STEVEN MADDEN, LTD.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
SHOO$39.50+1.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001628280-25-037646
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001628280-25-050843
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 151 previous paragraphs and 150 current paragraphs.
91 unchanged; 36 reworded; 23 added; 24 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (23)
Current report
In August 2025, the Company acquired a 50% controlling financial interest in the newly formed entity, MG Distribution Hong Kong Limited. This joint venture was formed to expand the distribution of the Company’s products across China, Hong Kong, and Macau. The results of this joint venture are included within the Direct-to-Consumer segment.
Current report
Our business operations – and the broader industry – continue to be shaped by a dynamic macroeconomic backdrop. While some headwinds have stabilized, uncertainty persists and requires continued agility in our sourcing, supply chain, and go-to-market strategies.
Current report
Trade and global sourcing remain areas of heightened focus. Although some previously announced tariff initiatives have been postponed or adjusted, the absence of clarity around future trade policy remains, prompting many multinational businesses, including us, to maintain flexible supplier networks, selectively adjust pricing strategies, and intensify cost-containment efforts.
Current report
Structural change remains a key theme in the retail space. Consumers increasingly favor omnichannel and direct-to-consumer shopping experiences – highlighting the strategic importance of investing in digital, data analytics, and the customer journey.
Current report
$0.29 per share on 71,157 diluted weighted average shares outstanding, compared to diluted earnings per share of $0.77 per share on 71,569 diluted weighted average shares outstanding in the third quarter of the prior year.
Current report
Operating expenses for the three months ended September 30, 2025 were $246,017, or 36.8% of total revenue, compared to $178,915, or 28.6% of total revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of total revenue was primarily attributable to the acquisition of Kurt Geiger. The current-year period included charges of $1,087 related to certain severances and termination benefits, $695 related to acquisition costs and the formation of joint ventures, and $803 related to legal costs as a result of litigation settlements. The comparable period in the prior year included charges of $8,635 related to the impairment of an intangible, $3,199 related to a loss on the divestiture of a business, and $1,480 related to acquisition costs and the formation of joint ventures, as well as a benefit of $2,584 related to the change in valuation of a contingent payment liability.
Current report
Revenue from the Wholesale Footwear segment for the three months ended September 30, 2025 was $266,543, or 39.9% of total revenue, compared to $299,315, or 47.9% of total revenue, in the comparable period in the prior year. The decrease of 10.9% was primarily driven by tariff-related impacts and timing of shipments, partially offset by incremental revenue from the acquisition of Kurt Geiger.
Current report
Gross profit was $91,684, or 34.4% of Wholesale Footwear revenue, compared to $110,778, or 37.0%, in the comparable period in the prior year. The decrease in gross profit as a percentage of revenue was driven by the impact of tariffs on goods imported into the United States. Gross profit in the current-year period also included $1,737 related to the purchase accounting fair value adjustment of inventory in connection with the Kurt Geiger acquisition.
Current report
Operating expenses for the three months ended September 30, 2025 were $51,570, or 19.3% of Wholesale Footwear revenue, compared to $46,523, or 15.5% of Wholesale Footwear revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of Wholesale Footwear revenue primarily reflects the deleveraging of operating expenses on a lower revenue base and the addition of the Kurt Geiger business. The current-year period included charges of $1,592 related to legal costs as a result of litigation settlements, $491 related to certain severances and termination benefits, and $17 related to acquisition costs and the formation of joint ventures. The comparable period in the prior year included charges of $109 due to acquisition costs and formation of joint ventures.
Current report
Income from operations for the three months ended September 30, 2025 totaled $40,114, or 15.0% of Wholesale Footwear revenue, compared to $64,255, or 21.5% of Wholesale Footwear revenue in the comparable period in the prior year.
Current report
Gross profit was $52,966, or 30.1% of Wholesale Accessories/Apparel revenue, for the three months ended September 30, 2025, compared to $64,963, or 33.1% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year. The decrease in gross profit as a percentage of revenue was driven by the impact of tariffs on goods imported into the United States. Gross profit in both periods also included $2,506 and $59, respectively, related to purchase accounting fair value adjustments of inventory from acquired businesses.
Current report
Operating expenses for the three months ended September 30, 2025 were $37,363, or 21.2% of Wholesale Accessories/Apparel revenue, compared to $28,251, or 14.4% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of Wholesale Accessories/Apparel revenue was primarily attributable to the deleveraging of operating expenses on a lower revenue base and the addition of the Kurt Geiger business. The current-year period also included charges of $780 related to legal costs as a result of litigation settlements, $122 related to certain severances and termination benefits, and $8 related to acquisition costs and the formation of joint ventures. The comparable period in the prior year included charges of $8,635 related to the impairment of an intangible, $195 related to acquisition costs and the formation of joint ventures, as well as a benefit of $2,584 related to the change in valuation of a contingent payment liability.
Current report
Income from operations for the three months ended September 30, 2025 was $15,603, or 8.9% of Wholesale Accessories/Apparel revenue, compared to $30,661, or 15.6% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year.
Current report
Operating expenses for the three months ended September 30, 2025 were $133,490, or 60.3% of Direct-to-Consumer revenue, compared to $78,799, or 62.8% of Direct-to-Consumer revenue, in the comparable period in the prior year. The decrease in operating expenses as a percentage of revenue was primarily attributable to the acquisition of Kurt Geiger. The current-year period included charges of $671 related to acquisition costs and the formation joint ventures, and $469 related to certain severances and termination benefits. The comparable period in the prior year included charges of $3,199 related to a loss on the divestiture of a business and $1,176 related to acquisition costs and the formation of joint ventures.
Current report
Loss from operations for the three months ended September 30, 2025 was $4,440, or (2.0%) of Direct-to-Consumer revenue, compared to income from operations of $1,499, or 1.2% of Direct-to-Consumer revenue, in the comparable period in the prior year.
