Stella International and Steve Madden accelerated the pace. Both started the year with a solid first quarter, which makes them believe that the forecasts for the future will be positive, especially in the long-term. Stella International (in picture on the left is a piece from the collection), is now focusing on sport, luxury and “extra-Chinese” production. Steve Madden (in picture on the right is a piece from the collection) beats estimates but remains cautious with regards to the short-term.
Stella International closed its first quarter with a revenue of 303.4 million USD (+15.3%). The increase, explains the company, has to do with the fact that “the first quarter of 2020 was heavily impacted by the COVID-19 pandemic”. The Hong Kong-based group shipped 12 million pairs (+9.1%), with an average price that increased from 23.3 USD to 25 USD per pair. “We are pushing forward with our long-term strategies, including expanding our capacity in Southeast Asia – said the president, Lawrence Chen –. We will also continue to work and grow with our customers who are expanding into new categories such as athleisure”. Sport and luxury will be the driving forces behind Stella International’s development strategy, which looks positively forward to the summer season.
Meanwhile in New York
Steve Madden beat expectations for the first quarter of 2021. Revenue increase by 0.5%, reaching 361 million USD. Analysts cited by Footwear News expected no more than 335.3 million USD. Ratified profits more than doubled, to reach 26.9 million USD. Value was of 13 million during the same quarter of 2020. “The first quarter results that significantly exceeded our expectations – commented Edward Rosenfeld, president and CEO of the brand headquartered in New York. The manager highlighted the performance of the retail channel, which increased by 7% compared to the 1st quarter of 2019 thanks to the digital channel. “We are cautious on the near-term outlook due to the continued negative impacts of COVID-19 and supply chain disruption, we remain confident for the long-term”, concluded Mr. Rosenfeld.