10,330	$	—	$	1,271	$	(22,667)	$	44,040
Capital expenditures	$	557	$	31	$	588	$	2,160	$	—	$	—	$	1,255	$	4,003
June 30, 2022
Total revenue	$	291,397	$	105,744	$	397,141	$	135,539	$	77	$	2,232	$	—	$	534,989
Gross profit	101,867		23,648		125,515		89,941		77		2,232		—		217,765
Income/(loss) from operations	$	60,001	$	5,124	$	65,125	$	20,472	$	174	$	1,572	$	(22,104)	$	65,239
Capital expenditures	$	82	$	32	$	114	$	1,298	$	—	$	—	$	255	$	1,667
As of and for the six months ended,	Wholesale Footwear		Wholesale Accessories/Apparel		Total Wholesale		Direct-to-Consumer		First Cost		Licensing		Corporate (1)		Consolidated
June 30, 2023
Total revenue	$	517,229	$	159,540	$	676,769	$	227,805	$	—	$	4,562	$	—	$	909,136
Gross profit	186,567		53,224		239,791		140,609		—		4,562		—		$	384,962
Income/(loss) from operations	$	105,782	$	20,818	$	126,600	$	6,082	$	—	$	3,090	$	(45,221)	$	90,551
Capital expenditures	$	694	$	91	$	785	$	4,114	$	—	$	—	$	2,894	$	7,793
June 30, 2022
Total revenue	$	638,111	$	208,027	$	846,138	$	243,886	$	913	$	3,786	$	—	$	1,094,723
Gross profit	235,941		47,562		283,503		157,461		913		3,786		—		$	445,663
Income/(loss) from operations	$	154,092	$	16,495	$	170,587	$	32,783	$	770	$	2,607	$	(43,612)	$	163,135
Capital expenditures	$	198	$	90	$	288	$	2,140	$	—	$	—	$	2,835	$	5,263

(1) Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cyber security and other shared services.

Revenues by geographic area are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Domestic (1)	$	361,405	$	453,705	$	739,546	$	938,666
International	83,897		81,284		169,590		156,057
Total	$	445,302	$	534,989	$	909,136	$	1,094,723

(1) Includes revenues of $65,059 and $122,066, respectively, for the three and six months ended June 30, 2023 and $95,340 and $172,577, respectively, for the comparable period in 2022 related to sales to U.S. customers where the title is transferred outside the U.S. and the sale is recorded by the Company's international entities.

18

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2023

(in thousands except per share data)

Note O – Credit Agreement

On July 22, 2020, the Company entered into a $150,000 secured revolving credit agreement (as amended to date, the “Credit Agreement”) with various lenders and Citizens Bank, N.A., as administrative agent (the “Agent”), which replaced the Company’s existing credit facility provided by Rosenthal & Rosenthal, Inc. (“Rosenthal”). The Credit Agreement provides for a revolving credit facility (the “Credit Facility”) scheduled to mature on July 22, 2025.

The initial $150,000 maximum availability under the Credit Facility is subject to a borrowing base calculation consisting of certain eligible accounts receivable, credit card receivables, inventory, and in-transit inventory. Availability under the Credit Facility is reduced by outstanding letters of credit. The Company may from time-to-time increase the maximum availability under the Credit Agreement by up to $100,000 if certain conditions are satisfied.

On March 25, 2022, an amendment to the Credit Agreement (the “Amendment”) replaced the London Interbank Offering Rate (“LIBOR”) with the Bloomberg Short-Term Bank Yield Index (“BSBY”) as the interest rate benchmark. Borrowings under the Credit Agreement generally bear interest at a variable rate equal to a specified margin, which is based upon the average availability under the Credit Facility from time to time, plus, at the Company’s election (i) BSBY for the applicable interest period or (ii) the base rate (which is the highest of (a) the prime rate announced by the Agent, (b) the sum of the federal funds effective rate plus 0.50%, and (c) the sum of the one-month BSBY rate plus 1.00%). Furthermore, the Amendment reduced the specified margin used to determine the interest rate under the Credit Agreement and reduced the commitment fee paid by the Company to the Agent, for the account of each lender. Additionally, the Amendment reduced the frequency of the Company’s borrowing base reporting requirements when no loans are outstanding. The Amendment also extended the maturity date of the Credit Agreement to March 20, 2027.

Under the Credit Agreement, the Company must also pay (i) a commitment fee to the Agent, for the account of each lender, which accrues at a rate equal to 0.25% per annum on the average daily unused amount of the commitment of such lender, (ii) a letter of credit participation fee to the Agent, for the account of each lender, ranging from 1.25% to 2.50% per annum, based upon average availability under the Credit Facility from time to time, multiplied by the average daily amount available to be drawn under the applicable letter of credit, and (iii) a letter of credit fronting fee to each issuer of a letter of credit under the Credit Agreement, which will accrue at a rate per annum separately agreed upon between the Company and such issuer.

The Credit Agreement contains various restrictions and covenants applicable to the Company and its subsidiaries. Among other requirements, availability under the Credit Facility must, at all times, (i) prior to the occurrence of the permanent borrowing base trigger (as defined in the Credit Agreement), equal or exceed the greater of $22,500 and 15% of the line cap (as defined in the Credit Agreement), and (ii) after the occurrence of the permanent borrowing base trigger, equal or exceed the greater of $15,000 and 10% of the line cap (as defined in the Credit Agreement). Other than this minimum availability requirement, the Credit Agreement does not include any financial maintenance covenants.

The Credit Agreement requires the Company and various subsidiaries of the Company to guarantee each other’s obligations arising from time to time under the Credit Facility, as well as obligations arising in respect of certain cash management and hedging transactions. Subject to customary exceptions and limitations, all borrowings under the Credit Agreement are secured by a lien on all or substantially all of the assets of the Company and each subsidiary guarantor.

The Credit Agreement also contains customary events of default. If an event of default under the Credit Agreement occurs and is continuing, then the Agent may, and at the request of the required lenders shall, terminate the loan commitments under the Credit Agreement, declare any outstanding obligations under the Credit Agreement to be immediately due and payable or require the Company to adequately cash collateralize outstanding letter of credit obligations. If the Company or, with certain exceptions, a subsidiary becomes the subject of a proceeding under any bankruptcy, insolvency or similar law, then the loan commitments under the Credit Agreement will automatically terminate, and any outstanding obligations under the Credit Agreement and the cash collateral required under the Credit Agreement for any outstanding letter of credit obligations will become immediately due and payable.

As of June 30, 2023, the Company had no cash borrowings and no letters of credit outstanding under the Credit Agreement.

19

STEVEN MADDEN, LTD. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements – Unaudited

June 30, 2023

(in thousands except per share data)

Note P – Factoring Agreements

In conjunction with the Credit Agreement described in Note O – Credit Agreement, on July 22, 2020, the Company and certain of its subsidiaries (collectively, the “Madden Entities”) entered into an Amended and Restated Deferred Purchase Factoring Agreement (the “Factoring Agreement”) with Rosenthal & Rosenthal, Inc. ("Rosenthal"). Pursuant to the Factoring Agreement, Rosenthal serves as the collection agent with respect to certain receivables of the Madden Entities and is 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 of credit-approved receivables, which are classified as Factor Receivables. The initial term of the Factoring Agreement is twelve months, subject to automatic renewal for additional twelve-month periods, and the Factoring Agreement may be terminated at any time by Rosenthal or the Madden Entities on 60 days' notice and upon the occurrence of certain other events. The Madden Entities pledged all of their rights under the Factoring Agreement to the Agent under the Credit Agreement to secure obligations arising under the Credit Agreement.

On April 3, 2023, in conjunction with a related amendment to the Credit Agreement, the Madden Entities also entered into a Credit Approved Receivables Purchasing Agreement (the “CARPA”) with CIT Group/Commercial Services, Inc. (“CIT”). Pursuant to the CARPA, in addition to Rosenthal, CIT will serve as a non-exclusive collection agent with respect to certain of the Madden Entities’ receivables and will generally assume the credit risk resulting from a customer’s financial inability to make payment with respect to credit approved receivables. Additionally, CIT shall compensate the Madden Entities for 50% of the losses sustained for limiting or revoking a credit line during production for any made-to-order goods that have work-in-progress coverage. For its services, CIT will be entitled to receive (1) a base fee of 0.15% of the gross face amount of each receivable assigned for collection having standard payment terms, (2) certain additional fees for receivables with non-standard payment terms or arising from sales to customers outside of the United States, and (3) reimbursement for certain expenses incurred in connection with the CARPA. The Company, on behalf of the Madden Entities, and CIT may each terminate the CARPA as of the last day of the month occurring one year after the date of the CARPA and at any time thereafter by giving the other party at least 60 days’ notice. CIT may also terminate the CARPA immediately upon the occurrence of certain events. The Madden Entities pledged all of their right, title and interest in and to monies due and to become due under the CARPA in favor of the Agent to secure obligations arising under or in connection with the Credit Agreement.

20

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 months ended June 30, 2023 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. You can identify forward-looking statements 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. We caution investors 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 navigate shifting macro-economic environments including but not limited to inflation and the potential for recessionary conditions;

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

•supply chain disruptions to product delivery systems and logistics, and our ability to properly manage inventory;

•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 their ability to meet our quality standards;

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

•our ability to successfully implement growth strategies;

•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;

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

•our ability to maintain adequate liquidity when negatively impacted by unforeseen events such as an epidemic or a pandemic, which may cause disruption to our business operations for an indeterminable period of time;

•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;

•cybersecurity risks and costs of defending against, mitigating, and responding to data security threats and breaches impacting the Company;

•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.

These risks and uncertainties, along with the risk factors discussed under Part II, Item 1A “Risk Factors” in this Quarterly Report on Form 10-Q and, in Part I, Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2022, should be considered in evaluating any forward-looking statements contained in this report. 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.

21

Overview:

($ in thousands, except for retail sales data per square foot, earnings per share and per share data)

Steven Madden, Ltd. and its subsidiaries design, source, and market fashion-forward branded and private label footwear, accessories and apparel for women, men, and children. We distribute our products in the wholesale channel through department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, Canada, Mexico, and Europe, and other international markets through our joint ventures in Israel, South Africa, China, Taiwan, Malaysia, and the Middle East along with special distribution arrangements in certain European countries, North Africa, South and Central America, Australia, and various countries in Asia. In addition, our products are distributed through our direct-to-consumer channel within the United States, Canada, Mexico, and Europe, and our joint ventures in Israel, South Africa, China, Taiwan, and the Middle East.

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, trend-right products at accessible price points, delivered in an efficient manner and time frame.

We manage our operations through our operating divisions, which are presented as the following reportable segments: Wholesale Footwear, Wholesale Accessories/Apparel, Direct-to-Consumer, and Licensing. As of January 2023, the Company no longer serves as a buying agent for any of its customers, and as a result no longer reports under the First Cost segment. This change is not considered to have a material or meaningful impact on the Company's operations. Our Wholesale Footwear segment designs, sources, and markets our brands and sells our products to department stores, mass merchants, off-price retailers, shoe chains, online retailers, national chains, specialty retailers, independent stores, and clubs throughout the United States, Canada, Mexico, and Europe, and through our joint ventures and international distributor network. Our Wholesale Accessories/Apparel segment designs, sources, and markets our brands and sells our products to department stores, mass merchants, off-price retailers, online retailers, specialty retailers, independent stores and clubs throughout the United States, Canada, Mexico, and Europe and through our joint ventures and international distributor network. Our Direct-to-Consumer segment consists of Steve Madden® and Dolce Vita® full-price retail stores, Steve Madden® outlet stores, and our directly-operated digital e-commerce websites. We operate retail locations in regional malls and shopping centers, as well as high streets in major cities across the United States, Canada, Mexico, Israel, South Africa, Taiwan, China, and the Middle East. Our Licensing segment is engaged in the licensing of the Steve Madden® and Betsey Johnson® trademarks for use in the sale of select apparel, accessory, and home categories as well as various other non-core products. Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cyber security, and other shared services.