Current report
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
Current report
Operating expenses for the nine months ended September 30, 2025 were $687,145, or 38.6% of total revenue, compared to $507,343, or 29.8% of total revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of total revenue was primarily attributable to the acquisition of Kurt Geiger due to certain acquisition-related transaction costs. The current-year period included $38,819 of compensation expense as a result of acquisition-related sellers proceeds which were reallocated from institutional sellers to management sellers in excess of their respective pre-acquisition equity ownership. The current-year period also included charges of $12,017 related to acquisition costs and the formation of joint ventures, $6,732 related to legal costs as a result of litigation settlements, $4,030 related to certain severances and termination benefits, as well as a benefit of $2,075 related to the change in valuation of contingent payment liabilities. The comparable period in the prior year included charges of $10,335 related to the impairment of an intangible, $5,616 related to the change in valuation of a contingent payment liability, $3,199 related to a loss on the divestiture of a business, $2,776 related to acquisition costs and the formation of joint ventures, and $326 related to working capital adjustments in connection with the Almost Famous acquisition.
Current report
Operating expenses for the nine months ended September 30, 2025 were $140,753, or 18.0% of Wholesale Footwear revenue, compared to $131,877, or 15.9% of Wholesale Footwear revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of Wholesale Footwear revenue primarily reflects the deleveraging of operating expenses on a lower revenue base and our continued investment in marketing and advertising. The current-year period included charges of $1,592 related to legal costs as a result of litigation settlements, $1,438 related to certain severances and termination benefits, and $97 related to acquisition costs and the formation of joint ventures. The comparable period in the prior year included charges of $109 related to acquisition costs and the formation of joint ventures.
Current report
Gross profit for the nine months ended September 30, 2025 was $140,824, or 30.6% of Wholesale Accessories/Apparel revenue, compared to $158,558, or 32.5% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year. The decrease in gross profit as a percentage of revenue was driven by the impact of tariffs on goods imported into the United States. Gross profit in both periods also included $4,599 and $393, respectively, related to the purchase accounting fair value adjustments of inventory from acquired businesses.
Current report
Income from operations for the Wholesale Accessories/Apparel segment for the nine months ended September 30, 2025 was $43,924, or 9.6% of Wholesale Accessories/Apparel revenue, compared to $64,178, or 13.2% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year.
Current report
Operating expenses for the nine months ended September 30, 2025 were $366,250, or 69.2% of Direct-to-Consumer revenue, compared to $221,317, or 59.1% of Direct-to-Consumer revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of revenue was primarily attributable to acquisition-related transaction costs in connection with the acquisition of Kurt Geiger. The current-year period included $38,819 of compensation expense as a result of acquisition-related sellers proceeds which were reallocated from institutional sellers to management sellers in excess of their respective pre-acquisition equity ownership. The current-year period also included charges of $8,363 related to acquisition costs in connection with the Kurt Geiger acquisition and the formation of joint ventures, $1,453 related to legal costs as a result of litigation settlements, and $1,384 related to certain severances and termination benefits. The comparable period in the prior year included charges of $1,700 related to the impairment of an intangible, $3,199 related to a loss on the divestiture of a business and $2,268 related to acquisition costs and the formation of joint ventures.
Current report
Loss from operations for the nine months ended September 30, 2025 was $55,002, or (10.4)% of Direct-to-Consumer revenue, compared to income from operations of $14,564, or 3.9% of Direct-to-Consumer revenue, in the comparable period in the prior year.
Current report
During October 2025, the Company initiated borrowings on its revolving credit facility of $30,000. On November 7, 2025, the Company made a voluntary early repayment of $15,000 on its revolving credit facility. This repayment was made using available cash on hand and was not contractually required.
Removed paragraphs (24)
Previous report
Acquisition of Kurt Geiger. On May 6, 2025, we completed our previously-announced acquisition of the entire issued share capital of Mercury Acquisitions Topco Limited (“MATL”) for an aggregate preliminary purchase price of $405,348, pursuant to the terms of the sale and purchase deed. The purchase price included payments for the settlement of MATL’s previously outstanding third-party bank debt and the reimbursement of certain seller-incurred transaction costs.
Previous report
MATL is the ultimate parent company of the Kurt Geiger business (“Kurt Geiger”), which operates primarily in the United Kingdom (the “UK”), U.S., and Europe. Kurt Geiger designs and sells footwear and accessories under its own brands – including Kurt Geiger London, KG Kurt Geiger, and Carvela – through its direct-to-consumer channel, which consists of directly-operated retail stores and e-commerce, as well as through the wholesale channel, and operates third-party concessions in premium and luxury department stores primarily in the UK. Kurt Geiger was founded in 1963 and is headquartered in London, UK. For the twelve months ended February 1, 2025, Kurt Geiger had revenue of approximately $511,758.
Previous report
The acquisition was funded through a combination of debt financing and cash on hand. In connection with the debt financing, effective as of May 6, 2025, the Company amended and restated its original credit agreement in its entirety, replacing it with a new term loan facility in the amount of $300,000 and a new revolving credit facility with a total capacity of $250,000.
Previous report
Our business operations, and industry as a whole, remain challenged by a complex and evolving macroeconomic environment. Tariff-related tensions have continued in the quarter, and the implementation of previously-announced tariff policies has been delayed in several cases, and continued uncertainty has necessitated more flexible sourcing and supply chain strategies. In response, many companies, including ours, continue to diversify their supplier base and implement selective pricing and cost containment actions to help manage revenue and margin pressures. The lack of clarity surrounding current and future trade policies continues to present challenges for multinational businesses with respect to global sourcing and supply chain planning.
Previous report
Structural changes in the retail industry continue to accelerate. The department store channel remains under pressure due to consolidations, store closures, and shifting consumer preferences toward e-commerce and omnichannel experiences. At the same time, digital engagement and direct-to-consumer channels continue to gain market share, underscoring the need for continued innovation and investment in technology, customer experience, and data-driven decision-making. These trends present both opportunities and risks as we continue the strategic evolution of our go-to-market strategies.
