Steven Madden, Ltd. (NASDAQ:SHOO) Q3 2023 Earnings Call Transcript

And just very proud of all the work the team has done. I think the bags are better than they’ve ever been. They’re on trend. The detailing, the materials, everything has just been right. And they’ve done a great job. And that’s driven the growth in wholesale and DTC, as I mentioned, but also in domestic and international markets. And that Seabag [Ph] and Handbags business has become a significant business for us now. I think it’ll be close to $225 million in 2023. So meaningful business and very strong growth over the last several years. That’s just Steve Madden. If you add in our other handbag businesses, the Incline, Betsy, Private Label, that’s another $100 million or so. And then in terms of apparel, again, we talked about that. Fall of last year was the first season of Steve Madden apparel.

And we continue to refine the product assortment there. And we really feel that this fall is the best assortment that we’ve had. And we’re really pleased with the sell-throughs we’re seeing there. We’re outperforming our key competitors in our top accounts. And I’m talking about our better department stores, whether it’s Bloomingdale’s, Dillard’s, etcetera. We’re very pleased with what we’re seeing. And as I mentioned, based on the success that we’re having, we are expecting door growth. And we’re also expecting to get significantly expanded assortments at a lot of those better department stores and some of the pure play e-commerce retailers, Revolve, etcetera. So really positive story there.

Jay Sole: Sounds great. Thanks so much.

Edward Rosenfeld: Thanks, Jay.

Operator: Thank you. That concludes the question-and-answer session. At this time, I would like to turn the call back to Ed Rosenfeld for closing remarks.

Edward Rosenfeld: Great. Well, thank you so much for joining us this morning. Have a great holiday season. And we look forward to speaking with you on the next call. Have a great day.

Operator: Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect.