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Steve Madden gets kicked by store closures, logistics congestion

Cons. Discr. - Apparel 372 Cons. Discr. - Retailing 309 Earnings 489 Quote Watch 259 U.S. 4625

Steve Madden reported a 30.9% year over year drop in revenues in Q3’20 after the shoe and bag retailer closed stores in the wake of the pandemic. Yet, that “significantly exceeded our expectations” according to CEO Edward Rosenfeld with consensus estimates having called for a decline of 34.8%. Panjiva’s data shows U.S. seaborne imports linked to the firm dropped by 28.1% year over year in Q3’20. Supply chain challenges abound with Rosenfeld noting logistics congestion “added a couple of weeks to the whole process of getting shoes from the factory to the store”. Soaring airfreight rates l...

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