STEVEN MADDEN, LTD. Q3 FY2024 earnings call

• Focus on product: Utilize talented design teams, test-and-react strategy, and speed-to-market to create trend-right product across footwear, accessories, and apparel. For footwear, success with tall-shaft boots, soccer-inspired sneakers, and Mary Janes; in handbags, strong demand for structured mini satchels, cross bodies, shoulder bags, and on-trend materials; in apparel, on-trend styling including animal print, leather, suede, satin, and denim. • International markets: International revenue grew 11% in Q3, on track for mid-teens full-year growth; EMEA region up over 20% in 2024; new JVs in Middle East (expecting 33 stores by year-end) and Latin America off to strong start. • Non-footwear business: Accessories and apparel revenue rose 48% in Q3 (19% excluding Almost Famous); Steve Madden handbag up 27% in Q3, apparel on pace for over 20% growth in 2024; Almost Famous contributed $41 million revenue, with Madden Girl apparel launch at Kohl's successful. • Direct-to-consumer: DTC revenue grew 8%, with e-commerce up 10% and brick-and-mortar up 6%. • Corporate social responsibility: Published 2023 Sustainability Report outlining Let's Get Real sustainability strategy.

Consolidated revenue in the third quarter was $624.7 million, a 13% increase compared to Q3 2023. Wholesale revenue was $495.7 million, up 14.4% year-over-year. Direct-to-consumer segment revenue was $125.5 million, a 7.8% increase. Licensing royalty income was $3.5 million in the quarter, compared to $2.9 million in Q3 2023. Wholesale footwear revenue was $299.3 million, down 2.2%. Wholesale accessories and apparel revenue was $196.4 million, up 54.2% year-over-year (21.6% excluding Almost Famous). Steve Madden handbag business saw revenue increase 27% in Q3, following 52% growth in the same period prior year. Almost Famous contributed $41 million in revenue. DTC revenue grew 8%, with e-commerce up 10% and brick-and-mortar up 6%.

• Raised 2024 revenue guidance to increase 13% to 14% compared to 2023. • Diluted EPS expected in the range of $2.62 to $2.67.

• China sourcing exposure and potential tariffs: Plan to reduce goods sourced from China by 40%-45% over next year; impact on gross margin uncertain. • Wholesale footwear channel challenges: Continued cautious approach from key customers, boot deliveries delayed in Q3 with reorders hitting Q4.

Q: Update on China sourcing exposure and potential tariffs, and wholesale footwear channel.

A: Planning to reduce China sourcing by 40%-45% over next year; wholesale footwear branded business declined in Q3 but improved sequentially, with boots seeing strong sell-through but reorders in Q4.

Q: Updated revenue guidance and growth between channels.

A: Wholesale up mid-teens (6%-7% excluding Almost Famous) driven by Steve Madden handbags; DTC still at high singles.

Q: Wholesale business by type and retail business.

A: Value-priced retailers stronger, private label outpacing branded; outlets vs full-price stores: full-price stores outpacing outlets recently.

Q: Gross margin impact of moving production out of China.

A: Too early to speculate on impact.

Q: Marketing campaign in September and store investments.

A: Marketing campaign successful, drove awareness and revenue; Times Square flagship store to open before Black Friday.