Previous report
Inflation
Previous report
Although inflation has eased in some regions, elevated input costs – particularly for labor, raw materials, and freight – as well as increased macroeconomic, geopolitical, tariff policies and regulatory uncertainties continue to pressure margins. These inflationary trends have affected both our wholesale and direct-to-consumer businesses and may persist despite central bank efforts globally to stabilize prices. We have historically mitigated inflationary impacts through price increases, supplier negotiations, cost containment, and operational efficiencies. However, continued inflation could negatively impact demand for our products or impair our ability to sustain historical margin levels, adversely impacting our profitability and overall financial performance.
Previous report
Operating expenses for the three months ended June 30, 2025 were $263,865, or 47.2% of total revenue, compared to $163,709, or 31.3% of total revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of total revenue was primarily attributable to the acquisition of the Kurt Geiger business due to certain acquisition-related transaction costs. The current-year period included $38,819 of compensation expense as a result of acquisition-related sellers proceeds which were reallocated from institutional sellers to management sellers in excess of their respective pre-acquisition equity ownership. The current-year period also included $8,135 of costs related to acquisitions and the formation of new international joint ventures, $4,741 related to legal costs as a result of litigation settlements, and $522 related to certain severances and termination benefits. In addition, the current-year period included $2,420 related to the change in valuation of contingent payment liabilities. The comparable period in the prior year included a charge of $6,550 related to the change in valuation of a contingent payment liability.
Previous report
Gross profit was $68,485, or 31.1% of Wholesale Footwear revenue, compared to $79,110, or 33.4%, in the comparable period in the prior year. The decrease in gross profit as a percentage of revenue was driven by the impact of new tariffs on goods imported into the United States. Gross profit in the current-year period also included $1,443 related to the purchase accounting fair value adjustment of inventory from the acquisition of the Kurt Geiger business.
Previous report
Operating expenses for the three months ended June 30, 2025 were $43,580, or 19.8% of Wholesale Footwear revenue, compared to $40,171, or 16.9% of Wholesale Footwear revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of Wholesale Footwear revenue was primarily attributable to the deleveraging of operating expenses on a lower revenue base, the addition of the Kurt Geiger business and higher marketing investment. The current-year period included $350 related to certain severances and termination benefits, and $8 of acquisition costs related to the formation of new international joint ventures. The comparable period in the prior year included an expense of $865 due to acquisition costs and formation of joint ventures.
Previous report
Gross profit was $39,809, or 28.3% of Wholesale Accessories/Apparel revenue, for the three months ended June 30, 2025, compared to $48,444, or 32.7% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year. The decrease in gross profit as a percentage of revenue was driven by the impact of new tariffs on goods imported into the United States. Gross profit in both periods also included $1,814 and $126, respectively, related to the purchase accounting fair value adjustment of inventory from acquired businesses.
Previous report
Operating expenses for the three months ended June 30, 2025 were $31,480, or 22.4% of Wholesale Accessories/Apparel revenue, compared to $26,340, or 17.8% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of Wholesale Accessories/Apparel revenue was primarily attributable to the deleverage of operating expenses on a lower revenue base, the addition of the Kurt Geiger business, and higher marketing investment. The current-year period also included $791 related to legal costs as a result of litigation settlements, and $223 related to certain severances and termination benefits. The current-year period and the comparable period in the prior year included expenses of $2,420 and $6,550, respectively, related to the change in valuation of contingent payment liabilities.
Previous report
Income from operations for the three months ended June 30, 2025 was $5,909, or 4.2% of Wholesale Accessories/Apparel revenue, compared to $15,554, or 10.5% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year.
Previous report
Operating expenses for the three months ended June 30, 2025 were $159,157, or 81.4% of Direct-to-Consumer revenue, compared to $72,649, or 53.3% of Direct-to-Consumer revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of revenue was primarily attributable to the acquisition of the Kurt Geiger business due to certain acquisition-related transaction costs. The current-year period included $38,819 of compensation expense as a result of acquisition-related sellers proceeds which were reallocated from institutional sellers to management sellers in excess of their respective pre-acquisition equity ownership. The current-year period also included $7,222 of costs related to acquisitions and the formation of new international joint ventures, and $1,450 related to legal costs as a result of litigation settlements.
Previous report
Loss from operations for the three months ended June 30, 2025 was $44,334, or (22.7%) of Direct-to-Consumer revenue, compared to income from operations of $15,082, or 11.1% of Direct-to-Consumer revenue, in the comparable period in the prior year.
Previous report
Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Previous report
Operating expenses for the six months ended June 30, 2025 were $441,128, or 39.7% of total revenue, compared to $328,428, or 30.5% of total revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of total revenue was primarily attributable to the acquisition of the Kurt Geiger business due to certain acquisition-related transaction cost. The current-year period included $38,819 of compensation expense as a result of acquisition-related sellers proceeds which were reallocated from institutional sellers to management sellers in excess of their respective pre-acquisition equity ownership. The current-year period also included $11,322 of acquisition costs related to acquisitions and the formation of new international joint ventures, $5,929 related to legal costs as a result of litigation settlements, and $2,943 related to certain severances and termination benefits. In addition, current-year period included a benefit of $2,075 related to the change in valuation of contingent payment liabilities. The comparable period in the prior year included an expense of $1,295 related to acquisition costs and the formation of joint ventures. In the comparable period in the prior year, we also recorded an expense of $8,200, due to the change in valuation of a contingent payment liability and a charge of $1,700 related to the impairment of an intangible asset.
Previous report
Revenue from the Wholesale Footwear segment for the six months ended June 30, 2025 was $516,284, or 46.4% of total revenue, compared to $532,685, or 49.5% of total revenue, in the comparable period in the prior year. The decrease of 3.1% was primarily driven by tariff-related impacts in our off-price and mass merchant businesses, partially offset by incremental revenue from the newly acquired Kurt Geiger business.
Previous report
Operating expenses for the six months ended June 30, 2025 were $89,183, or 17.3% of Wholesale Footwear revenue, compared to $85,354, or 16.0% of Wholesale Footwear revenue, in the comparable period in the prior year. The current-year period included $946 related to certain severances and termination benefits, and $80 of acquisition costs related to the formation of new international joint ventures. The comparable period in the prior year included an expense of $1,030 related to acquisition costs and the formation of joint ventures.
Previous report
Income from operations for the six months ended June 30, 2025 totaled $87,993, or 17.0% of Wholesale Footwear revenue, compared to $102,054, or 19.2% of Wholesale Footwear revenue, in the comparable period in the prior year.
Previous report
Gross profit for the six months ended June 30, 2025 was $87,858, or 31.0% of Wholesale Accessories/Apparel revenue, compared to $93,594, or 32.2% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year. The decrease in gross profit as a percentage of revenue was driven by the impact of new tariffs on goods imported into the United States. Gross profit in both periods included $2,093 and $333, respectively, related to the purchase accounting fair value adjustment of inventory from acquired businesses.
Previous report
Income from operations for the Wholesale Accessories/Apparel segment for the six months ended June 30, 2025 was $28,321, or 10.0% of Wholesale Accessories/Apparel revenue, compared to $33,517, or 11.5% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year.
Previous report
Operating expenses for the six months ended June 30, 2025 were $232,760, or 75.7% of Direct-to-Consumer revenue, compared to $142,519, or 57.3% of Direct-to-Consumer revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of revenue was primarily attributable to the acquisition of the Kurt Geiger business due to certain acquisition-related transaction costs. The current-year period included $38,819 of compensation expense as a result of acquisition-related sellers proceeds which were reallocated from institutional sellers to management sellers in excess of their respective pre-acquisition equity ownership. The current-year period also included $7,692 of costs related to acquisitions and the formation of new international joint ventures, $1,450 related to legal costs as a result of litigation settlements, and $915 related to certain severances and termination benefits. The comparable period in the prior year included a charge of $1,700 related to the impairment of an intangible.
Previous report
Loss from operations for the six months ended June 30, 2025 was $50,562, or (16.4)% of Direct-to-Consumer revenue, compared to income from operations of $13,065, or 5.3% of Direct-to-Consumer revenue, in the comparable period in the prior year.
Reworded paragraphs (36)
Previous wording
The following discussion of our financial condition and results of operations for the three and six months ended June 30, 2025 should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q.
Current wording
The following discussion of our financial condition and results of operations for the three and nine months ended September 30, 2025 should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
While inflation has continued to moderate in many regions, it remains elevated relative to historical norms. Interest rates in the United States and key international markets have remained high through the second quarter of 2025, contributing to tighter credit conditions and pressuring consumer discretionary spending. Furthermore, ongoing foreign currency volatility, persistent geopolitical risks, and concerns around global growth continue to impact consumer sentiment.
Current wording
While interest rates have recently come down in the United States and key international markets, they have remained high through the third quarter of 2025, continuing to impact credit conditions and consumer discretionary spending. Furthermore, continued foreign currency volatility, elevated global trade tensions, and recession fears continue to impact consumer sentiment.
Previous wording
Geopolitical tensions remain elevated. The conflicts in Ukraine and the Middle East persist and tensions with China remain high, contributing to continued economic uncertainty, inflationary pressures, foreign currency volatility, disruptions in global supply chains, deteriorating trade relations, and declining consumer confidence. These factors contribute to broader market volatility and may create headwinds for our global business operations.
Current wording
Geopolitical tensions remain influential. The conflicts in the Middle East and Ukraine persist and tensions with China remain elevated. These headwinds have contributed to continued economic uncertainty, inflationary pressures, foreign currency volatility, disruptions in global supply chains, deteriorating trade relations, and declining consumer confidence. These factors contribute to broader market volatility and may continue to adversely impact our global business operations.
Previous wording
Total revenue for the quarter ended June 30, 2025 increased 6.8% to $559,000, compared to $523,553 in the same period of last year driven by the newly acquired Kurt Geiger business. Net loss attributable to Steven Madden, Ltd. was $39,477 in the second quarter of 2025, compared to net income of $35,376 in the same period of last year. Our effective tax rate for the second quarter of 2025 was (11.2)%, compared to 23.4% in the second quarter of last year. Basic loss per share was $0.56 per share on 70,870 basic weighted average shares outstanding, compared to basic earnings per share of $0.50 per share on 71,458 basic weighted average shares outstanding in the second quarter of last year.
Current wording
Total revenue for the quarter ended September 30, 2025 increased 6.9% to $667,875, compared to $624,675 in the same period of last year driven by the acquisition of the Kurt Geiger. Net income attributable to Steven Madden, Ltd. was $20,528 in the third quarter of 2025, compared to net income of $55,278 in the same period of last year. Our effective tax rate for the third quarter of 2025 was 17.4%, compared to 25.5% in the third quarter of the prior year. Diluted income per share was
Previous wording
Our inventory turnover (calculated on a trailing four quarter average) for the quarter ended June 30, 2025 was 4.6 times, compared to 5.7 times at June 30, 2024. Excluding the Kurt Geiger business, our inventory turnover for the quarter ended June 30, 2025 was 5.2 times. Our total Company accounts receivable average collection days decreased to 71 days in the second quarter of 2025, compared to 73 days in the second quarter of 2024. As of June 30, 2025, we had $111,854 in cash, cash equivalents, and short-term investments, and total stockholders’ equity of $863,363. Working capital was $501,184 as of June 30, 2025, compared to $454,178 as of June 30, 2024.
Current wording
Our inventory turnover (calculated on a trailing four quarter average) for the quarter ended September 30, 2025 was 4.0 times, compared to 5.5 times at September 30, 2024. Excluding the Kurt Geiger business, our inventory turnover for the quarter ended September 30, 2025 was 4.5 times. Our total Company accounts receivable average collection days decreased to 58 days in the third quarter of 2025, compared to 66 days in the third quarter of 2024. As of September 30, 2025, we had $108,862 in cash, cash equivalents, and short-term investments, and total stockholders’ equity of $886,135. Working capital was $520,512 as of September 30, 2025, compared to $491,880 as of September 30, 2024.
Previous wording
Total revenue for the three months ended June 30, 2025 increased 6.8% to $559,000, compared to $523,553 in the comparable period in the prior year, primarily attributable to incremental revenue from the newly acquired Kurt Geiger business, partially offset by a decline in the organic business primarily attributable to tariff-related impacts.
Current wording
Total revenue for the three months ended September 30, 2025 increased 6.9% to $667,875, compared to $624,675 in the comparable period in the prior year, primarily attributable to incremental revenue from the acquisition of Kurt Geiger, partially offset by a decline in the organic business primarily attributable to tariff-related impacts.
Previous wording
Gross profit for the three months ended June 30, 2025 was $226,027, or 40.4% of total revenue, compared to $217,129, or 41.5% of total revenue, in the comparable period in the prior year. The current-year period decrease in gross profit as a percentage of total revenue was primarily driven by tariff-related impacts affecting our Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments, and a purchase accounting fair value adjustment of inventory related to Kurt Geiger, partially offset by a greater mix of the higher-margin direct-to-consumer business. Gross profit in both periods included $8,251 and $126, respectively, related to the purchase accounting fair value adjustment of inventory from acquired businesses.
Current wording
Gross profit for the three months ended September 30, 2025 was $277,375, or 41.5% of total revenue, compared to $259,544, or 41.5% of total revenue, in the comparable period in the prior year. Gross profit as a percentage of total revenue remained flat despite tariff-related impacts affecting our Wholesale Footwear, Wholesale Accessories/Apparel, and Direct-to-Consumer segments. These adverse impacts were offset by a greater mix of the higher-margin direct-to-consumer business, primarily related to the acquisition of Kurt Geiger. Gross profit in both periods included $12,309 and $59, respectively, related to purchase accounting fair value adjustments of inventory from acquired businesses.
Previous wording
Income from operations for the six months ended June 30, 2025 was $13,241, or 1.2% of total revenue, compared to $103,616, or 9.6% of total revenue, in the comparable period in the prior year. The effective tax rate for the six months ended June 30, 2025 was 87.0%, compared to 23.5% in the comparable period in the prior year. The difference between the Company’s effective tax rates was primarily due to certain non-deductible expenses treated as discrete items related to the acquisition of the Kurt Geiger business.
Current wording
Income from operations for the three months ended September 30, 2025 was $31,358, or 4.7% of total revenue, compared to $74,578, or 11.9% of total revenue, in the comparable period in the prior year. The effective tax rate for the three months ended September 30, 2025 was 17.4% compared to 25.5%, in the comparable period in the prior year. The difference between the Company’s effective tax rates was primarily due to changes in non-deductible expenses related to the acquisition of the Kurt Geiger business as a result of our transaction cost analysis.
Previous wording
Net loss attributable to Steven Madden, Ltd. for the three months ended June 30, 2025 was $39,477, compared to net income attributable to Steven Madden, Ltd. of $35,376, in the comparable period in the prior year.
Current wording
Net income attributable to Steven Madden, Ltd. for the three months ended September 30, 2025 was $20,528, compared to $55,278, in the comparable period in the prior year.
Previous wording
Revenue from the Wholesale Accessories/Apparel segment for the three months ended June 30, 2025 was $140,449, or 25.1% of total revenue, compared to $148,276, or 28.3% of total revenue, in the comparable period in the prior year. The decrease of 5.3% was primarily driven by tariff-related impacts and a decline in our off-price business, partially offset by incremental revenue from the newly acquired Kurt Geiger business.
Current wording
Revenue from the Wholesale Accessories/Apparel segment for the three months ended September 30, 2025 was $176,152, or 26.4% of total revenue, compared to $196,400, or 31.4% of total revenue, in the comparable period in the prior year. The decrease of 10.3% was primarily driven by tariff-related impacts and a decline in our off-price business, partially offset by incremental revenue from the acquisition of Kurt Geiger.
Previous wording
Revenue from the Direct-to-Consumer segment for the three months ended June 30, 2025 was $195,502, or 35.0% of total revenue, compared to $136,409, or 26.1% of total revenue, in the comparable period in the prior year period. The increase of 43.3% was primarily driven by incremental revenue from our brick-and-mortar stores, concessions, and digital businesses related to the newly acquired Kurt Geiger business, partially offset by impacts from tariffs and systems implementations on the existing business. As of June 30, 2025, we operated 392 brick-and-mortar stores, seven e-commerce websites, and 130 concessions in international markets, compared to 273 brick-and-mortar stores, five e-commerce websites, and 27 concessions in international markets as of June 30, 2024. This includes 73 company-operated brick-and-mortar retail stores, including 27 outlets, as well as two e-commerce websites and 72 concessions related to Kurt Geiger.
Current wording
Revenue from the Direct-to-Consumer segment for the three months ended September 30, 2025 was $221,505, or 33.2% of total revenue, compared to $125,455, or 20.1% of total revenue, in the comparable period in the prior year period. The increase of 76.6% was primarily driven by incremental revenue from brick-and-mortar stores, concessions, and digital businesses related to the acquisition of Kurt Geiger. As of September 30, 2025, we operated 397 brick-and-mortar stores, seven e-commerce websites, and 133 concessions in international markets. This includes 74 company-operated brick-and-mortar retail stores, including 29 outlets, as well as two e-commerce websites and 72 concessions related to Kurt Geiger. As of September 30, 2024, we operated 282 brick-and-mortar stores, five e-commerce websites, and 67 concessions in international markets.
Previous wording
Gross profit for the three months ended June 30, 2025 was $114,823, or 58.7% of Direct-to-Consumer revenue, compared to $87,731, or 64.3% of Direct-to-Consumer revenue, in the comparable period in the prior year. The decrease in gross profit as a percentage of revenue was primarily driven by the addition of the relatively lower gross margin concession business related to the newly acquired Kurt Geiger business and the impact of new tariffs on goods imported into the United States. Gross margin also included a purchase accounting fair value adjustment of $4,994 of the inventory from the acquisition of the Kurt Geiger business.
Current wording
Gross profit for the three months ended September 30, 2025 was $129,050, or 58.3% of Direct-to-Consumer revenue, compared to $80,298, or 64.0% of Direct-to-Consumer revenue, in the comparable period in the prior year. The decrease in gross profit as a percentage of revenue was primarily driven by the impact of tariffs on goods imported into the United States and the addition of the relatively lower gross margin concessions business in connection with the acquisition of Kurt Geiger. Gross margin also included a purchase accounting fair value adjustment of inventory of $8,066 in connection with the Kurt Geiger acquisition.
Previous wording
Royalty income from the Licensing segment for the three months ended June 30, 2025 was $2,910, or 0.5% of total revenue, compared to $1,844, or 0.3% of total revenue, in the comparable period in the prior year. Operating expenses for the three months ended June 30, 2025 were $553, compared to $462 in the comparable period of the prior year. Income from operations for the three months ended June 30, 2025 was $2,357, compared to $1,382 in the comparable period in the prior year.
Current wording
Royalty income from the Licensing segment for the three months ended September 30, 2025 was $3,675, or 0.6% of total revenue, compared to $3,505, or 0.6% of total revenue, in the comparable period in the prior year. Operating expenses for the three months ended September 30, 2025 were $217, compared to $277 in the comparable period of the prior year. Income from operations for the three months ended September 30, 2025 was $3,458, compared to $3,228 in the comparable period in the prior year.
Previous wording
Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These expenses primarily related to corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services. Corporate operating expenses for the three months ended June 30, 2025 were $29,095, or 5.2% of total revenue, compared to $24,087, or 4.6% of total revenue, in the comparable period in the prior year.
Current wording
Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These expenses primarily related to corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services. Corporate operating expenses for the three months ended September 30, 2025 were $23,377, or 3.5% of total revenue, compared to $25,065, or 4.0% of total revenue, in the comparable period in the prior year.
Previous wording
Total revenue for the six months ended June 30, 2025 increased 3.4% to $1,112,534, compared to $1,075,934 in the comparable period in the prior year, primarily attributable to incremental revenue from the newly acquired Kurt Geiger business, partially offset by a decline in the organic business primarily attributable to tariff-related impacts.
Current wording
Total revenue for the nine months ended September 30, 2025 increased 4.7% to $1,780,409, compared to $1,700,609 in the comparable period in the prior year, primarily attributable to incremental revenue from the acquisition of Kurt Geiger, partially offset by a decline in the organic business primarily attributable to tariff-related impacts.
Previous wording
Gross profit for the six months ended June 30, 2025 was $452,294, or 40.7% of total revenue, compared to $441,944, or 41.1% of total revenue, in the comparable period in the prior year. In the current period, the decrease in gross profit as a percentage of total revenue was driven by tariff-related impacts and a purchase accounting fair value adjustment of inventory related to Kurt Geiger, partially offset by a greater mix of the higher-margin direct-to-consumer business. Gross profit in both periods included $8,530 and $333, respectively, related to the purchase accounting fair value adjustment of inventory from acquired businesses.
Current wording
Gross profit for the nine months ended September 30, 2025 was $729,669, or 41.0% of total revenue, compared to $701,488, or 41.2% of total revenue, in the comparable period in the prior year. The decrease in gross profit as a percentage of total revenue was driven by tariff-related impacts, partially offset by a greater mix of the higher-margin direct-to-consumer business, primarily related to the acquisition of Kurt Geiger. Gross profit in both periods also included $20,840 and $393, respectively, related to purchase accounting fair value adjustments of inventory from acquired businesses.
Previous wording
Loss from operations for the three months ended June 30, 2025 was $40,258, or (7.2%) of total revenue, compared to income from operations of $46,870, or 9.0% of total revenue, in the comparable period in the prior year. The effective tax rate for the three months ended June 30, 2025 was (11.2)% compared to 23.4%, in the comparable period in the prior year. The difference between the Company’s effective tax rates was primarily due to certain non-deductible expenses related to the acquisition of the Kurt Geiger business.
Current wording
Income from operations for the nine months ended September 30, 2025 was $44,599, or 2.5% of total revenue, compared to $178,194, or 10.5% of total revenue, in the comparable period in the prior year. The effective tax rate for the nine months ended September 30, 2025 was 47.0%, compared to 24.3% in the comparable period in the prior year. The difference between the Company’s effective tax rates was primarily due to non-deductible expenses related to the acquisition of the Kurt Geiger business.
Previous wording
Net income attributable to Steven Madden, Ltd. for the six months ended June 30, 2025 was $946, compared to net income of $79,310 in the comparable prior-year period.
Current wording
Net income attributable to Steven Madden, Ltd. for the nine months ended September 30, 2025 was $21,474, compared to net income of $134,589 in the comparable period in the prior year.
Previous wording
Revenue from the Wholesale Footwear segment for the three months ended June 30, 2025 was $220,139, or 39.4% of total revenue, compared to $237,024, or 45.3% of total revenue, in the comparable period in the prior year. The decrease of 7.1% was primarily driven by tariff-related impacts in our off-price and mass merchant businesses, partially offset by incremental revenue from the newly acquired Kurt Geiger business.
Current wording
Revenue from the Wholesale Footwear segment for the nine months ended September 30, 2025 was $782,827, or 44.0% of total revenue, compared to $832,000, or 48.9% of total revenue, in the comparable period in the prior year. The decrease of 5.9% was primarily driven by tariff-related impacts on our off-price and mass merchant businesses, partially offset by incremental revenue from the acquisition of Kurt Geiger.
Previous wording
Gross profit for the six months ended June 30, 2025 was $177,176, or 34.3% of Wholesale Footwear revenue, compared to $187,408, or 35.2% of Wholesale Footwear revenue, in the comparable period in the prior year. The decrease in gross profit as a percentage of revenue was driven by the impact of new tariffs on goods imported into the United States and an unfavorable mix of our branded business. Gross profit in the current-year period also included $1,443 related to the purchase accounting fair value adjustment of inventory from the acquisition of the Kurt Geiger business.
Current wording
Gross profit for the nine months ended September 30, 2025 was $268,860, or 34.3% of Wholesale Footwear revenue, compared to $298,186, or 35.8% of Wholesale Footwear revenue, in the comparable period in the prior year. The decrease in gross profit as a percentage of revenue was primarily driven by the impact of tariffs on goods imported into the United States. Gross profit in the current-year period also included $3,180 related to the purchase accounting fair value adjustments of inventory in connection with the Kurt Geiger acquisition.
