Steven Madden, Ltd. SHOO continues to strengthen its growth profile through robust direct-to-consumer (DTC) performance and the continued success of the Kurt Geiger brand. In the first quarter of 2026, the company delivered healthy consumer demand across its portfolio, with strong execution in product innovation and marketing helping offset ongoing softness in its private-label business. Management believes these strengths position the company for improved earnings and sustainable long-term growth.
Steven Madden's DTC business posted another strong quarter. Revenues increased 83.8% year over year to $206 million, primarily reflecting the addition of Kurt Geiger. Excluding the acquisition, DTC revenues still rose 8%, driven by growth across both brick-and-mortar stores and e-commerce. The Steven Madden brand delivered a 17% increase in U.S. comparable sales, supported by exceptional performance in full-price channels. Global DTC comparable sales increased 6%, or by 10% excluding stores in the Middle East. Management also highlighted reduced promotional activity, improving outlet performance and stronger customer engagement as positive trends during the quarter.
The company's product and marketing strategy continued to support DTC momentum. The Steven Madden brand gained traction across casual shoes, dress shoes and boots, benefiting from consumer interest in split toes, mesh, ballet-inspired styles, hidden wedges and Velcro designs. The "Hello Spring" campaign featuring Delilah Belle, combined with a full-funnel marketing approach, boosted customer acquisition and increased online searches for the Steven Madden brand by 27% during the quarter. Management reiterated its expectation for mid- to high-single-digit revenue growth for the Steven Madden brand in fiscal 2026.
Kurt Geiger exceeded expectations during the quarter. The brand generated 23% pro forma revenue growth, driven by continued strength in handbags, footwear and digital channels. Steven Madden secured leases for four new full-price stores and one premium outlet in the United States during 2026 while signing a franchise and distribution agreement with Reliance Brands to launch Kurt Geiger in India beginning in the fourth quarter. Reflecting the brand's strong momentum, management raised its full-year expectation for Kurt Geiger to deliver mid-teens pro forma revenue growth.
Encouraged by strong trends across its key brands, Steven Madden raised its fiscal 2026 revenue growth guidance to 10-12% from the prior 9-11% range and introduced adjusted earnings per share guidance of $2.00-$2.10. Management expects the combination of strong DTC demand, Kurt Geiger's continued expansion and healthy momentum across its branded portfolio to support strong top and bottom-line growth for the remainder of fiscal 2026.
SHOO’s Price Performance, Valuation & Estimates
Shares of the company have risen 69.7% over the past year against the industry’s 34% decline.
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From a valuation standpoint, Steven Madden is trading at a trailing 12-month price-to-sales ratio of 1.18, down from the industry average of 1.33.
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The Zacks Consensus Estimate for Steven Madden’s 2026 earnings implies year-over-year growth of 22.9%, whereas the same for 2027 indicates an uptick of 33.8%. Estimates for 2026 and 2027 have been revised upward by 3 cents and 16 cents, respectively, over the past 60 days.
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SHOO’s Zacks Rank & Other Key Picks
Steven Madden currently sports a Zacks Rank #1 (Strong Buy).
Genesco Inc. GCO is a Nashville-based specialty retailer and branded company. It sells footwear and accessories through retail stores. The company flaunts a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Genesco’s current fiscal-year earnings indicates growth of 55.2% from the year-ago actuals. GCO delivered a trailing four-quarter average earnings surprise of 3.8%.
Designer Brands Inc. DBI designs, produces and retails footwear and accessories. It offers shoes, boots, sandals, sneakers, socks, handbags and accessories. It currently carries a Zacks Rank #1.
The Zacks Consensus Estimate for Designer Brands’ current fiscal-year earnings and sales suggests growth of 137.5% and 0.5%, respectively, from the year-ago actuals. DBI delivered a trailing four-quarter average earnings surprise of 112.8%.
Tapestry, Inc. TPR is the designer and marketer of fine accessories and gifts for women and men in the United States and internationally. The company also holds a Zacks Rank #2 at present.
The Zacks Consensus Estimate for Tapestry’s current fiscal-year earnings and sales indicates growth of 36.5% and 13.9%, respectively, from the year-ago actuals. TPR delivered a trailing four-quarter average earnings surprise of 15.6%.
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