SHOO - Earnings call transcript Q2 2022

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Operator

Good day and thank you for standing by. Welcome to the Q2 2022 Steven Madden Limited Earnings Conference Call. [Operator Instructions] And I would now like to hand the conference over to your speaker today, Ms. Danielle McCoy, VP of Corporate Development and Investor Relations. Ms. ahead. go please McCoy,

Danielle McCoy

good XXXX Thank earnings and our for second quarter call morning, Chris you everyone. joining Thanks, and webcast.

I'd include, including discussed questions, Private Securities begin, remarks statements within believe we GAAP like Reform basis, adjusted the all. our earnings today's of you The press forward-looking remind Before updated next quarterly unless obligation the filings expressed Act. meaning among any most to that measure make to release reconciliation are statements. that update if financial be to materially results follow, These earnings in these cause financial statements conference could directly until actual with forward-looking answers contain disclosures our call, and we that statements forward-looking matters A which your Litigation otherwise such from results and others, the on to that at call be we are we or those have associated the that forward-looking These by subject SEC. risks contained to not disclaim to are earlier to an risks issued We our in comparable statements release. implied on differ described today noted. our may other

the With join. over is the to weather, under turn on Rosenfeld, Chairman COVID Zine Officer, Financial is Ed. and I'll is unable to me call Joining Ed the Unfortunately, recovering today Chief Chief Executive Mazouzi, Officer. that, and call from

Ed Rosenfeld

in revenue to increasing and results. We compared review the EPS and the Thanks, results Danielle XXXX Madden's for Steve XX% prior good second thank joining you strong with diluted quarter year. increasing quarter second to everyone morning, XX% and delivered us

and four effective like outside the during apparel. international markets. in our to business, laser-focused our core One, consumers, marketing And business by outstanding drivers. intensified Three, expanding our create and product on executing pressures footwear business. four, thereby driving digital. remains in led of connections enabling closer our footwear key our strategy, Two, combining with macro strengthening handbags categories team While our direct-to-consumer wholesale growing U.S. quarter,

against our revenue and prior Madden robust apparel label above-plan to to drove second contributor of with have the compared compared Madden strong XX% X%, the a men's and Steve segments. segment, footwear, strong grew performance to year, private In revenue and Our Madden prior Dakota Steve in which BB direct-to-consumer, in quarter and initiatives XX% apparel by revenue increased In grew wholesale increased accessories And by gains strong Vita growth, result accessories. driven was wholesale more continues year. handbags, in in year business gains when DTC momentum primary second considering XXXX. year. followed from the to benefited compared on checks and execution phenomenal XXX% women's, exceptional across pent-up than revenues the growth the of came largest a ago Dolce demand it prior business our over stimulus the our quarter pre-COVID increased Steve to each from and top kids these XX%

ago high. up increased Overall, across directly-owned our these performance quarterly the of markets, International a each of markets. revenue, international a quarter Mexico subsidiary second delivered XX% in we Canada, XXXX, from strong represented and in by revenue XX% Finally, and segments, particularly new driven total growth our XX% Europe. robust of year versus international

and consumer our beginning into quarter. in macro we pleased performance we did July. in the June the sales has That were see deteriorated with demand during overall, quarter which moderate trends very and continued said, conditions So second

cautious we half. approach the taking our has a more become and are outlook macro back business Given these pressures, managing the to near-term uncertain in

business and long-term. our value leveraging as over further, create can we the people, however, on our and model for strategy, and our confident core significant executing as ever by out that strengths, stakeholders remain drive brands Looking we our growth

it the remainder review provide the quarter to and over of year. Now, more for I'll to our turn Danielle second financial outlook in our results detail

Danielle McCoy

Thanks, Ed.