Executive Summary

Key Highlights

Total revenue for the quarter ended June 30, 2023 decreased 16.8% to $445,302 compared to $534,989 in the same period of last year. Net income attributable to Steven Madden, Ltd. was $34,529 in the second quarter of 2023 compared to $48,460 in the same period of last year. Our effective tax rate for the second quarter of 2023 increased to 23.7% compared to 23.5% in the second quarter of last year. Diluted earnings per share was $0.46 per share on 74,883 diluted weighted average shares outstanding compared to diluted earnings of $0.62 per share on 78,714 diluted weighted average shares outstanding in the second quarter of last year.

Our inventory turnover (calculated on a trailing four quarter average) for the quarters ended June 30, 2023 and 2022 was 5.2 times respectively. Our total Company accounts receivable average collection days decreased to 69 days in the second quarter of 2023 compared to 74 days in the second quarter of 2022. As of June 30, 2023, we had $274,414 in cash, cash equivalents and short-term investments, no debt and total stockholders’ equity of $841,717. Working capital was $510,257 as of June 30, 2023, compared to $526,767 as of June 30, 2022.

22

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

Selected Financial Information

	Three Months Ended June 30,
(in thousands, except for number of stores)	2023				2022
CONSOLIDATED:
Net sales	$	442,837	99.4	%	$	532,680	99.6	%
Commission and licensing income	2,465		0.6	%	2,309		0.4	%
Total revenue	445,302		100.0	%	534,989		100.0	%
Cost of sales (exclusive of depreciation and amortization)	255,432		57.4	%	317,224		59.3	%
Gross profit	189,870		42.6	%	217,765		40.7	%
Operating expenses	145,830		32.7	%	152,526		28.5	%
Income from operations	44,040		9.9	%	65,239		12.2	%
Interest and other income/(expense) – net	1,956		0.4	%	(1,291)		(0.2	%)
Income before provision for income taxes	$	45,996	10.3	%	$	63,948	12.0	%
Net income attributable to Steven Madden, Ltd.	$	34,529	7.8	%	$	48,460	9.1	%
BY SEGMENT:
WHOLESALE FOOTWEAR SEGMENT:
Total Revenue	$	234,908	100.0	%	$	291,397	100.0	%
Cost of sales (exclusive of depreciation and amortization)	155,863		66.4	%	189,530		65.0	%
Gross profit	79,045		33.6	%	101,867		35.0	%
Operating expenses	35,319		15.0	%	41,866		14.4	%
Income from operations	$	43,726	18.6	%	$	60,001	20.6	%
WHOLESALE ACCESSORIES/APPAREL SEGMENT:
Total Revenue	$	79,723	100.0	%	$	105,744	100.0	%
Cost of sales (exclusive of depreciation and amortization)	53,014		66.5	%	82,096		77.6	%
Gross profit	26,709		33.5	%	23,648		22.4	%
Operating expenses	15,329		19.2	%	18,524		17.5	%
Income from operations	$	11,380	14.3	%	$	5,124	4.8	%
DIRECT-TO-CONSUMER SEGMENT:
Total Revenue	$	128,205	100.0	%	$	135,539	100.0	%
Cost of sales (exclusive of depreciation and amortization)	46,555		36.3	%	45,598		33.6	%
Gross profit	81,650		63.7	%	89,941		66.4	%
Operating expenses	71,320		55.6	%	69,469		51.3	%
Income from operations	$	10,330	8.1	%	$	20,472	15.1	%
Number of stores	247				219
FIRST COST SEGMENT:
Commission income	$	—	—	%	$	77	100.0	%
Gross profit	—		—	%	77		100.0	%
Operating benefit	—		—	%	(97)		(126.0	%)
Income from operations	$	—	—	%	$	174	226.0	%
LICENSING SEGMENT:
Licensing income	$	2,466	100.0	%	$	2,232	100.0	%
Gross profit	2,466		100.0	%	2,232		100.0	%
Operating expenses	1,195		48.5	%	660		29.6	%
Income from operations	$	1,271	51.5	%	$	1,572	70.4	%
Corporate:
Operating expenses	$	(22,667)	—	%	$	(22,104)	—	%
Loss from operations	$	(22,667)	—	%	$	(22,104)	—	%

23

RESULTS OF OPERATIONS

($ in thousands, except for number of stores)

Three Months Ended June 30, 2023 Compared to Three Months Ended June 30, 2022

Consolidated:

Total revenue for the three months ended June 30, 2023 decreased 16.8% to $445,302 compared to $534,989 in the same period of last year, due to decreases in the Wholesale business and to a lesser extent, a decline in the Direct-to-Consumer business. Gross profit was $189,870, or 42.6% of total revenue, as compared to $217,765, or 40.7% of total revenue, in the prior-year period. The increase in gross profit as a percentage of total revenue was primarily driven by an improvement in gross margin in the Wholesale Accessories/Apparel business, lower freight cost and business mix partially offset by an increase in promotional activity. Operating expenses in the second quarter of 2023 were $145,830, or 32.7% of total revenue, as compared to $152,526, or 28.5% 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 the deleveraging of expenses on a lower revenue base partially offset by the accelerated amortization of a trademark in the prior year period. Income from operations for the three months ended June 30, 2023 decreased to $44,040, or 9.9% of total revenue, as compared to $65,239, or 12.2% of total revenue, in the prior-year period. The effective tax rate in the second quarter of 2023 was 23.7% compared to 23.5% in the second quarter of last year. Net income attributable to Steven Madden, Ltd. for the second quarter of 2023 was $34,529 compared to $48,460 in the second quarter of 2022.

Wholesale Footwear Segment:

Revenue from the Wholesale Footwear segment in the second quarter of 2023 accounted for $234,908, or 52.8% of total revenue, as compared to $291,397, or 54.5% of total revenue, in the second quarter of 2022. Wholesale Footwear revenue decreased 19.4% compared to the second quarter of 2022 due to a moderation in wholesale customers' order patterns as they continue to focus on inventory control in a challenging retail environment. This reduction in orders impacted both our branded and private label businesses. Gross profit was $79,045, or 33.6% of Wholesale Footwear revenue, in the second quarter of 2023 as compared to $101,867, or 35.0% of Wholesale Footwear revenue, in the second quarter of 2022. The decrease in gross profit as a percentage of revenue was primarily due to higher promotional activity partially offset by lower freight expenses and a lower penetration of our private label business. Operating expenses in the second quarter of 2023 were $35,319, or 15.0% of Wholesale Footwear revenue, as compared to $41,866, or 14.4% 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 primarily attributable to the deleveraging expenses on a lower revenue base. Income from operations decreased to $43,726, or 18.6% of Wholesale Footwear revenue, in the second quarter of 2023 as compared to $60,001, or 20.6% of Wholesale Footwear revenue in the second quarter of the prior year.

Wholesale Accessories/Apparel Segment:

Revenue from the Wholesale Accessories/Apparel segment in the second quarter of 2023 accounted for $79,723, or 17.9% of total revenue, as compared to $105,744, or 19.8% of total revenue, in the second quarter of 2022. Wholesale Accessories/Apparel revenue decreased 24.6% compared to the second quarter of 2022 due to a moderation in wholesale customers' order patterns as they continue to focus on inventory control in a challenging retail environment. This reduction in orders impacted both our branded and private label businesses. Gross profit was $26,709, or 33.5% of Wholesale Accessories/Apparel revenue, in the second quarter of 2023 as compared to $23,648, or 22.4% of Wholesale Accessories/Apparel revenue, in the second quarter of the prior year. The increase in gross profit as a percentage of revenue was due to lower freight expenses, improved production costs, and a lower penetration of our private label business. Operating expenses in the second quarter of 2023 were $15,329, or 19.2% of Wholesale Accessories/Apparel revenue, as compared to $18,524, or 17.5% of Wholesale Accessories/Apparel revenue, in the second quarter of the prior year. The increase in operating expenses as a percentage of Wholesale Accessories/Apparel revenue was primarily attributable to deleveraging of expenses on a lower revenue base partially offset by the accelerated amortization of a trademark in the prior year period. Income from operations for the Wholesale Accessories/Apparel segment in the second quarter of 2023 was $11,380, or 14.3% of Wholesale Accessories/Apparel revenue, as compared to $5,124, or 4.8% of Wholesale Accessories/Apparel revenue in the second quarter of the prior year.

24

Direct-to-Consumer Segment:

In the second quarter of 2023, revenue from the Direct-to-Consumer segment accounted for $128,205, or 28.8% of total revenue, as compared to $135,539, or 25.3% of total revenue, in the second quarter of 2022. Revenue decreased 5.4% compared to the prior year period, driven by declines in our brick-and-mortar stores and to a lesser extent our e-commerce channel. As of June 30, 2023, we operated 242 brick-and-mortar stores and five e-commerce websites compared to 213 brick-and-mortar stores and six e-commerce websites as of June 30, 2022. In addition, we operated 22 concessions in international markets as of June 30, 2023 compared to 19 concessions in international markets as of June 30, 2022. Gross profit in the second quarter of 2023 was $81,650, or 63.7% of Direct-to-Consumer revenue, compared to $89,941, or 66.4% of Direct-to-Consumer revenue, in the second quarter of 2022. The decrease in gross profit as a percentage of revenue was primarily due to an increase in promotional activity. Operating expenses in the second quarter of 2023 were $71,320, or 55.6% of Direct-to-Consumer revenue, as compared to $69,469, or 51.3% of Direct-to-Consumer revenue, in the second quarter of 2022. The increase in operating expenses as a percentage of revenue was primarily attributable to the deleveraging of expenses on a lower revenue base. In the second quarter of 2023, income from operations for the Direct-to-Consumer segment was $10,330, or 8.1% of Direct-to-Consumer revenue, as compared to $20,472, or 15.1% of Direct-to-Consumer revenue, in the second quarter of the prior year.

First Cost Segment:

As of January 2023, the Company no longer serves as a buying agent for any of its customers, and as a result no longer reports under the First Cost segment. This change is not considered to have a material or meaningful impact on the Company's operations. In the second quarter of 2022, commission income generated by the First Cost segment was $77, operating benefit was $97, and income from operations was $174.

Licensing Segment:

Royalty income generated by the Licensing segment accounted for $2,466, or 0.6% of total revenue, in the second quarter of 2023 compared to $2,232, or 0.4% of total revenue, in the second quarter of 2022. Royalty income increased 10.5% compared to the prior year period driven by an increase in Steve Madden licensed businesses. Operating expenses were $1,195 in the current period compared to $660 in the same period of last year. In the second quarter of 2023, income from operations for the Licensing segment was $1,271 as compared to $1,572 in the same period last year.

Corporate:

Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cyber security, and other shared services. Corporate operating expenses were $22,667, or 5.1% of total revenue, in the second quarter of 2023 as compared to $22,104, or 4.1% of total revenue, in the second quarter of 2022.

