Connect with us

Breaking News

Steve Madden Focuses on Flats as Consumers Seek Comfortable Footwear



STEVE MADDEN Sign and Shoppers at Retail Store Location | Steve Madden Focuses on Flats as Consumers Seek Comfortable Footwear | Featured

Fashion retailer Steve Madden will focus more on flats than heels during the COVID-19 pandemic.

On an earnings call last week, Steve Madden CEO Edward Rosenfeld told analysts that the brand won’t be focusing on the dress shoe category following the ongoing demand for comfortable styles.

“It won't come as any surprise that the dress shoe penetration is down from where it was a year ago and from where we expected it would be coming into the year, and we've really pivoted more toward casual styles, and that's really what's performing in the market,” Rosenfeld said.

The company also reported that its revenue declined. “Turning to our results for the quarter. I have to say that Q2 was unlike any quarter we've seen before, and we hope we never see another one like it. Consolidated revenue declined 68%, and we reported a loss of $0.19 per share. In wholesale, we experienced massive order cancellations as a result of COVID-19,” Rosenfeld said.

As many people are working from home, consumers will keep seeking out comfortable footwear styles during the pandemic.

Like many retailers, coronavirus-related store closures also greatly affected Steve Madden. According to Fox Business, “high-end retailers known for luxury shoe departments and dress ware, like Neiman Marcus, Lord & Taylor and Men's Warehouse owner Tailored Brands Inc., have all filed for bankruptcy.”

Up Next:

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2022 Breaking News Alerts. This copyrighted material may not be republished without express permission. The information presented here is for general educational purposes only. MATERIAL CONNECTION DISCLOSURE: You should assume that this website has an affiliate relationship and/or another material connection to the persons or businesses mentioned in or linked to from this page and may receive commissions from purchases you make on subsequent web sites. You should not rely solely on information contained in this email to evaluate the product or service being endorsed. Always exercise due diligence before purchasing any product or service. This website contains advertisements.