What's Going On With Steven Madden Shares After Q4 Results?
Portfolio Pulse from Nabaparna Bhattacharya
Steven Madden, Ltd. (NASDAQ:SHOO) reported Q4 earnings and revenue that beat Wall Street expectations, with earnings per share of 61 cents and revenue of $519.714 million. The company saw a 10.4% year-over-year revenue increase, driven by growth in both direct-to-consumer and wholesale businesses. Despite this, SHOO shares traded lower by 2.77% to $42.42. The company also announced a quarterly cash dividend of $0.21 per share and expects 2024 revenue to increase by 11% to 13%. Telsey Advisory Group maintained a Market Perform rating with a $39 price forecast.
February 28, 2024 | 5:42 pm
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Steven Madden reported higher-than-expected Q4 earnings and revenue, announced a quarterly dividend, and provided a positive revenue outlook for 2024. However, shares dropped 2.77%.
The drop in SHOO shares despite positive earnings and revenue reports suggests market expectations were potentially higher or other factors influenced the stock price negatively. The announcement of a dividend and positive outlook for 2024 indicates strong company performance and management confidence, yet the immediate market reaction was negative. This could be due to broader market conditions, profit-taking, or concerns not directly addressed by the earnings report.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100