- Steven Madden Ltd (NASDAQ:SHOO) reported second-quarter FY22 sales growth of 34.5% year-on-year to $535 million, beating the consensus of $487.68 million.
- Revenue for the wholesale business increased 51.5% to $397.1 million, and Direct-to-consumer revenue rose 2.2% to $135.5 million.
- The gross profit margin contracted 200 basis points Y/Y to 40.7%.
- The operating margin was 12.2%, and operating income for the quarter was $65.2 million.
- Adjusted EPS of $0.63 beat the analyst consensus of $0.60.
- Steven Madden held $180.5 million in cash and equivalents as of June 30, 2022. Cash provided by operating activities for the six months totaled $40.3 million.
- The company’s Board approved a quarterly cash dividend of $0.21 per share, payable on September 26, 2022, to stockholders of record on September 16, 2022.
- Outlook, reiterated: Steven Madden sees FY22 adjusted EPS of $2.90 – $3.00 versus the consensus of $2.98.
- The company expects FY22 revenue to increase 13% – 16%.
- Price Action: SHOO shares are trading lower by 3.94% at $32.17 on the last check Wednesday.
Raymond James Maintains Strong Buy on Waste Connections, Raises Price Target to $155
Raymond James analyst Patrick Tyler Brown maintains Waste Connections (NYSE:WCN) with a Strong Buy and raises the price target from $146 to $155.