25

Selected Financial Information

	Six Months Ended June 30,
(in thousands, except for number of stores)	2023				2022
CONSOLIDATED:
Net sales	$	904,574	99.5	%	$	1,090,024	99.6	%
Commission and licensing income	4,562		0.5	%	4,699		0.4	%
Total revenue	909,136		100.0	%	1,094,723		100.0	%
Cost of sales (exclusive of depreciation and amortization)	524,174		57.7	%	649,060		59.3	%
Gross profit	384,962		42.3	%	445,663		40.7	%
Operating expenses	294,411		32.4	%	282,528		25.8	%
Income from operations	90,551		10.0	%	163,135		14.9	%
Interest and other income/(expense) – net	3,976		0.4	%	(1,234)		(0.1)	%
Income before provision for income taxes	$	94,527	10.4	%	$	161,901	14.8	%
Net income attributable to Steven Madden, Ltd.	$	71,259	7.8	%	$	122,973	11.2	%
BY SEGMENT:
WHOLESALE FOOTWEAR SEGMENT:
Total revenue	$	517,229	100.0	%	$	638,111	100.0	%
Cost of sales (exclusive of depreciation and amortization)	330,662		63.9	%	402,170		63.0	%
Gross profit	186,567		36.1	%	235,941		37.0	%
Operating expenses	80,785		15.6	%	81,849		12.8	%
Income from operations	$	105,782	20.5	%	$	154,092	24.1	%
WHOLESALE ACCESSORIES/APPAREL SEGMENT:
Total revenue	$	159,540	100.0	%	$	208,027	100.0	%
Cost of sales (exclusive of depreciation and amortization)	106,316		66.6	%	160,465		77.1	%
Gross profit	53,224		33.4	%	47,562		22.9	%
Operating expenses	32,406		20.3	%	31,067		14.9	%
Income from operations	$	20,818	13.0	%	$	16,495	7.9	%
DIRECT-TO-CONSUMER SEGMENT:
Total revenue	$	227,805	100.0	%	$	243,886	100.0	%
Cost of sales (exclusive of depreciation and amortization)	87,196		38.3	%	86,425		35.4	%
Gross profit	140,609		61.7	%	157,461		64.6	%
Operating expenses	134,527		59.1	%	124,678		51.1	%
Income from operations	$	6,082	2.7	%	$	32,783	13.4	%
Number of stores	247				219
FIRST COST SEGMENT:
Commission income	$	—	—	%	$	913	100.0	%
Gross profit	—		—	%	913		100.0	%
Operating expenses	—		—	%	143		15.7	%
Income from operations	$	—	—	%	$	770	84.3	%
LICENSING SEGMENT:
Licensing income	$	4,562	100.0	%	$	3,786	100.0	%
Gross profit	4,562		100.0	%	3,786		100.0	%
Operating expenses	1,472		32.3	%	1,179		31.1	%
Income from operations	$	3,090	67.7	%	$	2,607	68.9	%
Corporate:
Operating expenses	$	(45,221)	—	%	$	(43,612)	—	%
Loss from operations	$	(45,221)	—	%	$	(43,612)	—	%

26

Six Months Ended June 30, 2023 Compared to Six Months Ended June 30, 2022

Consolidated:

Total revenue in the six months ended June 30, 2023 decreased 17.0% to $909,136 compared to $1,094,723 in the same period of last year with decreases in the Wholesale Footwear, Wholesale Accessories/Apparel and Direct-to-Consumer businesses. Gross profit was $384,962, or 42.3% of total revenue, as compared to $445,663, or 40.7% of total revenue, in the prior-year period. Gross profit as a percentage of total revenue increased compared to the prior year period, primarily driven by an improvement in gross margin in the Wholesale Accessories/Apparel business, lower freight cost and business mix partially offset by an increase in promotional activity. Operating expenses for the first six months of 2023 were $294,411, or 32.4% of total revenue, as compared to $282,528, or 25.8% of total revenue, in the first six months of the prior year. The increase in operating expenses as a percentage of total revenue was attributable to deleveraging of expenses on a lower revenue base and a benefit from the change in valuation of our contingent consideration in the prior year partially offset by the accelerated amortization of a trademark in the prior year. Income from operations decreased to $90,551, or 10.0% of total revenue, as compared to income from operations of $163,135, or 14.9% of total revenue, in the prior-year period. The effective tax rate in the first six months of 2023 was 24.0% compared to 23.7% in the first six months of last year. Net income attributable to Steven Madden, Ltd. in the first six months of 2023 was $71,259 compared to $122,973 in the same period of 2022.

Wholesale Footwear Segment:

Revenue from the Wholesale Footwear segment in the first six months of 2023 accounted for $517,229, or 56.9% of total revenue, as compared to $638,111, or 58.3% of total revenue, in the first six months of 2022. The 18.9% decrease in revenue in the current period is due to a moderation in wholesale customers' order patterns as they continue to focus on inventory control in a challenging retail environment. This reduction in orders impacted both our branded and private label businesses. Gross profit was $186,567, or 36.1% of Wholesale Footwear revenue, in the first six months of 2023 as compared to $235,941, or 37.0% of Wholesale Footwear revenue, in the first six months of 2022. The decrease of gross profit as a percentage of revenue was primarily due to higher promotional activity partially offset by lower freight expenses and a lower penetration of our private label business. Operating expenses in the first six months of 2023 were $80,785, or 15.6% of Wholesale Footwear revenue, as compared to $81,849, or 12.8% of Wholesale Footwear revenue, in the first six months of the prior year. The increase in operating expenses as a percentage of Wholesale Footwear revenue was primarily due to deleveraging of expenses on a lower revenue base. Income from operations decreased to $105,782, or 20.5% of Wholesale Footwear revenue in the first six months of 2023 as compared to $154,092, or 24.1% of Wholesale Footwear revenue, in the same period of the prior year.

Wholesale Accessories/Apparel Segment:

Revenue from the Wholesale Accessories/Apparel segment in the first six months of 2023 accounted for $159,540, or 17.5% of total revenue, as compared to $208,027, or 19.0% of total revenue, in the first six months of 2022. The 23.3% decrease in revenue in the current period is due to a moderation in wholesale customers' order patterns as they continue to focus on inventory control in a challenging retail environment. This reduction in orders impacted both our branded and private label businesses. Gross profit was $53,224, or 33.4% of Wholesale Accessories/Apparel revenue, in the first six months of 2023 as compared to $47,562, or 22.9% of Wholesale Accessories/Apparel revenue, in the first six months of the prior year. The increase of gross profit as a percentage of revenue was primarily due to lower freight costs, improved production costs, lower markdown allowances and a lower penetration of our private label business. Operating expenses in the first six months of 2023 were $32,406, or 20.3% of Wholesale Accessories/Apparel revenue, as compared to $31,067, or 14.9% 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 deleveraging of expenses on a lower revenue base and the benefit from the change in valuation of our contingent consideration in the prior year partially offset by the accelerated amortization of a trademark in the prior year. Income from operations for the Wholesale Accessories/Apparel segment in the first six months of 2023 was $20,818, or 13.0% of Wholesale Accessories/Apparel revenue, as compared to $16,495, or 7.9% of Wholesale Accessories/Apparel revenue, in the same period of the prior year.

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Direct-to-Consumer Segment:

In the first six months of 2023, revenue from the Direct-to-Consumer segment accounted for $227,805, or 25.1% of total revenue, as compared to $243,886, or 22.3% of total revenue, in the first six months of 2022. The 6.6% decrease in revenue was driven by decreases in both our brick-and-mortar stores and e-commerce businesses. Gross profit in the first six months of 2023 was $140,609, or 61.7% of Direct-to-Consumer revenue, compared to $157,461, or 64.6% of Direct-to-Consumer revenue, in the first six months of 2022. The decrease in gross profit as a percentage of revenue was primarily due to an increase in promotional activity. Operating expenses in the first six months of 2023 were $134,527, or 59.1% of Direct-to-Consumer revenue, as compared to $124,678, or 51.1% of Direct-to-Consumer revenue, in the first six months of 2022. The increase in operating expenses as a percentage of revenue was primarily attributable to deleveraging of expenses on a lower revenue base. In the first six months of 2023, income from operations for the Direct-to-Consumer segment was $6,082, or 2.7% of Direct-to-Consumer revenue, as compared to $32,783, or 13.4% of Direct-to-Consumer revenue, in the same period last year.

First Cost Segment:

As of January 2023, the Company no longer serves as a buying agent for any of its customers, and as a result no longer reports under the First Cost segment. This change is not considered to have a material or meaningful impact on the Company's operations. In the first six months of 2022, commission income generated by the First Cost segment accounted for $913, operating expenses were $143, and income from operations was $770.

Licensing Segment:

Royalty income generated by the Licensing segment accounted for $4,562, or 0.5% of total revenue, in the first six months of 2023 compared to $3,786, or 0.3% of total revenue, in the first six months of 2022. Operating expenses increased to $1,472 in the current period compared to $1,179 in the same period of last year. Income from the Licensing segment was $3,090 in the first six months of 2023 as compared to $2,607 in the same period last year.

Corporate:

Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These costs are primarily related to expenses associated with corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cyber security, and other shared services. Corporate operating expenses amounted to $45,221 or 5.0% of total revenue in the first six months of 2023 as compared to $43,612 or 4.0% of total revenue in the same period last year.

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Liquidity and Capital Resources

Our primary sources of liquidity are cash flows from operations, cash, cash equivalents and short-term investments. Cash, cash equivalents and short-term investments totaled $274,414 and $289,798 at June 30, 2023 and December 31, 2022, respectively. Of the total cash, cash equivalents and short-term investments as of June 30, 2023, $134,552, or approximately 49%, was held in our foreign subsidiaries, and of the total cash, cash equivalents and short-term investments on December 31, 2022, $133,729, or approximately 46%, was held in our foreign subsidiaries.

On July 22, 2020, we entered into a $150,000, five-year, asset-based revolving credit facility with various lenders and Citizens Bank, N.A. On March 25, 2022, we entered into an amendment to the revolving credit facility, which replaced the London Interbank Offering Rate (“LIBOR”) with the Bloomberg Short-Term Bank Yield Index (“BSBY”) as the interest rate benchmark, among other changes.

As of June 30, 2023, we had working capital of $510,257, cash and cash equivalents of $258,056, short-term investments of $16,358, no cash borrowing and $504 in letters of credit outstanding unrelated to the Credit Agreement.

We believe that based on our current financial position and available cash, cash equivalents, and short-term investments, we will meet all our financial commitments and operating needs for at least the next twelve months. In addition, our $150,000 asset-based revolving credit facility provides us with additional liquidity and flexibility on a long-term basis.

Cash Flows

A summary of our cash provided by and used in operating, investing, and financing activities was as follows:

Operating Activities

Cash provided by operations was $82,257 for the six months ended June 30, 2023 compared to $40,286 in the same period of last year. The increase in cash provided by operations was primarily driven by less cash used in inventories and accounts payable and accrued expenses partially offset by unfavorable changes in net income and receivables.

Investing Activities

Cash used in investing activities was $8,754 for the six months ended June 30, 2023, which consisted of purchases of $11,406 in short-term investments offset by cash received of $10,445 from the maturities and sales of short-term investments. We also made capital expenditures of $7,793, principally for leasehold improvements, new stores and systems enhancements.

Financing Activities

During the six months ended June 30, 2023, net cash used in financing activities was $90,678, which primarily consisted of share repurchases of $64,235, cash dividends paid of $31,895, partially offset by an investment of a noncontrolling interest of $4,582.

Contractual Obligations

Our contractual obligations as of June 30, 2023 were as follows:

	Payment due by period
Contractual Obligations	Total		Remainder of 2023		2024-2025		2026-2027		2028 and after
Operating lease obligations(1)	$	147,006	$	22,037	$	71,723	$	37,153	$	16,093
Purchase obligations	138,775		137,819		956		—		—
Future minimum royalty and advertising payments	19,813		1,813		12,000		6,000		—
Transition tax	11,721		2,930		8,791		—		—
Total	$	317,315	$	164,599	$	93,470	$	43,153	$	16,093

(1) Refer to Note F – Leases to the Condensed Consolidated Financial Statements included in this Quarterly Report for further information.

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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 and some 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 to approximately $5,259 in the remainder of 2023, $9,588 in 2024, and $8,048 in 2025. 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 $11,721 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 $1,145 as of June 30, 2023 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

On August 1, 2023, our Board of Directors approved a quarterly cash dividend. The quarterly dividend of $0.21 per share is payable on September 25, 2023 to stockholders of record as of the close of business on September 15, 2023.

Future quarterly cash dividend payments are 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 will be paid to holders of our common stock in the future.

Inflation

Actual results could be negatively and materially impacted due to risks and uncertainties, including the impacts of inflationary pressures globally and the war in Ukraine and its broader macroeconomic implications. Consumer spending has been and may continue to be negatively impacted by inflationary pressures, and other macroeconomic and geopolitical factors. All these factors have negatively impacted, and might continue to negatively impact, our direct sales to end consumers and our sales to our wholesale customers. Historically, we have minimized the impact of product, wages and logistic cost increases by raising prices, renegotiating costs, changing suppliers, and improving operating efficiencies. However, no assurance can be given that we will be able to offset such inflationary cost increases in the future.