Previous wording
Income from operations for the three months ended June 30, 2025 totaled $24,905, or 11.3% of Wholesale Footwear revenue, compared to $38,939, or 16.4% of Wholesale Footwear revenue in the comparable period in the prior year.
Current wording
Income from operations for the nine months ended September 30, 2025 totaled $128,107, or 16.4% of Wholesale Footwear revenue, compared to $166,309, or 20.0% of Wholesale Footwear revenue, in the comparable period in the prior year.
Previous wording
Revenue from the Wholesale Accessories/Apparel segment for the six months ended June 30, 2025 was $283,622, or 25.5% of total revenue, compared to $290,852, or 27.0% of total revenue, in the comparable period in the prior year. The decrease of 2.5% was primarily driven by tariff-related impacts and a decline in our off-price business, partially offset by incremental revenue from the newly acquired Kurt Geiger business.
Current wording
Revenue from the Wholesale Accessories/Apparel segment for the nine months ended September 30, 2025 was $459,774, or 25.8% of total revenue, compared to $487,252, or 28.7% of total revenue, in the comparable period in the prior year. The decrease of 5.6% was primarily driven by tariff-related impacts and a decline in our off-price business, partially offset by incremental revenue from the acquisition of Kurt Geiger.
Previous wording
Operating expenses for the six months ended June 30, 2025 were $61,612, or 21.7% of Wholesale Accessories/Apparel revenue, compared to $51,877, or 17.8% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of Wholesale Accessories/Apparel revenue was primarily attributable to the deleverage of operating expenses on a lower revenue base, and our continued investment in marketing and advertising. The current-year period also included $1,979 related to legal costs as a result of litigation settlements, and $327 related to certain severances and termination benefits. The current-year period also includes a benefit of $2,075 related to the change in valuation of contingent payment liabilities. The comparable period in the prior year included a charge of $8,200 related to the change in valuation of a contingent payment liability.
Current wording
Operating expenses for the nine months ended September 30, 2025 were $98,975, or 21.5% of Wholesale Accessories/Apparel revenue, compared to $80,129, or 16.4% of Wholesale Accessories/Apparel revenue, in the comparable period in the prior year. The increase in operating expenses as a percentage of Wholesale Accessories/Apparel revenue was primarily attributable to the deleveraging of operating expenses on a lower revenue base, and our continued investment in marketing and advertising. The current-year period included charges of $2,759 related to legal costs as a result of litigation settlements, $449 related to certain severances and termination benefits, and $38 related to acquisition costs and the formation of joint ventures, as well as a benefit of $2,075 related to the change in valuation of contingent payment liabilities. The comparable period in the prior year included charges of $8,635 related to the impairment of an intangible, $5,616 related to the change in valuation of a contingent payment liability, $398 related to acquisition costs and the formation of joint ventures, and $326 related to working capital adjustments in connection with the Almost Famous acquisition.
Previous wording
Revenue from the Direct-to-Consumer segment for the six months ended June 30, 2025 was $307,566, or 27.6% of total revenue, compared to $248,739, or 23.1% of total revenue, in the comparable period in the prior year. The increase of 23.7% was driven by incremental revenue from our brick-and-mortar stores, concessions, and digital businesses related to the newly acquired Kurt Geiger business, partially offset by impacts from tariffs and systems implementations on the existing business.
Current wording
Revenue from the Direct-to-Consumer segment for the nine months ended September 30, 2025 was $529,071, or 29.7% of total revenue, compared to $374,194, or 22.0% of total revenue, in the comparable period in the prior year. The increase of 41.4% was driven by incremental revenue from brick-and-mortar stores, concessions, and digital businesses in connection with the acquisition of Kurt Geiger.
Previous wording
Gross profit for the six months ended June 30, 2025 was $182,198, or 59.2% of Direct-to-Consumer revenue, compared to $157,284, or 63.2% of Direct-to-Consumer revenue, in the comparable period in the prior year. The decrease in gross profit as a percentage of revenue was primarily due to a purchase accounting fair value adjustment of $4,994 of inventory from acquired businesses and the addition of the relatively lower gross margin concessions business related to the newly acquired Kurt Geiger business.
Current wording
Gross profit for the nine months ended September 30, 2025 was $311,248, or 58.8% of Direct-to-Consumer revenue, compared to $237,581, or 63.5% of Direct-to-Consumer revenue, in the comparable period in the prior year. The decrease in gross profit as a percentage of revenue was primarily due to a purchase accounting fair value adjustment of inventory of $13,060 in connection with acquired businesses, the impact of tariffs on goods imported into the United States, and the addition of the relatively lower gross margin concessions business in connection with the acquisition of Kurt Geiger.
Previous wording
Royalty income from the Licensing segment for the six months ended June 30, 2025 was $5,062, or 0.5% of total revenue, compared to $3,658, or 0.4% of total revenue, in the comparable period in the prior year. Operating expenses for the six months ended June 30, 2025 were $880, compared to $962 in the comparable period in the prior year. Income from operations for the three months ended June 30, 2025 was $4,182, compared to $2,696 in the comparable period in the prior year.
Current wording
Royalty income from the Licensing segment for the nine months ended September 30, 2025 was $8,737, or 0.5% of total revenue, compared to $7,163, or 0.4% of total revenue, in the comparable period in the prior year. Operating expenses for the nine months ended September 30, 2025 were $1,097, compared to $1,239 in the comparable period in the prior year. Income from operations for the nine months ended September 30, 2025 was $7,640, compared to $5,924 in the comparable period in the prior year.
Previous wording
Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These expenses primarily related to corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services. Corporate operating expenses for the six months ended June 30, 2025 were $56,693 or 5.1% of total revenue, compared to $47,716 or 4.4% of total revenue, in the comparable period in the prior year.
Current wording
Corporate does not constitute a reportable segment and includes costs not directly attributable to the segments. These expenses primarily related to corporate executives, corporate finance, corporate social responsibility, legal, human resources, information technology, cybersecurity, and other shared services. Corporate operating expenses for the nine months ended September 30, 2025 were $80,070 or 4.5% of total revenue, compared to $72,781 or 4.3% of total revenue, in the comparable period in the prior year.
