Adjusted operating margin expanded by 70 basis points to 16.3%, supported by margin improvements in the light-duty business.
Consolidated net sales for Q2 2025 grew 8% year-over-year to $541 million, driven primarily by strong volume growth in the light-duty segment.
Heavy Duty segment grew 1% with a slight positive operating margin of 80 basis points, down year-over-year due to lower volume and investments for growth.
Light Duty segment net sales increased 10% with a 140 basis point margin improvement to 18.5%.
Operating cash flow was $9 million in Q2 2025, down from $63 million in Q2 2024, impacted by higher tariff costs and increased inventory investments.
Specialty Vehicle segment net sales declined 3% due to weak consumer sentiment but maintained margin focus and engagement in enthusiast markets.
Board approved a quarterly dividend of $0.21 per share payable September 23, 2025.
CapEx was $7.7 million in the quarter, and no share repurchases were made.
CapEx was $7.7 million in the quarter; no share repurchases were made.
Consolidated revenue for Q2 2025 was $559 million, up 6.8% compared to Q2 2024, but excluding Kurt Geiger, revenue decreased 10%.
Direct-to-consumer (DTC) revenue increased 43.3% to $195.5 million, but excluding Kurt Geiger, DTC revenue decreased 3%.
Direct-to-consumer (DTC) revenue increased 43.3% to $195.5 million; excluding Kurt Geiger, DTC revenue decreased 3%.
Gross margin was 41.9%, slightly up from 41.5% in prior year, with tariff impacts causing 230 basis points of pressure offset by a higher mix of DTC business.
Gross margin was 41.9%, slightly up from 41.5% in Q2 2024, pressured by tariffs by 230 basis points but offset by a higher mix of DTC business and Kurt Geiger acquisition.
Inventory increased to $437 million from $241.6 million in Q2 2024; excluding Kurt Geiger, inventory rose 1%.
Inventory increased to $437 million from $241.6 million, with a 1% increase excluding Kurt Geiger.
Net debt stood at $181.6 million with $293.5 million debt and $111.9 million cash and equivalents.
Net income attributable to Steve Madden was $13.9 million or $0.20 per diluted share, compared to $41.2 million or $0.57 per share in Q2 2024.
Net income attributable to Steve Madden was $13.9 million or $0.20 per diluted share, compared to $41.2 million or $0.57 per share last year.
Operating expenses increased to $211.6 million (37.9% of revenue) from $162.8 million (31.1%), driven partly by Kurt Geiger acquisition.
Operating expenses rose to $211.6 million (37.9% of revenue) from $162.8 million (31.1% of revenue) in Q2 2024.
Operating income was $22.6 million (4% of revenue), down from $54.5 million (10.4%) in prior year.
Operating income was $22.6 million (4% of revenue), down from $54.5 million (10.4%) in the prior year period.
Wholesale footwear revenue declined 7.1% (11.7% excluding Kurt Geiger), and wholesale accessories/apparel revenue declined 5.3% (14.6% excluding Kurt Geiger).
Wholesale gross margin declined to 31% from 33.1%, and DTC gross margin declined to 61.3% from 64.3%, impacted by tariffs and Kurt Geiger's lower margin.
Wholesale gross margin declined to 31% from 33.1% due to tariff pressures; DTC gross margin was 61.3%, down from 64.3%, impacted by Kurt Geiger's lower margin and tariffs.
Wholesale revenue was $360.6 million, down 6.4% year-over-year; excluding Kurt Geiger, wholesale revenue declined 12.8%.
Wholesale revenue was $360.6 million, down 6.4% year-over-year, or down 12.8% excluding Kurt Geiger.
Adjusted EBITDA loss was $3.1 million compared to a positive $0.1 million in the prior year period.
Ended the quarter with $19.8 million in cash and increased revolver capacity to manage near-term uncertainty.
GAAP net loss widened to $12.7 million from $8.7 million, impacted by lower gross margin, higher marketing costs, one-time advisory fees, and restructuring costs.
Gross profit increased 3% to $49.8 million, with gross margin declining slightly to 32.8% from 33.5% due to product mix and tariff impacts.
Inventory increased to $94 million from $90 million, reflecting proactive stocking to improve supply chain continuity.
Reported revenue of $151.9 million, up 5% from $144.3 million in the prior year quarter, driven by growth in e-commerce and offline channels.
Dafinchi