Off-Balance Sheet Arrangements

In addition to the commitments included in the Contractual Obligations table above, we have outstanding letters of credit of $504 outstanding as of June 30, 2023 related to the purchase of inventory. These letters of credit expire at various dates through 2030.

We do not maintain any other off-balance sheet arrangements, transactions, obligations, or other relationships with unconsolidated entities that would be expected to have a material current or future effect on our consolidated financial statements. Refer to Note M – Commitments, Contingencies and Other to the Condensed Consolidated Financial Statements included in this Quarterly Report for further information.

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 on Form 10-K for the fiscal year ended December 31, 2022 filed with the Securities and Exchange Commission on March 1, 2023.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

($ in thousands)

Interest Rate Risk

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 the BSBY. The terms of our $150,000 asset-based revolving credit agreement (the “Credit Facility”) and our collection agency agreements with Rosenthal & Rosenthal, Inc. and CIT Group/Commercial Services, Inc. can be found in the Liquidity and Capital Resources section of Item 2 and in Note O – Credit Agreement and Note P – Factoring Agreements, respectively, to the Condensed Consolidated Financial Statements included in this Quarterly Report. Because we had no cash borrowings under the Credit Facility as of June 30, 2023, a 10% change in interest rates, with all other variables held constant, would have an immaterial effect on our reported interest expense.

As of June 30, 2023, we held short-term investments valued at $16,358, which consist of certificates of deposit. We have the ability to hold these investments until maturity.

Foreign Currency Exchange Rate Risk

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 L – Derivative Instruments to the Condensed Consolidated Financial Statements.

As of June 30, 2023, we had entered into forward foreign exchange contracts with notional amounts totaling $89,384. 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, 2023. As of June 30, 2023, a 10% increase or decrease of the U.S. dollar against the exchange rates for foreign currencies under forward foreign exchange contracts, with all other variables held constant, would result in a net increase or decrease in the fair value of our derivatives portfolio of approximately $132, which is immaterial to the Condensed Consolidated Financial Statements.

In addition, we are exposed to translation risk in connection with our foreign operations in Canada, Mexico, Europe, South Africa, China, Taiwan, Israel, Malaysia, and the Middle East 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.

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ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

As required by Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (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.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

In the ordinary course of business, we have various pending cases involving contractual disputes, employee-related matters, distribution matters, product liability claims, intellectual property infringement and other matters. In the opinion of management, after consulting with legal counsel, the liabilities, if any, resulting from these legal proceedings should not have a material impact on our financial condition, results of operations or liquidity.

ITEM 1A. RISK FACTORS

You are encouraged to review the discussion of Forward-Looking Statements and Risk Factors appearing in this report at Part I, “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

In addition to the other information set forth in this Quarterly Report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on March 1, 2023 (the “2022 Form 10-K”) which could materially affect our business, financial condition, operating results, earnings or stock price, in various ways. The risks described in the 2022 Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or operating results.

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

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

The following table presents the total number of shares of our common stock, par value $0.0001 per share, purchased by us in the three months ended June 30, 2023, the average price paid per share, the amount of shares purchased pursuant to our Share Repurchase Program 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. See Note G – Share Repurchase Program to the Condensed Consolidated Financial Statements for further details on our Share Repurchase Program. During the three months ended June 30, 2023, 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)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
4/1/2023 - 4/30/2023	6	$	35.85	—	$	59,818
5/1/2023 - 5/31/2023	418	$	32.01	410	$	236,880
6/1/2023 - 6/30/2023	364	$	33.43	362	$	224,769
Total	788	$	32.70	772

(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 and the cost of the option 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 2023 in connection with the settlement of vested restricted stock to satisfy the cost of options and tax-withholding requirements with an aggregate purchase price of approximately $553.

ITEM 5. OTHER INFORMATION

During the three months ended June 30, 2023, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6. EXHIBITS

 

10.1	Second Amendment to Credit Agreement, dated as of April 3, 2023, among Steven Madden, Ltd., the other loan parties party thereto, the lenders party thereto, and Citizens Bank, N.A., as administrative agent (which includes the marked Credit Agreement as Annex I thereto) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on April 6, 2023)
10.2	Credit Approved Receivables Purchasing Agreement, dated as of April 3, 2023, among Steven Madden, Ltd., the subsidiaries and affiliates of Steven Madden, Ltd. party thereto, and The CIT Group/Commercial Services, Inc. (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on April 6, 2023)
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, 2023, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Income, (iii) the Condensed Consolidated Statements of Comprehensive 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) with applicable taxonomy extension information contained in Exhibit 101*

 

†

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.

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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, 2023

 

STEVEN MADDEN, LTD.

/s/ EDWARD R. ROSENFELD

Edward R. Rosenfeld

Chairman and Chief Executive Officer

/s/ ZINE MAZOUZI

Zine Mazouzi

Chief Financial Officer

35

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, 2023 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, 2023

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, Zine Mazouzi, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023 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/ Zine Mazouzi

Zine Mazouzi

Chief Financial Officer

August 4, 2023

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, 2023 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, 2023

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, 2023 of Steven Madden, Ltd. (the “Company”), as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Zine Mazouzi, 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/ Zine Mazouzi

Zine Mazouzi

Chief Financial Officer

August 4, 2023

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Cover Page - $ / shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Entity Incorporation, State or Country Code	DE
Title of 12(g) Security	Common Stock, par value $0.0001 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		75,314,549
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, 2023
Document Transition Report	false
Entity File Number	0-23702
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Tax Identification Number	13-3588231
Entity Listing, Par Value Per Share	$ 0.0001

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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Current assets:
Cash and cash equivalents	$ 258,056	$ 274,713	$ 150,929
Short-term Investments	16,358	15,085	29,569
Factor accounts receivable	6,057	7,721	13,095
Accounts receivable, net of allowances of $6,057, $7,721 and $13,095	41,332	37,937	31,377
Other Receivables	256,627	248,228	344,716
Inventories	207,839	228,752	306,547
Prepaid expenses and other current assets	24,282	22,989	31,047
Income tax receivable and prepaid income taxes	23,405	15,853	12,225
Total current assets	$ 827,899	$ 843,557	$ 906,410
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Affiliated Entity [Member]	Affiliated Entity [Member]	Affiliated Entity [Member]
Property and equipment, net	$ 42,267	$ 40,664	$ 35,004
Operating lease right-of-use asset	116,871	90,264	85,608
Deposits and other	10,858	12,070	4,029
Deferred taxes	2,135	1,755	6,517
Goodwill – net	168,967	168,085	167,959
Intangibles – net	101,047	101,192	107,167
Assets, Total	1,270,245	1,257,988	1,313,292
Current liabilities:
Accounts payable	130,417	130,542	105,130
Accrued expenses	134,469	138,523	219,005
Operating leases – current portion	36,593	29,499	31,074
Income taxes payable	7,773	9,403	14,100
Contingent payment liability – current portion	1,153	1,153	2,000
Accrued incentive compensation	7,237	11,788	8,334
Total current liabilities	317,642	320,908	379,643
Operating leases – long-term portion	96,277	79,128	76,023
Deferred tax liabilities	3,923	3,923	3,378
Other liabilities	10,686	10,166	10,930
Liabilities	$ 428,528	414,125	469,974
Common Stock, Par or Stated Value Per Share	$ 0.0001
Common stock – $0.0001 par value, 245,000 shares authorized,134,826, 134,456 and 134,427 shares issued, 75,303, 76,796 and 79,007 shares outstanding	$ 8	$ 8	$ 8
Common stock, shares authorized	245,000,000
Common stock, shares issued	134,826,000	134,456,000	134,427,000
Common Stock, Shares, Outstanding	75,303,000	76,796,000	79,007,000
Additional paid-in capital	$ 533,550	$ 520,441	$ 508,063
Retained earnings	1,610,487	1,571,123	1,510,651
Accumulated other comprehensive loss	(30,984)	(35,709)	(32,729)
Treasury stock – 59,523, 57,660 and 55,420 shares at cost	$ (1,288,545)	$ (1,224,310)	$ (1,152,459)
Treasury Stock, Common, Shares	59,523,000	57,660,000	55,420,000
Total Steven Madden, Ltd. stockholders’ equity	$ 824,516	$ 831,553	$ 833,534
Noncontrolling interest	17,201	12,310	9,784
Total stockholders’ equity	841,717	843,863	843,318
Total Liabilities and Stockholders’ Equity	$ 1,270,245	1,257,988	1,313,292
Preferred Class A [Member]
Current liabilities:
Preferred stock-par value	$ 0.0001
Preferred stock- shares authorized	5,000,000
Preferred stock-issued	0
Preferred Class B [Member]
Current liabilities:
Preferred stock-par value	$ 0.0001
Preferred stock- shares authorized	60,000
Preferred stock-issued	0
Preferred Stock [Member]
Current liabilities:
Preferred stock – $0.0001 par value, 5,000 shares authorized; none issued; Series A Junior Participating preferred stock – $0.0001 par value, 60 shares authorized; none issued	$ 0	$ 0	$ 0

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Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net sales	$ 442,837	$ 532,680	$ 904,574	$ 1,090,024
Commission and licensing fee income	2,465	2,309	4,562	4,699
Total revenue	445,302	534,989	909,136	1,094,723
Cost of Goods and Services Sold	255,432	317,224	524,174	649,060
Gross profit	189,870	217,765	384,962	445,663
Operating expenses	145,830	152,526	294,411	282,528
Income from operations	44,040	65,239	90,551	163,135
Interest and other income/(expense) – net	1,956	1,291	3,976	1,234
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	45,996	63,948	94,527	161,901
Provision for income taxes	10,923	15,033	22,668	38,393
Net income	$ 35,073	$ 48,915	71,859	123,508
Less: net income attributable to noncontrolling interest			600	535
Net income attributable to Steven Madden, Ltd.			$ 71,259	$ 122,973
Basic net income per share (in dollars per share)	$ 0.47	$ 0.63	$ 0.96	$ 1.60
Diluted net income per share (in dollars per share)	$ 0.46	$ 0.62	$ 0.95	$ 1.55
Basic weighted average common shares outstanding	73,613	76,556	74,053	76,902
Effect of dilutive securities – options/restricted stock	1,270	2,158	1,308	2,288
Diluted weighted average common shares outstanding	74,883	78,714	75,361	79,190
Common Stock, Dividends, Per Share, Cash Paid	$ 0.21	$ 0.21	$ 0.42	$ 0.42
Noncontrolling Interest
Less: net income attributable to noncontrolling interest	$ 544	$ 455
Retained Earnings
Net income attributable to Steven Madden, Ltd.	$ 34,529	$ 48,460		$ 122,973

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Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 35,073	$ 48,915	$ 71,859	$ 123,508
Foreign currency translation adjustment, Pre-tax	4,140	(5,564)	5,079	(4,433)
Foreign currency translation adjustment, Tax	0	0	0	0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	(489)	640	(886)	725
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	(356)	476	(645)	539
Other comprehensive income/(loss):
Foreign currency translation adjustment, After-tax	4,140	(5,564)	5,079	(4,433)
Total other comprehensive (loss), Pre-tax	3,651	(4,924)	4,193	(3,708)
Total other comprehensive (loss), Tax	133	(164)	241	(186)
Total other comprehensive (loss), After-tax	3,784	(5,088)	4,434	(3,894)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	38,857	43,827	76,293	119,614
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	449	74	309	(174)
Comprehensive income attributable to Steven Madden, Ltd.	$ 38,408	$ 43,753	$ 75,984	$ 119,788

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Condensed Consolidated Statement of Equity Statement - USD ($) $ in Thousands	Total	South African Joint Venture [Member]	Common Stock	Additional Paid-in Capital	Retained Earnings	AOCI Attributable to Parent	Treasury Stock, Common	Noncontrolling Interest
Common Stock, Shares, Outstanding	80,557,000
Additional paid-in capital	$ 495,999
Retained earnings	1,421,067
Accumulated other comprehensive loss	$ (29,544)
Treasury Stock, Common, Shares	53,472,000
Treasury stock – 59,523, 57,660 and 55,420 shares at cost	$ (1,075,432)
Noncontrolling interest	8,440
Total stockholders’ equity	820,538
Common stock – $0.0001 par value, 245,000 shares authorized,134,826, 134,456 and 134,427 shares issued, 75,303, 76,796 and 79,007 shares outstanding	$ 8
Stock Repurchased During Period, Shares	(1,948,000)
Payments for Repurchase of Common Stock	$ (77,027)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	18,000
Stock Issued During Period, Value, Stock Options Exercised	$ 415
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	380,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$ 12,150
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax						$ (3,724)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest								$ (709)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(4,433)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	539							539
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	(186)
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	539
Dividends, Common Stock, Cash	(33,389)
Net income attributable to Steven Madden, Ltd.	122,973				$ 122,973
Less: net income attributable to noncontrolling interest	535
Net income	$ 123,508
Common Stock, Dividends, Per Share, Cash Paid	$ 0.42
Dividend yield	2.00%
Common Stock, Shares, Outstanding			79,869,000
Additional paid-in capital				$ 502,254
Retained earnings					1,478,806
Accumulated other comprehensive loss						(28,022)
Treasury Stock, Common, Shares							54,492,000
Treasury stock – 59,523, 57,660 and 55,420 shares at cost							$ 1,117,831
Noncontrolling interest								8,192
Total stockholders’ equity	$ 843,407
Common stock – $0.0001 par value, 245,000 shares authorized,134,826, 134,456 and 134,427 shares issued, 75,303, 76,796 and 79,007 shares outstanding			$ 8
Stock Repurchased During Period, Shares			(928,000)				(928,000)
Payments for Repurchase of Common Stock	(34,628)						$ (34,628)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			8,000
Stock Issued During Period, Value, Stock Options Exercised	140			140
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			58,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	6,170			6,170
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax						(5,183)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest								(381)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(5,564)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	476					476
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	(164)
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	476
Dividends, Common Stock, Cash	(16,615)				(16,615)
Net income attributable to Steven Madden, Ltd.					48,460
Less: net income attributable to noncontrolling interest								455
Net income	$ 48,915
Common Stock, Dividends, Per Share, Cash Paid	$ 0.21
Common Stock, Shares, Outstanding	79,007,000		79,007,000
Additional paid-in capital	$ 508,063			508,063
Retained earnings	1,510,651				1,510,651
Accumulated other comprehensive loss	$ (32,729)					(32,729)
Treasury Stock, Common, Shares	55,420,000						55,420,000
Treasury stock – 59,523, 57,660 and 55,420 shares at cost	$ (1,152,459)						$ (1,152,459)
Noncontrolling interest	9,784							9,784
Total stockholders’ equity	843,318
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value		$ 1,017		501				1,518
Common stock – $0.0001 par value, 245,000 shares authorized,134,826, 134,456 and 134,427 shares issued, 75,303, 76,796 and 79,007 shares outstanding	$ 8		$ 8
Common Stock, Shares, Outstanding	76,796,000
Additional paid-in capital	$ 520,441
Retained earnings	1,571,123
Accumulated other comprehensive loss	$ (35,709)
Treasury Stock, Common, Shares	57,660,000
Treasury stock – 59,523, 57,660 and 55,420 shares at cost	$ (1,224,310)
Noncontrolling interest	12,310
Total stockholders’ equity	843,863
Common stock – $0.0001 par value, 245,000 shares authorized,134,826, 134,456 and 134,427 shares issued, 75,303, 76,796 and 79,007 shares outstanding	$ 8
Stock Repurchased During Period, Shares	(1,863,000)
Payments for Repurchase of Common Stock	$ (64,235)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	37,000
Stock Issued During Period, Value, Stock Options Exercised	$ 870
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	333,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$ 12,239
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax						5,370
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest								(291)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	5,079
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	(645)							(645)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	241
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	(645)
Dividends, Common Stock, Cash	(31,895)
Net income attributable to Steven Madden, Ltd.	71,259
Less: net income attributable to noncontrolling interest	600
Net income	$ 71,859
Common Stock, Dividends, Per Share, Cash Paid	$ 0.42
Distribution of noncontrolling interest earnings	$ 4,582							4,582
Dividend yield	2.50%
Common Stock, Shares, Outstanding			76,011,000
Additional paid-in capital				526,844
Retained earnings					1,591,814
Accumulated other comprehensive loss						(34,863)
Treasury Stock, Common, Shares							58,735,000
Treasury stock – 59,523, 57,660 and 55,420 shares at cost							$ 1,262,761
Noncontrolling interest								16,656
Total stockholders’ equity	$ 837,698
Common stock – $0.0001 par value, 245,000 shares authorized,134,826, 134,456 and 134,427 shares issued, 75,303, 76,796 and 79,007 shares outstanding			$ 8
Stock Repurchased During Period, Shares			(788,000)				(788,000)
Payments for Repurchase of Common Stock	(25,784)						$ (25,784)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			26,000
Stock Issued During Period, Value, Stock Options Exercised	606			606
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			54,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	6,100			6,100
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax						4,235
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Portion Attributable to Noncontrolling Interest								(95)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	4,140
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	(356)					(356)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	(133)
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	(356)
Dividends, Common Stock, Cash	(15,856)				(15,856)
Net income attributable to Steven Madden, Ltd.					34,529
Less: net income attributable to noncontrolling interest								544
Net income	$ 35,073
Common Stock, Dividends, Per Share, Cash Paid	$ 0.21
Distribution of noncontrolling interest earnings	$ 96							96
Common Stock, Shares, Outstanding	75,303,000		75,303,000
Additional paid-in capital	$ 533,550			$ 533,550
Retained earnings	1,610,487				$ 1,610,487
Accumulated other comprehensive loss	$ (30,984)					$ (30,984)
Treasury Stock, Common, Shares	59,523,000						59,523,000
Treasury stock – 59,523, 57,660 and 55,420 shares at cost	$ (1,288,545)						$ (1,288,545)
Noncontrolling interest	17,201							$ 17,201
Total stockholders’ equity	841,717
Common stock – $0.0001 par value, 245,000 shares authorized,134,826, 134,456 and 134,427 shares issued, 75,303, 76,796 and 79,007 shares outstanding	$ 8		$ 8

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 35,073	$ 48,915	$ 71,859	$ 123,508
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	6,100	6,170	12,239	12,150
Depreciation and amortization			7,257	10,471
Loss on disposal of fixed assets			193	260
Impairment of lease right-of-use asset			95	0
Deferred taxes			0	(1,936)
Accrued interest on note receivable - related party			(4)	(8)
Change in valuation of contingent payment liabilities			0	(4,960)
Changes, net of acquisitions, in:
Accounts receivable			(3,395)	(4,564)
Increase (Decrease) in Accounts and Other Receivables			6,256	(20,589)
Notes receivable - related party			204	204
Inventories			22,417	(53,222)
Prepaid expenses, income tax receivables, prepaid taxes, and other assets			(8,572)	(7,676)
Accounts payable and accrued expenses			(7,316)	(44,197)
Accrued incentive compensation			(4,551)	(6,537)
Payment for Contingent Consideration Liability, Operating Activities			0	(339)
Net Cash Provided by (Used in) Operating Activities			82,257	40,286
Cash flows from investing activities:
Capital expenditures	4,003	1,667	7,793	5,263
Payments to Acquire Intangible Assets			0	(2,000)	$ (2,000)
Payments to Acquire Short-term Investments			11,406	38,951
Proceeds from Sale of Short-term Investments			10,445	53,803
Net cash (used in)/provided by investing activities			(8,754)	7,589
Cash flows from financing activities:
Tax benefit from the exercise of options	606	140	870	415
Common stock purchased for treasury	(25,784)	(34,628)	(64,235)	(77,027)
Cash dividends paid on common stock			(31,895)	(33,389)
Payment for Contingent Consideration Liability, Financing Activities			0	(4,770)
Net cash used in financing activities			(90,678)	(114,771)
Effect of Exchange Rate on Cash and Cash Equivalents			518	(1,674)
Net decrease in cash and cash equivalents			(16,657)	(68,570)
Payments to Noncontrolling Interests			4,582	0
Payments to Noncontrolling Interests			4,582	0
Payments for Other Operating Activities			26
Payments to Acquire Intangible Assets			0	2,000	2,000
Cash and cash equivalents	$ 258,056	$ 150,929	258,056	150,929	$ 274,713	$ 219,499
Short-Term Lease Payments			(1,939)	(3,457)
Payment for Contingent Consideration Liability, Operating Activities			0	339
Payment for Contingent Consideration Liability, Financing Activities			$ 0	$ 4,770

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Basis of Reporting	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
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 (“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, the results of its operations and cash flows for the periods presented. The results of operations for the three and six months ended June 30, 2023 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, 2022 included in the Annual Report of Steven Madden, Ltd. on Form 10-K filed with the SEC on March 1, 2023.

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Acquisitions	6 Months Ended
	Jun. 30, 2023
Acquisitions [Abstract]
Acqusitions	As of April 1, 2022, the Company sold a 49.9% minority non-controlling interest in Steve Madden South Africa Proprietary Limited for $1,017 to a third party to form a joint venture.

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Use of Estimates

6 Months Ended

Jun. 30, 2023

Use of Estimates [Abstract]

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 goodwill and intangible assets and impairment of long-lived assets related to retail stores. The Company estimates variable consideration for future customer chargebacks and markdown allowances, discounts, returns and other miscellaneous compliance-related deductions that relate to 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 allowances.

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Marketable Securities	6 Months Ended
	Jun. 30, 2023
Marketable Securities [Abstract]
Cash, Cash Equivalents, and Short-term Investments	As of June 30, 2023 and December 31, 2022, short-term investments consisted of certificates of deposit. These securities are classified as current based upon their maturities. As of June 30, 2023 and December 31, 2022, short-term investments amounted to $16,358 and $15,085, respectively, and have original maturities less than or equal to one year as of the balance sheet date.

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Fair Value Measurement

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

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, 2023 and December 31, 2022 were as follows:

	June 30, 2023								December 31, 2022
	Fair value		Level 1		Level 2		Level 3		Fair value		Level 1		Level 2		Level 3
Assets:
Forward contracts	1,281		—		1,281		—		916		—		916		—
Total assets	$	1,281	$	—	$	1,281	$	—	$	916	$	—	$	916	$	—
Liabilities:
Forward contracts	2,597		—		2,597		—		1,241		—		1,241		—
Total liabilities	$	2,597	$	—	$	2,597	$	—	$	1,241	$	—	$	1,241	$	—

Forward contracts are used to manage the risk associated with the volatility of future cash flows (see Note L – 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. There were no changes in the Company’s Level 3 liabilities for the period ended June 30, 2023. The changes in the Company's Level 3 liabilities for the period ended December 31, 2022 were as follows:

	Balance at January 1, 2022		Adjustments(1)	Transfer out of Level 3(2)	Balance at December 31, 2022
Liabilities:
Contingent consideration	$	6,960	(5,807)	(1,153)	$	—

(1) In 2022, amount consists of an adjustment of $(5,807) that was included as a benefit in operating expenses, related to the change in valuation of the contingent consideration in connection with the acquisition of B.B. Dakota, Inc.

(2) On December 31, 2022, the transfer out of Level 3 amount of $1,153, which was recorded in the current portion of our contingent payment liabilities on the Consolidated Balance Sheets, represented the current portion of our contingent liabilities and was measured at the amount payable based on actual EBITDA performance for the related performance period. At June 30, 2023, the amount of $1,153 was recorded in the current portion of our contingent payment liabilities on the Consolidated Balance Sheets as the amount will be paid later this year.

