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Steve Madden’s footwear demand chase hobbled by logistics challenges

Cons. Discr. - Apparel 425 Cons. Discr. - Retailing 379 Earnings 608 Quote Watch 376 U.S. 4997

Shoe retailer Steve Madden reported Q1’21 revenues which inched 0.5% higher year over year as logistics congestion has been “limiting our reorders for the second quarter and our ability to chase into the improved demand”, according to CFO Zine Mazouzi. There’s also been elevated costs as the firm has been “flying a lot of goods, even with the increased airfreight rates”, with additional costs equivalent to 200 basis points of sales. The higher airfreight rates may have driven an increase in seaborne freight with U.S. seaborne imports linked to the firm up by 5.8% year over year in Q1’21....

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