in increase compared XX.X% quarter Our second XXXX. was $XXX the million, revenue consolidated a to

for gains year. was growth apparel The $XXX.X more year. Our Dolce as revenue increase XX.X% Wholesale was handbags Wholesale our as wholesale benefited of recorded Betsey label. Klein, $XXX.X from up in strong the XX.X% in XX% our revenue revenue growth in than by flagship our compared prior XXX% year-over-year brand, as Madden, Madden last grew and driven driven by $XXX.X which a from International Steve XXXX, Steve million, also was forward of apparel million, primarily the $XXX.X particularly to in was QX consecutive footwear XX.X% well to a X.X% the well accessories as label. compared Anne quarter. QX, private wholesale million, label Vita, In business from pull versus revenue revenue more deliveries segment, to performance private and footwear third a year. Johnson than million, and up in direct-to-consumer XXXX. private increase prior strong was

and XX.X%. XXX as markets. outlets year's Ed XX tough quarter. well and benefit quarter to As brick XX XXXX due revenue ended second mortar to in direct-to-consumer stores, the comparison mentioned, we from e-commerce in to revenue the in XXXX, pleased including up such, international was X And stimulus the We exceed quarter were demand. and extremely had retail company-operated as we direct-to-consumer of QX sites as Compared concessions last with pre-COVID pent-up an

Turning to our Cost and segments. Licensing First

last to Our year. was income Licensing royalty the compared $X.X million in million quarter $X.X

the was $X.X year-over-year direct-to-consumer. the Cost due the XXX gross by increases margin decline entirely gross footwear. in an margin to last was as compared million income prior $XXX.X and prior year. The year. quarter compared mix XX.X% to were year. wholesale a of points margin we direct-to-consumer XX.X%, wholesale international expanding First was XX.X%, of was quarter to was XXX million last Direct-to-consumer to driven margin in compared margin XX.X% basis increase in Operating reported million by Consolidated million gross year, expenses year, Wholesale to compared in points $X.X the improvement $XXX.X driven wholesale in to from or in each last markets. QX in improvement commission basis

As quarter, points totaled in or million were or of to a XXX a of XXXX. XX.X% expenses $XX quarter revenue percentage compared of the compared income revenue basis XX.X% the last revenue, to improvement $XX million operating Operating for year. XX.X%

XX.X% in from the the Our awards. compared share-based the rate quarter effective vesting discrete and to primarily was benefit XX.X% decreased of XXXX, tax due to for exercising

$X.XX share, up Steve $X.XX the diluted diluted from for attributable to Limited million million share or quarter $XX.X Finally, net income Madden or XXXX. per was in $XX.X per

Moving to sheet. balance the

financial Our foundation remains very strong.

need additional We no XX, of levels to $XXX.X compared debt. of million we average our transit place June earlier XXXX, Inventory to short-term of result last higher days Inventory and $XXX.X XX historical time a year orders million than We as and due totaled built into disruption of transit continues be to chain an cash equivalents to supply our production schedules million million of XXXX. $XXX.X an As $XXX.X longer times. the a supply improvement and and we production investments transit times had a beginning more in as remain a and cash, seeing our our inventory inventory supply We began of ability pre-COVID. to approximately as normalized have expect meet And and return did inventory of second we we days customers composition XX come way amount in and ship to reduction comfortable our and in more QX. of levels down quarter. chain result, in with to the windows. meaningfully the operating, than in

million. quarter Our $X.X CapEx in the was

as repurchased we cash million on stock dividend a common will September quarter, dividend stockholders company's acquired payable The of $XX.X the the of of close net XX, through the business of The directors board September During of $X.XX employee per quarterly the to on XXXX. XXXX of be which includes company's XX, shares stock of approved settlement share. awards. record

to outlook. Turning our

We year reiterating our are full guidance.

XXXX the to diluted EPS continue to XX% of revenue to to to range increase We and expect in $X.XX compared $X. XX%

to the like over I'd the Now, questions. turn for operator to call Operator?