At June 30, 2023, the liability for contingent consideration was $1,153 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., the earn-out payments are based on EBITDA performance for the related performance period.

The fair values of trademarks are measured on a non-recurring basis and are determined using Level 3 inputs, including forecasted cash flows, discount rates, and implied royalty rates (see Note K – Goodwill and Intangible Assets).

The fair values of lease right-of-use assets and fixed assets related to Company-owned retail stores are measured on a non-recurring basis and are determined using Level 3 inputs, including estimated discounted future cash flows associated with the assets using sales trends, market rents and market participant assumptions (see Note F – Leases).

The carrying value of certain financial instruments such as cash equivalents, certificates of deposit, accounts receivable, factor accounts receivable and accounts payable approximates their fair values due to the short-term nature of their underlying terms. 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 (non-recurring). 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, 2023

Leases [Abstract]

Supplemental Balance Sheet Disclosures

Lease Position

The following table presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022:

	Classification on the Balance Sheet	June 30, 2023			December 31, 2022
Assets
Noncurrent(1)	Operating lease right-of-use asset	$	116,871		$	90,264
Liabilities
Current	Operating leases – current portion	$	36,593		$	29,499
Noncurrent	Operating leases – long-term portion	96,277			79,128
Total operating lease liabilities		$	132,870		$	108,627
Weighted-average remaining lease term		4.3 years			4.6 years
Weighted-average discount rate		4.8		%	4.4		%

(1) During the three and six months ended June 30, 2023, the Company recorded a pre-tax impairment charge related to its right-of-use assets of $0 and $95, respectively, recorded in the Wholesale Footwear Segment.

Lessee, Operating Leases [Text Block]

Lease Position

The following table presents the lease-related assets and liabilities recorded on the Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022:

	Classification on the Balance Sheet	June 30, 2023			December 31, 2022
Assets
Noncurrent(1)	Operating lease right-of-use asset	$	116,871		$	90,264
Liabilities
Current	Operating leases – current portion	$	36,593		$	29,499
Noncurrent	Operating leases – long-term portion	96,277			79,128
Total operating lease liabilities		$	132,870		$	108,627
Weighted-average remaining lease term		4.3 years			4.6 years
Weighted-average discount rate		4.8		%	4.4		%

(1) During the three and six months ended June 30, 2023, the Company recorded a pre-tax impairment charge related to its right-of-use assets of $0 and $95, respectively, recorded in the Wholesale Footwear Segment.

Lease Costs

 The following table presents the composition of lease costs during the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating lease cost	$	10,565	$	8,270	$	19,703	$	16,525
Variable lease cost	1,107		2,260		1,846		3,654
Less: sublease income	66		66		132		191
Total lease cost	$	11,606	$	10,464	$	21,417	$	19,988

Other Information

The following table presents supplemental cash and non-cash information related to the Company's operating leases during the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	11,379	$	9,674	$	21,393	$	19,492
Noncash transactions
Right-of-use asset obtained in exchange for new operating lease liabilities	$	14,061	$	9,450	$	44,589	$	14,967
Right-of-use asset amortization expense(1)	$	9,691	$	8,085	$	17,887	$	15,058

(1) Included in "Leases and other liabilities" in the Consolidated Statement of Cash Flows.

Future Minimum Lease Payments

The following table presents future minimum lease payments for each of the first five years and the total for the remaining years as of June 30, 2023:

2023 (remaining six months)	$	22,037
2024	38,878
2025	32,845
2026	23,144
2027	14,009
Thereafter	16,093
Total minimum lease payments	147,006
Less: interest	14,136
Total lease liabilities	$	132,870

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Net Income Per Share of Common Stock

6 Months Ended

Jun. 30, 2023

Net Income Per Share of Common Stock [Abstract]

Net Income Per Share of Common Stock

Basic net 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 2,145 shares for the period ended June 30, 2023, compared to 2,963 shares for the period ended June 30, 2022. 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 assumed proceeds, which are deemed to be the proceeds from the exercise plus compensation cost not yet recognized attributable to future services using the treasury method, 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.

	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Weighted average common shares outstanding:
Basic	73,613	76,556	74,053	76,902
Effect of dilutive securities:
Stock awards and options to purchase shares of common stock	1,270	2,158	1,308	2,288
Diluted	74,883	78,714	75,361	79,190

For the three and six months ended June 30, 2023, options to purchase approximately 17 and 9 shares of common stock have been excluded from the calculation of diluted net income per share as the result would have been anti-dilutive. For the three and six months ended June 30, 2022, options to purchase approximately 21 and 9 shares of common stock have been excluded from the calculation of diluted net income per share as the result would have been anti-dilutive. For the three and six months ended June 30, 2023, 79 and 61 restricted shares were excluded from the calculation of diluted net income per share, as compared to approximately 30 and 22 shares that were excluded from the calculation of diluted net income per share for the three and six months ended June 30, 2022, as the result would have been anti-dilutive. The Company had contingently issuable performance awards outstanding that did not meet the performance conditions as of June 30, 2023 and 2022 and, therefore, were excluded from the calculation of diluted net income per common share for the three and six months ended June 30, 2023 and 2022. The maximum number of potentially dilutive shares that could be issued upon vesting for these performance awards was approximately 12 and 12 as of June 30, 2023 and 2022, respectively. These amounts were also excluded from the computation of weighted average potentially dilutive securities.

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Commitments, Contingencies and Other

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Other

Future Minimum Royalty and Advertising Payments:

The Company has minimum commitments related to a license agreement. The Company sources, distributes, advertises and sells certain of its products pursuant to a license agreement with an unaffiliated licensor. Royalty amounts under the license agreement are based on stipulated minimum net sales and the payment of minimum annual royalty amounts. The license agreement has various terms and renewal options, provided that minimum sales levels and certain other conditions are achieved. As of June 30, 2023, the Company had future minimum royalty and advertising payments of $19,813. Royalty expenses are recognized in Cost of sales (exclusive of depreciation and amortization) on the Consolidated Statements of Income.

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.

Letters of Credit:

As of June 30, 2023, the Company had $504 in letters of credit outstanding unrelated to the Company's Credit Agreement.

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Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt Disclosure

On July 22, 2020, the Company entered into a $150,000 secured revolving credit agreement (as amended to date, the “Credit Agreement”) with various lenders and Citizens Bank, N.A., as administrative agent (the “Agent”), which replaced the Company’s existing credit facility provided by Rosenthal & Rosenthal, Inc. (“Rosenthal”). The Credit Agreement provides for a revolving credit facility (the “Credit Facility”) scheduled to mature on July 22, 2025.

The initial $150,000 maximum availability under the Credit Facility is subject to a borrowing base calculation consisting of certain eligible accounts receivable, credit card receivables, inventory, and in-transit inventory. Availability under the Credit Facility is reduced by outstanding letters of credit. The Company may from time-to-time increase the maximum availability under the Credit Agreement by up to $100,000 if certain conditions are satisfied.

On March 25, 2022, an amendment to the Credit Agreement (the “Amendment”) replaced the London Interbank Offering Rate (“LIBOR”) with the Bloomberg Short-Term Bank Yield Index (“BSBY”) as the interest rate benchmark. Borrowings under the Credit Agreement generally bear interest at a variable rate equal to a specified margin, which is based upon the average availability under the Credit Facility from time to time, plus, at the Company’s election (i) BSBY for the applicable interest period or (ii) the base rate (which is the highest of (a) the prime rate announced by the Agent, (b) the sum of the federal funds effective rate plus 0.50%, and (c) the sum of the one-month BSBY rate plus 1.00%). Furthermore, the Amendment reduced the specified margin used to determine the interest rate under the Credit Agreement and reduced the commitment fee paid by the Company to the Agent, for the account of each lender. Additionally, the Amendment reduced the frequency of the Company’s borrowing base reporting requirements when no loans are outstanding. The Amendment also extended the maturity date of the Credit Agreement to March 20, 2027.

Under the Credit Agreement, the Company must also pay (i) a commitment fee to the Agent, for the account of each lender, which accrues at a rate equal to 0.25% per annum on the average daily unused amount of the commitment of such lender, (ii) a letter of credit participation fee to the Agent, for the account of each lender, ranging from 1.25% to 2.50% per annum, based upon average availability under the Credit Facility from time to time, multiplied by the average daily amount available to be drawn under the applicable letter of credit, and (iii) a letter of credit fronting fee to each issuer of a letter of credit under the Credit Agreement, which will accrue at a rate per annum separately agreed upon between the Company and such issuer.

The Credit Agreement contains various restrictions and covenants applicable to the Company and its subsidiaries. Among other requirements, availability under the Credit Facility must, at all times, (i) prior to the occurrence of the permanent borrowing base trigger (as defined in the Credit Agreement), equal or exceed the greater of $22,500 and 15% of the line cap (as defined in the Credit Agreement), and (ii) after the occurrence of the permanent borrowing base trigger, equal or exceed the greater of $15,000 and 10% of the line cap (as defined in the Credit Agreement). Other than this minimum availability requirement, the Credit Agreement does not include any financial maintenance covenants.

The Credit Agreement requires the Company and various subsidiaries of the Company to guarantee each other’s obligations arising from time to time under the Credit Facility, as well as obligations arising in respect of certain cash management and hedging transactions. Subject to customary exceptions and limitations, all borrowings under the Credit Agreement are secured by a lien on all or substantially all of the assets of the Company and each subsidiary guarantor.

The Credit Agreement also contains customary events of default. If an event of default under the Credit Agreement occurs and is continuing, then the Agent may, and at the request of the required lenders shall, terminate the loan commitments under the Credit Agreement, declare any outstanding obligations under the Credit Agreement to be immediately due and payable or require the Company to adequately cash collateralize outstanding letter of credit obligations. If the Company or, with certain exceptions, a subsidiary becomes the subject of a proceeding under any bankruptcy, insolvency or similar law, then the loan commitments under the Credit Agreement will automatically terminate, and any outstanding obligations under the Credit Agreement and the cash collateral required under the Credit Agreement for any outstanding letter of credit obligations will become immediately due and payable.

As of June 30, 2023, the Company had no cash borrowings and no letters of credit outstanding under the Credit Agreement

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Factor Receivable

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Financing Receivables

In conjunction with the Credit Agreement described in Note O – Credit Agreement, on July 22, 2020, the Company and certain of its subsidiaries (collectively, the “Madden Entities”) entered into an Amended and Restated Deferred Purchase Factoring Agreement (the “Factoring Agreement”) with Rosenthal & Rosenthal, Inc. ("Rosenthal"). Pursuant to the Factoring Agreement, Rosenthal serves as the collection agent with respect to certain receivables of the Madden Entities and is 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 of credit-approved receivables, which are classified as Factor Receivables. The initial term of the Factoring Agreement is twelve months, subject to automatic renewal for additional twelve-month periods, and the Factoring Agreement may be terminated at any time by Rosenthal or the Madden Entities on 60 days' notice and upon the occurrence of certain other events. The Madden Entities pledged all of their rights under the Factoring Agreement to the Agent under the Credit Agreement to secure obligations arising under the Credit Agreement.

On April 3, 2023, in conjunction with a related amendment to the Credit Agreement, the Madden Entities also entered into a Credit Approved Receivables Purchasing Agreement (the “CARPA”) with CIT Group/Commercial Services, Inc. (“CIT”). Pursuant to the CARPA, in addition to Rosenthal, CIT will serve as a non-exclusive collection agent with respect to certain of the Madden Entities’ receivables and will generally assume the credit risk resulting from a customer’s financial inability to make payment with respect to credit approved receivables. Additionally, CIT shall compensate the Madden Entities for 50% of the losses sustained for limiting or revoking a credit line during production for any made-to-order goods that have work-in-progress coverage. For its services, CIT will be entitled to receive (1) a base fee of 0.15% of the gross face amount of each receivable assigned for collection having standard payment terms, (2) certain additional fees for receivables with non-standard payment terms or arising from sales to customers outside of the United States, and (3) reimbursement for certain expenses incurred in connection with the CARPA. The Company, on behalf of the Madden Entities, and CIT may each terminate the CARPA as of the last day of the month occurring one year after the date of the CARPA and at any time thereafter by giving the other party at least 60 days’ notice. CIT may also terminate the CARPA immediately upon the occurrence of certain events. The Madden Entities pledged all of their right, title and interest in and to monies due and to become due under the CARPA in favor of the Agent to secure obligations arising under or in connection with the Credit Agreement.