Previous wording
Our primary sources of liquidity are cash flows from operations, cash, cash equivalents, short-term investments and borrowing capacity under our Credit Agreement. Cash, cash equivalents, and short-term investments totaled $111,854 and $203,408 at June 30, 2025 and December 31, 2024, respectively, and of the total cash, cash equivalents, and short-term investments as of June 30, 2025, $97,869, or approximately 87%, was held in our foreign subsidiaries, and of the total cash, cash equivalents, and short-term investments as of December 31, 2024, $119,569, or approximately 59%, was held in our foreign subsidiaries.
Current wording
Our primary sources of liquidity are cash flows from operations, cash, cash equivalents, short-term investments and borrowing capacity under our Credit Agreement. Cash, cash equivalents, and short-term investments totaled $108,862 and $203,408 at September 30, 2025 and December 31, 2024, respectively, and of the total cash, cash equivalents, and short-term investments as of September 30, 2025, $89,861, or approximately 88%, was held in our foreign subsidiaries, and of the total cash, cash equivalents, and short-term investments as of December 31, 2024, $119,569, or approximately 59%, was held in our foreign subsidiaries.
Previous wording
As of June 30, 2025, we had working capital of $501,184, cash and cash equivalents of $111,714, short-term investments of $140, and $829 in letters of credit outstanding.
Current wording
As of September 30, 2025, we had working capital of $520,512, cash and cash equivalents of $108,722, short-term investments of $140, and $2,703 in letters of credit outstanding.
Previous wording
On May 6, 2025 (the "Acquisition Date"), the Company, through its wholly owned subsidiary, SML UK Holding Ltd, completed the acquisition of the entire issued share capital of Mercury Acquisitions Topco Limited (“MATL”) for an aggregate preliminary purchase price of $405,348, pursuant to the terms of the sale and purchase deed. We funded the cash consideration and the payment of transaction-related expenses through borrowings under the Credit Agreement and cash on hand.
Current wording
On May 6, 2025 (the "Acquisition Date"), the Company, through its wholly owned subsidiary, SML UK Holding Ltd, completed the acquisition of the entire issued share capital of Mercury Acquisitions Topco Limited (“MATL”) for an aggregate preliminary purchase price of $403,348, pursuant to the terms of the sale and purchase deed. We funded the cash consideration and the payment of transaction-related expenses through borrowings under the Credit Agreement and cash on hand.
Previous wording
At June 30, 2025, the total outstanding borrowings under our Credit Agreement in the form of cash borrowings and standby letters of credit were $300,000 and $829, respectively.
Current wording
At September 30, 2025, the total outstanding borrowings under our Credit Agreement in the form of cash borrowings and standby letters of credit were $300,000 and $2,703, respectively.
Previous wording
Subsequent to quarter-end, on August 1, 2025, the Company made a voluntary early repayment of $7,500 on its term loan facility using cash on hand. This repayment was not contractually required and reflects the Company’s strong liquidity position and commitment to reducing leverage and interest expense over time. Under the terms of the Credit Agreement, the first scheduled principal repayment was not due until October 1, 2025.
Current wording
During the third quarter of 2025, the Company made voluntary early repayments of $22,500 on its term loan facility. These repayments were made using available cash on hand and were not contractually required. These repayments reflect the Company’s strong liquidity position and commitment to reducing leverage and interest expense over time. Under the terms of the Credit Agreement, the first scheduled principal repayment was not due until October 1, 2025.
Previous wording
Cash provided by operating activities was $47,635 for the six months ended June 30, 2025, compared to $93,801 in the same period of the prior year. The decrease in cash provided by operations was primarily driven by a decrease in net income and unfavorable changes to accounts payable, accrued expenses and other current liabilities, partially offset by favorable changes in accounts receivable.
Current wording
Cash provided by operating activities was $71,072 for the nine months ended September 30, 2025, compared to $94,245 in the same period of the prior year. The decrease in cash provided by operations was primarily due to lower net income in the current year, partially offset by higher non-cash adjustments for depreciation and amortization which was primarily attributable to the acquisition of Kurt Geiger. The decrease was also partially offset by net favorable working capital driven by timing of factor accounts receivable collections.
Previous wording
Cash used in investing activities was $377,856 for the six months ended June 30, 2025, which consisted of $371,554 related to the acquisition of the Kurt Geiger business (net of cash acquired), capital expenditures of $17,516 for leasehold improvements, new stores, and systems enhancements and $2,196 related to the acquisitions of joint ventures. This was partially offset by $13,410 related to proceeds from the sales of short-term investments.
Current wording
Cash used in investing activities was $392,861 for the nine months ended September 30, 2025, which consisted of $371,554 related to the acquisition of the Kurt Geiger business (net of cash acquired), capital expenditures of $32,338 for leasehold improvements, new stores, and systems enhancements and $2,379 related to the acquisitions of joint ventures. This was partially offset by $13,410 related to proceeds from the sales of short-term investments.
Previous wording
Cash provided by financing activities was $249,466 for the six months ended June 30, 2025, which primarily consisted of net transaction-related borrowings of $300,000, partially offset by dividends paid of $30,435, financing costs paid of $8,955 in connection with the Credit Agreement, net settlements of stock awards of $8,198.
Current wording
Cash provided by financing activities was $237,540 for the nine months ended September 30, 2025, which primarily consisted of net transaction-related borrowings of $300,000, partially offset by dividends paid of $45,692, financing costs paid of $8,955 in connection with the Credit Agreement, and net settlements of stock awards of $8,367.
Previous wording
In addition to the commitments included in the Contractual Obligations table above, we have outstanding letters of credit of $829 outstanding as of June 30, 2025 related to the purchase of inventory and lease obligations. These letters of credit expire at various dates through 2030.
Current wording
In addition to the commitments included in the Contractual Obligations table above, we have letters of credit of $2,703 outstanding as of September 30, 2025 related to the purchase of inventory and certain lease obligations. These letters of credit expire at various dates through 2030.