Operator

comes question BTIG. Lyon Camilo from of Our Instructions] [Operator first

Camilo Lyon

that partners if around wholesale talk by about on deceleration July. think in June, A partners, you could was give the color where I we pullback if your first comment? into nice more about Ed, Maybe there the bit is your income-exposed talked your starting question. activity of partners prepared a the in you're remarks, environment. an challenging higher in unfold? it level in lower little my about a income-exposed that's continued wondering disparate to business a seen quarter job increasingly you That's seeing have the or

Ed Rosenfeld

phenomenal in DTC that Sure. that took with slowdown the really saw The were across pullback to that and May we've think point our to channels some we it our in want that degree pretty saw characterize wholesale we which began channels. darn a make June, that saw performance was and I starting to as that seen through It's I -- I there sell-throughs. that good. I would essentially and would level -- we we still in a us

on give maybe we're channel, an give DTC I talking can So color you our you to indication some what just about. of

has bricks DTC and for our and comp June total, 'XX, through months July, to plus including first looked like if was digital over that we look including QX. then two were 'XX running through QX more you So mortar number sales, and comp and and also that May, the at XX% of And XX%. versus

slowdown again, lot So of. be seeing now that to 'XX, to of to there's those probably And comp be kind of a XX% numbers. brands but meaningful like nothing ashamed would

we target more of are about a the I from wholesale the If pull slowdown cautious for how approaching at but cautious, terms think how get consumers low-income we seen virtually QX. we they're incrementally been again, customers the that look in are seen and pullback particularly seeing to And reacting orders, customers low basis, the end high end, the more folks across percentage So question the that would has have on them have your that, we back about all cautious. versus forward more a really I more board. get say of somewhat

Camilo Lyon

supply an quarter lead -- your overshoot head into that chase give should to the or times Any the just you that the trend seeing curious fourth on a shifting if end that regard. just given pattern. starting demand seeing, once should should at to the improvement position see, better to in ability read you're downside? in a seeing the today anything, I'd getting does demand to the fourth early does be of you pullback what -- that be And the demand Maybe the you're order of half? you you're as inventory we some back the side. think or what you're said see the pullback from on quarter in more perspective I chain you're fill

Ed Rosenfeld

So and that's DTC channels than is The good fashion than I a prospectively of That's for time early in was early it obvious and this of booties. ago. year time. don't like season question, reasons. a competitive we it's much But was too can of your year first at is you penetration, boots seeing for because significantly I think ago give believe talk trends part the we're reads we instance, at the terms to higher better it year piece about this which color booties, that a on boots are one our category of I performing this the seeing in did what in

improvement have that seen we so your then in transit optimistic a of times in terms question, recently. we category. And second And are meaningful yes, pretty about

seeing China, days transit from China. earlier recently, As from an more we this more looking And -- at were as XX-day example, were like you know, year. times we XX we're

we XX at not So improvement. to were that sometimes three it meaningful like weeks, still frankly but or was the or still back pre-COVID more so XX days

we So know, a better have give And to you do bit out a a of to chase that's forward. chase course, fall, of Mexico quite which ability better also ability going going as products. we to means us in those

normal we're speed-to-market. not still our back However, to

XXXX think we before that really the into I so chase to. way it accustomed be we're can And will

Camilo Lyon

continues the will they this improve more of that of or of contextualize improvement Did or the reflected is chain, the times or how And improvement in terms in we 'XX from year it this story? level supply some at stays in those do assuming be improvement opportunity from here? reflects a transit that to the cost margin

Ed Rosenfeld

Ocean but between The they freight pressure down. asking seen, pre-COVID. I still from freight us ago. have the rates it So freight if higher are but we we where year year up were it's I'll headwind we well than their last They've a spot a about year that ocean. this were bit the -- is rates you're Air higher off below where have dramatically come The were seen a down guess, little where rates because and still for obviously a than we've they come had in year down split peak air ago. a contract down spot. locked from benefiting is

So maybe freight things this all this And together, then a that is will in again year, all, pretty it continue, when that year. the hopefully, you big year a in tailwind put after last we headwind if had headwind slight become XXXX. neutral

Operator

And question from UBS. our comes of next Sole Jay

Jay Sole

I your will last maybe on talking into the what's the What's how you point. but tailwind next And freight to to first question. to Hopefully, view going where cost year That's pre-COVID? over getting mean, just a much that they will be you're be little the I rates see freight your back a want on follow-up were time? there's it about visibility improvement tailwind. in