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Basis of Reporting (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Accounting, Policy	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 (“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, the results of its operations and cash flows for the periods presented. The results of operations for the three and six months ended June 30, 2023 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, 2022 included in the Annual Report of Steven Madden, Ltd. on Form 10-K filed with the SEC on March 1, 2023.

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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023 and December 31, 2022 were as follows:

	June 30, 2023								December 31, 2022
	Fair value		Level 1		Level 2		Level 3		Fair value		Level 1		Level 2		Level 3
Assets:
Forward contracts	1,281		—		1,281		—		916		—		916		—
Total assets	$	1,281	$	—	$	1,281	$	—	$	916	$	—	$	916	$	—
Liabilities:
Forward contracts	2,597		—		2,597		—		1,241		—		1,241		—
Total liabilities	$	2,597	$	—	$	2,597	$	—	$	1,241	$	—	$	1,241	$	—

	Balance at January 1, 2022		Adjustments(1)	Transfer out of Level 3(2)	Balance at December 31, 2022
Liabilities:
Contingent consideration	$	6,960	(5,807)	(1,153)	$	—

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Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Lease, Cost [Table Text Block]

Lease Costs

 The following table presents the composition of lease costs during the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating lease cost	$	10,565	$	8,270	$	19,703	$	16,525
Variable lease cost	1,107		2,260		1,846		3,654
Less: sublease income	66		66		132		191
Total lease cost	$	11,606	$	10,464	$	21,417	$	19,988

Schedule of Leases Supplemental Cash Flows

Other Information

The following table presents supplemental cash and non-cash information related to the Company's operating leases during the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	11,379	$	9,674	$	21,393	$	19,492
Noncash transactions
Right-of-use asset obtained in exchange for new operating lease liabilities	$	14,061	$	9,450	$	44,589	$	14,967
Right-of-use asset amortization expense(1)	$	9,691	$	8,085	$	17,887	$	15,058

(1) Included in "Leases and other liabilities" in the Consolidated Statement of Cash Flows.

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

as of June 30, 2023:

2023 (remaining six months)	$	22,037
2024	38,878
2025	32,845
2026	23,144
2027	14,009
Thereafter	16,093
Total minimum lease payments	147,006
Less: interest	14,136
Total lease liabilities	$	132,870

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Acquisitions (Detail) - South African Joint Venture [Member] $ in Thousands	3 Months Ended
	Jun. 30, 2022 USD ($)
Business Acquisition [Line Items]
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value	$ (1,017)
Business Acquisition, Percentage of Voting Interests Acquired	49.90%
Proceeds from Divestiture of Businesses	$ 1,017

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Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Short-term Investments	$ 16,358	$ 15,085	$ 29,569

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Fair Value Measurement (Detail) - (Table) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Assets:
Forward contracts	$ 1,281		$ 916
Total assets	1,281		916
Liabilities:
Business Combination, Contingent Consideration, Liability	(1,153)		0	$ (6,960)
Foreign Currency Contracts, Liability, Fair Value Disclosure	2,597		1,241
Business Acquisition, Contingent Consideration, Change in Estimate			(5,807)
Total liabilities	2,597		1,241
Payment for Contingent Consideration Liability, Operating Activities	0	$ 339
Payment for Contingent Consideration Liability, Financing Activities	0	$ 4,770
Fair Value, Inputs, Level 3 [Member]
Assets:
Total assets	0
Liabilities:
Foreign Currency Contracts, Liability, Fair Value Disclosure	0		0
Total liabilities	0		0
Fair Value, Inputs, Level 2 [Member]
Assets:
Forward contracts	1,281
Total assets	1,281		916
Liabilities:
Foreign Currency Contracts, Liability, Fair Value Disclosure	2,597		1,241
Total liabilities	2,597		1,241
Fair Value, Inputs, Level 1 [Member]
Assets:
Total assets	0
Liabilities:
Foreign Currency Contracts, Liability, Fair Value Disclosure	0		0
Total liabilities	0		0
Changes Measurement [Member]
Liabilities:
Business Combination, Contingent Consideration, Liability			$ (1,153)
B. B. Dakota, Inc. [Member]
Liabilities:
Business Combination, Contingent Consideration, Liability	$ (1,153)

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Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Variable Lease, Cost	$ (1,107)	$ (2,260)	$ (1,846)	$ (3,654)
Operating Lease, Payments	11,379	9,674	21,393	19,492
Lessee, Operating Lease, Liability, Payments, Due	22,037		22,037
Operating Lease, Cost	10,565	8,270	19,703	16,525
Sublease Income	66	66	132	191
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	14,061	9,450	44,589	14,967
Finance Lease, Right-of-Use Asset, Amortization	9,691	8,085	17,887	15,058
Operating Lease, Impairment Loss	0		95
Operating lease right-of-use asset	$ 116,871	85,608	$ 116,871	85,608	$ 90,264
Operating Lease, Weighted Average Remaining Lease Term	4 years 3 months 18 days		4 years 3 months 18 days		4 years 7 months 6 days
Operating Lease, Weighted Average Discount Rate, Percent	4.80%		4.80%		4.40%
Operating leases – current portion	$ 36,593	31,074	$ 36,593	31,074	$ 29,499
Operating leases – long-term portion	96,277	76,023	96,277	76,023	79,128
Operating Lease, Liability	132,870		132,870		$ 108,627
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	14,061	9,450	44,589	14,967
Finance Lease, Right-of-Use Asset, Amortization	9,691	8,085	17,887	15,058
Lease, Cost	11,606	$ 10,464	21,417	$ 19,988
Lessee, Operating Lease, Liability, Payments, Due Year Two	38,878		38,878
Lessee, Operating Lease, Liability, Payments, Due Year Three	32,845		32,845
Lessee, Operating Lease, Liability, Payments, Due Year Four	23,144		23,144
Lessee, Operating Lease, Liability, Payments, Due Year Five	14,009		14,009
Lessee, Operating Lease, Liability, Payments, Due after Year Five	16,093		16,093
Lessee, Operating Lease, Liability, Payments, Due	147,006		147,006
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	14,136		14,136
Operating Lease, Liability	$ 132,870		$ 132,870
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	1,455,000		1,455,000
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number	1,067,000		1,067,000

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Share Repurchase Program Share Repurchse Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	May 08, 2023
Treasury Stock Acquired, Average Cost Per Share	$ 34.55	$ 39.05	$ 35.78	$ 41.25
Stock Repurchased During Period, Shares			1,863	1,948
Stock Repurchased During Period, Value	$ 25,230		$ 59,811
Stock Repurchase Program, Remaining Authorized Repurchase Amount	224,769		224,769		$ 189,900
Stock Repurchase Program, Authorized Amount					250,000
Payments Related to Tax Withholding for Share-based Compensation	$ 553	$ 615	$ 4,424
Stock Repurchase Program, Authorized Amount					250,000
Shares Paid for Tax Withholding for Share Based Compensation	16	16	124	110
Stock Repurchased During Period, Shares			1,863	1,948
Stock Repurchased During Period, Value	$ 25,230		$ 59,811
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 224,769		$ 224,769		$ 189,900
Treasury Stock Acquired, Average Cost Per Share	$ 34.55	$ 39.05	$ 35.78	$ 41.25
Payments Related to Tax Withholding for Share-based Compensation	$ 553	$ 615	$ 4,424
Common Stock
Treasury Stock Acquired, Average Cost Per Share	$ 32.66	$ 37.28	$ 34.39	$ 39.44
Stock Repurchased During Period, Shares	773	912	1,739	1,838
Stock Repurchased During Period, Value		$ 34,013		$ 72,488
Payments Related to Tax Withholding for Share-based Compensation				$ 4,539
Stock Repurchased During Period, Shares	773	912	1,739	1,838
Stock Repurchased During Period, Value		$ 34,013		$ 72,488
Treasury Stock Acquired, Average Cost Per Share	$ 32.66	$ 37.28	$ 34.39	$ 39.44
Payments Related to Tax Withholding for Share-based Compensation				$ 4,539

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Net Income Per Share of Common Stock (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Maximum Number Of Potential Dilutive Shares Issued Upon Vesting	$ 12	$ 12	$ 12	$ 12
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	17,000	21,000	9,000	9,000
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	79,000	30,000	61,000	22,000

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Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 45,996	$ 63,948	$ 94,527	$ 161,901
Income Tax Expense (Benefit)	$ (10,923)	$ (15,033)	$ (22,668)	$ (38,393)
Valuation Allowance [Line Items]
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	23.70%	23.50%	24.00%	23.70%

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Stock-Based Compensation (Detail) - (Table 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	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			(6,298,000)
Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period	70,000	68,000	149,000	378,000
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable During Period Weighted Average Exercise Price (in Dollars per share)	$ 36.51	$ 42.73	$ 36.57	$ 31.74
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	2,145,000	2,963,000	2,145,000	2,963,000	2,111,000	2,849,000
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement By Share-Based Payment Award Equity Options Nonvested Number	307,000		307,000
Common stock available for grant of stock-based awards as of June 30, 2012	4,702,000		4,702,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 5,406	$ 5,209	$ 10,799	$ 10,271
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	43,564		43,564
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	694	$ 961	1,440	$ 1,879
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 2,502		$ 2,502

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Stock-Based Compensation (Detail) - (Table 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Total	$ 6,100	$ 6,170	$ 12,239	$ 12,150
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	1,455,000		1,455,000
Restricted Stock [Member]
Allocated Share-based Compensation Expense	$ 5,406	5,209	$ 10,799	10,271
Stock Options [Member]
Allocated Share-based Compensation Expense	$ 694	$ 961	$ 1,440	$ 1,879

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Stock-Based Compensation (Detail) - (Table 3) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Proceeds from stock options exercised	$ 606	$ 140	$ 870	$ 415
Intrinsic value of stock options exercised	$ 224	$ 123	$ 358	$ 295
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum			40.60%	42.50%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum			3.70%	1.20%
Exercisable at June 30, 2012 (in Dollars per share)	$ 29.01	$ 28.78	$ 29.01	$ 28.78
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period			(229)
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price			$ 36.01

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Stock-Based Compensation (Detail) - (Table 4) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021
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	40.60%	42.50%
Granted	357,000	395,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 30.72	$ 37.06
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	23.29	$ 23.72
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	$ 46.28
Cancelled/Forfeited	(2,000)
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price	$ 36.01
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period	229,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	$ 13,284	$ 12,267
Forfeited	(24,000)	(15,000)
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum	48.10%	50.70%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum	4.00%	3.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum	3.70%	1.20%
Weighted average fair value	$ 10.95	$ 14.08
Outstanding at June 30, 2012	2 years	2 years 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	$ 12,779				$ 12,196
Exercisable at June 30, 2012	1 year 7 months 6 days	2 years 2 months 12 days
Exercisable at June 30, 2012	2,426,000	2,431,000
Granted (in Dollars per share)	$ 33.19	$ 41.26
Vested (in Dollars per share)	$ 34.78	$ 32.50
Vested	(299,000)	(266,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 39.87	$ 33.18
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 28.23	$ 25.30	$ 28.45	$ 23.80
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	3 years 1 month 6 days
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	1 year 6 months
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

XML

Stock-Based Compensation (Detail) - (Table 5) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at January 1, 2012	2,766,000	2,531,000
Outstanding at January 1, 2012 (in Dollars per share)	$ 29.82	$ 29.06
Granted	235,000	265,000
Exercised	(37,000)	(18,000)
Outstanding at June 30, 2012	2,733,000	2,778,000
Outstanding at June 30, 2012 (in Dollars per share)	$ 29.45	$ 29.86

