By Rob Curran

Steve Madden's third-quarter net income slid as the shoe seller continued to struggle with duties on imported footwear, but the company forecast sequentially higher fourth-quarter profit on an expected surge in revenue.

The Long Island City, N.Y., footwear purveyor posted earnings of $20.5 million, or 29 cents a share, down from $55.3 million, or 77 cents a share, a year earlier.

Stripping out certain one-time items, Steve Madden logged adjusted earnings of 43 cents a share, just short of the average Wall Street target of 44 cents a share.

Revenue rose 6.9% to $667.9 million, short of the average Wall Street target of $694 million, as per FactSet.

Cost of sales rose 6.9% to $390.5 million. Operating expenses surged 38% to $246 million.

"As anticipated, the third quarter was challenging, driven largely by the impact of new tariffs on goods imported into the United States," said Chairman and Chief Executive Edward Rosenfeld, in a statement.

In October, a U.S. footwear industry trade group had called on the removal of tariffs that were weighing on its members' business. The vast majority of shoes sold in the U.S. are made overseas, according to the U.S. International Trade Commission.

For the fourth quarter, Steve Madden targeted earnings in a range between 30 cents and 35 cents a share, or between 41 cents and 46 cents a share on an adjusted basis. The shoe seller projected revenue growth of 27% to 30%.

Steve Madden had previously withdrawn its full-year growth projection, citing tariff uncertainty.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

November 05, 2025 07:41 ET (12:41 GMT)

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