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Stock-Based Compensation (Detail) - (Table 6) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
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	2,111,000	2,849,000
Non-vested at January 1 (in Dollars per share)	$ 28.45	$ 23.80
Non-vested at March 31	2,145,000	2,963,000
Non-vested at March 31 (in Dollars per share)	$ 28.23	$ 25.30
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 39.87	$ 33.18
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	3 years 1 month 6 days

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Goodwill and Intangible Assets (Detail) - (Table 1) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Goodwill – net	$ 168,967	$ 168,085	$ 167,959
Goodwill [Roll Forward]
Goodwill, Foreign Currency Translation Gain (Loss)	882
Wholesale Footwear [Member]
Goodwill – net	90,614	90,173
Goodwill [Roll Forward]
Goodwill, Foreign Currency Translation Gain (Loss)	441
Wholesale Accessories [Member]
Goodwill – net	62,688	62,688
Goodwill [Roll Forward]
Goodwill, Foreign Currency Translation Gain (Loss)	0
Retail
Goodwill – net	15,665	$ 15,224
Goodwill [Roll Forward]
Goodwill, Foreign Currency Translation Gain (Loss)	$ 441

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Goodwill and Intangible Assets (Detail) - (Table 2) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Trade Names, Gross		$ 18,695		$ 18,695
Finite-Lived Customer Lists, Gross		38,680		38,680
Finite-Lived Intangible Assets, Accumulated Amortization	$ 41,608			41,134
Accumulated amortization	41,608			41,134
Finite-Lived Intangible Assets, Net	11,205
Finite-Lived Intangible Assets, Net Of Amortization	11,205	12,047
Indefinite-Lived Trademarks	63,492	63,377
Intangible Assets, Gross (Excluding Goodwill)		155,858		155,858
Intangibles – net	101,047	101,192	$ 107,167
Impairment of Intangible Assets, Finite-lived	13,203	13,532
Re-acquired right [Member]
Accumulated amortization	0			0
Indefinite-lived Intangible Assets (Excluding Goodwill)		35,200		35,200
Impairment of Intangible Assets, Finite-lived	8,850	9,432
Trademarks [Member]
Accumulated amortization	0			0
Indefinite-lived Intangible Assets (Excluding Goodwill)		63,283		63,283
Impairment of Intangible Assets, Finite-lived	209	94
Trade names [Member]
Finite-Lived Intangible Assets, Accumulated Amortization	16,075			16,075
Finite-Lived Intangible Assets, Net	0	0
Impairment of Intangible Assets, Finite-lived	2,620	2,620
Customer relationships [Member]
Finite-Lived Intangible Assets, Accumulated Amortization	25,533			$ 25,059
Finite-Lived Intangible Assets, Net	11,205	12,047
Impairment of Intangible Assets, Finite-lived	$ 1,942	$ 1,574
Minimum [Member] | Trade names [Member]
Estimated Lives	1 year
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

XML

Goodwill and Intangible Assets (Detail) - (Table 3) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
2023 (remaining six months)	$ 839
2024	1,679
2025	1,679
2026	1,679
2027	1,451
Thereafter	3,878
Total	11,205
Finite-Lived Intangible Assets, Accumulated Amortization	(41,608)			$ (41,134)
Impairment of Intangible Assets, Finite-lived	(13,203)		$ (13,532)
Finite-Lived Intangible Assets, Gross			57,375	57,375
Finite-Lived Intangible Assets, Net Of Amortization	11,205		12,047
Accumulated amortization	(41,608)			(41,134)
Indefinite-Lived Contractual Rights	26,350		25,768
Indefinite-Lived Trademarks	63,492		63,377
Intangibles – net	101,047	$ 107,167	101,192
Payments to Acquire Intangible Assets	0	$ 2,000	2,000
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment of Intangible Assets, Finite-lived	(209)		(94)
Accumulated amortization	0			0
Re-acquired right [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment of Intangible Assets, Finite-lived	(8,850)		(9,432)
Accumulated amortization	0			0
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Total	0		0
Finite-Lived Intangible Assets, Accumulated Amortization	(16,075)			(16,075)
Impairment of Intangible Assets, Finite-lived	(2,620)		(2,620)
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Total	11,205		12,047
Finite-Lived Intangible Assets, Accumulated Amortization	(25,533)			$ (25,059)
Impairment of Intangible Assets, Finite-lived	(1,942)		(1,574)
Finite-Lived Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Impairment of Intangible Assets, Finite-lived	$ (4,562)		$ (4,194)

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Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill [Line Items]
Amortization of Intangible Assets	$ 461	$ 2,189	$ 884	$ 4,503

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Derivative Instruments Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments [Abstract]
Forward contracts	$ 1,281	$ 916
Foreign Currency Contracts, Liability, Fair Value Disclosure	2,597	$ 1,241
Derivative, Notional Amount	$ 89,384

XML

Commitments, Contingencies and Other Commitments (Details)	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Other Commitment	$ 19,813,000
Letters of Credit Outstanding, Amount	$ 504,000

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Operating Segment Information (Detail) - (Table 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
45107
Revenues	$ 445,302,000	$ 534,989,000	$ 909,136,000	$ 1,094,723,000
Gross profit	189,870,000	217,765,000	384,962,000	445,663,000
Operating Income (Loss)	44,040,000	65,239,000	90,551,000	163,135,000
Capital expenditures	4,003,000	1,667,000	7,793,000	5,263,000
Wholesale Footwear [Member]
45107
Revenues	234,908,000	291,397,000	517,229,000	638,111,000
Gross profit	79,045,000	101,867,000	186,567,000	235,941,000
Operating Income (Loss)	43,726,000	60,001,000	105,782,000	154,092,000
Capital expenditures	557,000	82,000	694,000	198,000
Wholesale Accessories [Member]
45107
Revenues	79,723,000	105,744,000	159,540,000	208,027,000
Gross profit	26,709,000	23,648,000	53,224,000	47,562,000
Operating Income (Loss)	11,380,000	5,124,000	20,818,000	16,495,000
Capital expenditures	31,000	32,000	91,000	90,000
Total Wholesale [Member]
45107
Revenues	314,631,000	397,141,000	676,769,000	846,138,000
Gross profit	105,754,000	125,515,000	239,791,000	283,503,000
Operating Income (Loss)	55,106,000	65,125,000	126,600,000	170,587,000
Capital expenditures	588,000	114,000	785,000	288,000
Retail
45107
Revenues	128,205,000	135,539,000	227,805,000	243,886,000
Gross profit	81,650,000	89,941,000	140,609,000	157,461,000
Operating Income (Loss)	10,330,000	20,472,000	6,082,000	32,783,000
Capital expenditures	2,160,000	1,298,000	4,114,000	2,140,000
First Cost Member
45107
Revenues	0	77,000	0	913,000
Gross profit	0	77,000	0	913,000
Operating Income (Loss)	0	174,000	0	770,000
Capital expenditures	0	0	0	0
Licensing [Member]
45107
Revenues	2,466,000	2,232,000	4,562,000	3,786,000
Gross profit	2,466,000	2,232,000	4,562,000	3,786,000
Operating Income (Loss)	1,271,000	1,572,000	3,090,000	2,607,000
Capital expenditures	0	0	0	0
Corporate Segment [Member]
45107
Revenues			0	0
Gross profit			0	0
Operating Income (Loss)	(22,667,000)	(22,104,000)	(45,221,000)	(43,612,000)
Capital expenditures	$ 1,255,000	$ 255,000	$ 2,894,000	$ 2,835,000

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Operating Segment Information (Detail) - (Table 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Domestic	$ 445,302	$ 534,989	$ 909,136	$ 1,094,723
Capital expenditures	4,003	1,667	7,793	5,263
Gross profit	189,870	217,765	384,962	445,663
Operating Income (Loss)	44,040	65,239	90,551	163,135
Wholesale Footwear [Member]
Segment Reporting Information [Line Items]
Domestic	234,908	291,397	517,229	638,111
Capital expenditures	557	82	694	198
Gross profit	79,045	101,867	186,567	235,941
Operating Income (Loss)	43,726	60,001	105,782	154,092
Wholesale Accessories [Member]
Segment Reporting Information [Line Items]
Domestic	79,723	105,744	159,540	208,027
Capital expenditures	31	32	91	90
Gross profit	26,709	23,648	53,224	47,562
Operating Income (Loss)	11,380	5,124	20,818	16,495
Retail
Segment Reporting Information [Line Items]
Domestic	128,205	135,539	227,805	243,886
Capital expenditures	2,160	1,298	4,114	2,140
Gross profit	81,650	89,941	140,609	157,461
Operating Income (Loss)	10,330	20,472	6,082	32,783
Domestic Destination [Member]
Segment Reporting Information [Line Items]
Domestic	361,405	453,705	739,546	938,666
Non-US [Member]
Segment Reporting Information [Line Items]
Domestic	83,897	81,284	169,590	156,057
Geographical [Member]
Segment Reporting Information [Line Items]
Domestic	$ 65,059	$ 95,340	$ 122,066	$ 172,577

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Extraordinary and Unusual Items (Details) $ in Thousands	Jul. 22, 2020 USD ($)
Line of Credit Facility, Maximum Borrowing Capacity	$ 150,000

XML

Debt (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jul. 22, 2020
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Maximum Increase of Availability of Credit		$ 100,000,000
Line Cap Dollar Amount After Base Trigger	$ 15,000
Line of Credit Facility, Commitment Fee Percentage	0.25%
Line Cap Percentage After Base Trigger	$ 0.10
Line of Credit Facility, Maximum Borrowing Capacity		150,000,000
Line Cap Dollar Amount Before Base Trigger		22,500,000
Line Cap Percentage Before Base Trigger		$ 0.15
Minimum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Fee	1.25
Maximum [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Fee	2.50
Bloomberg Short-Term Bank
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%

XML

Factor Receivable (Detail)	6 Months Ended
	Jun. 30, 2023 USD ($)
Rosenthal
Factors Receivable [Line Items]
Termination Notice in Days	$ 60
Factoring Fee	0.20%
CIT Group
Factors Receivable [Line Items]
Termination Notice in Days	$ 60
Factoring Fee	0.15%

XML

Label	Element	Value
Common Stock [Member]
Treasury Stock [Text Block]	us-gaap_TreasuryStockTextBlock	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. On May 8, 2023, the Board of Directors approved an increase in the Company's share repurchase authorization of approximately $189,900, bringing the total authorization to $250,000. 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. During the three and six months ended June 30, 2023, an aggregate of 773 and 1,739 shares of the Company's common stock, excluding net settlements of employee stock awards, were repurchased under the Share Repurchase Program, at a weighted average price per share of $32.66 and $34.39, for an aggregate purchase price of approximately $25,230 and $59,811, respectively. During the three and six months ended June 30, 2022, an aggregate of 912 and 1,838 shares of the Company's common stock, excluding net settlements of employee stock awards, were repurchased under the Share Repurchase Program, at a weighted average price per share of $37.28 and $39.44, for an aggregate purchase price of approximately $34,013 and $72,488, respectively. As of June 30, 2023, approximately $224,769 remained available for future repurchases under the Share Repurchase Program.The Steven Madden, Ltd. Amended and Restated 2006 Stock Incentive Plan (as further amended, the "2006 Plan"), which expired on April 6, 2019, and the Steven Madden, Ltd. 2019 Incentive Compensation Plan (the "2019 Plan") both provide 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 and/or option cost 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 and/or option cost. During the three and six months ended June 30, 2023, an aggregate of 16 and 124 shares were withheld in connection with the settlement of vested restricted stock to satisfy tax-withholding requirements and option costs, at an average price per share of $34.55 and $35.78, for an aggregate purchase price of approximately $553 and $4,424, respectively. During the three and six months ended June 30, 2022, an aggregate of 16 and 110 shares were withheld in connection with the settlement of vested restricted stock to satisfy tax-withholding requirements and option costs, at an average price per share of $39.05 and $41.25, for an aggregate purchase price of approximately $615 and $4,539, respectively.