Ed Rosenfeld

knows I that. -- I -- now, year. will -- headwind answer don't were from now think I be tailwind of from If more think XXX still remain rates basis significantly And next compared as don't. But the we points the they rates higher there experiencing pre-COVID. or the we're certainly continue they to we're talking where anybody pre-COVID. about some to Certainly, that are

to So they special have of rates happen. they when we stay now, they we'll that I as And that insight will that hope but before. don't back not were are much. a little or to But if bit whether any over returned obviously, time, where that get where

Jay Sole

where of just maybe to comments out of and point on break you're sales your of the it inventory more the to with it's sort play inventory. sort And trend? line bit Is a to kind carrying bit XQ levels the how like little inventory. a possible further in down What on in inventory going

Ed Rosenfeld

we remarks, inventory QX last I lot a of think, Danielle we XX cetera. you that's QX at on by on from if China, it fly assumption had into at assumption almost days of I out an to 'XX, And have 'XX, pointed look days dramatically of XX of because as supply. to look of transit -- Danielle XX if because time the under-inventoried then the earlier QX goods, we But working of to think this And in that work production comparison, right way, makes an XX built our and exactly of you compared used XX additional prepared days average, the more again, we compared year, and calendars. sense, days, et the were to began days have year. an we on

more out, in As right getting I like pointed XX products now, days. we're

we Again, start as on you'll to see in stay as inventory carry down. that come assuming think decreases, the assuming disruption So be doesn't come time supply that to start able path, but get And down I transit inventory. you'll the less I QX. that really we'll level worse see said, chain that to this

Operator

comes question from WTCO. Samuel next of Our Poser

Samuel Poser

about One, things? to retailers -- more the Is cautious. don't you Are because with you you being performance how that cautious is little a talked relative you they your -- other so ship a or cautious of the lot other on? to may relative that categories be the and of yet goods despite businesses, -- how there aren't performing rest they with potentially being

Ed Rosenfeld

think end in July, still that we of relative talked still our what action on I think this the they're And competition, a we're that as retailers and line. inventories in believe we a not that to I just performance that think But try are June result to the think, that's And We their are of make sure lot taking and is certainly seeing that's that they're that. outperforming. about high seeing. to I experiencing slowdown us something that's

Samuel Poser

comes Two picture? is in-between is in sort back-to-school? How time relative the if the big how follow-ups. when and and to more? a big to time get that June One or big Do moods a of -- out into up how sort time or and of relative change need this of and as period follow-ups. shop doll busy three this quickly sort June back-to-school normally like coming we're time could this people on rooms people's an Is in pretty July of believe really you we

Ed Rosenfeld

not months. continue these if are today. point, your as that To now, people But are huge essentially as yes. -- We're assuming better, Obviously, certainly get things considerably they will things react. of we're

Samuel Poser

Sale. Anniversary on that does for look lastly you? then Nordstrom And How

Ed Rosenfeld

That's good. year -- was well. increase had quite of strong was and as in last -- very very very last Yes, we it. pleased good itself We to overall, were which a year with

great. about So think I across was really businesses. was pleased And our were what performance various that we strong

well in did Madden, So Steve Vita, Blondo, apparel, kids. Dolce

exciting. was that was really and it broad-based So strength

Operator

And we of Loop question have Champine from a Laura Capital.

Laura Champine

about you and versus give specifically? maybe growth talk little color a on Madden brand your Can of the label more of Steve growth private the your branded sales

Ed Rosenfeld

Yes, sorry. I'm

a that bit. you were think cutting out I little

private about You Is that branded. versus asked label first right?

Laura Champine

correct. That's

Ed Rosenfeld

private branded half faster in that than the as well. So growing is to case and the be we back label expect

about biggest of customers -- the right-size have the And Our both their the merchants. publicly them label big ones talked obviously, inventory. on private desire mass are side to have

feel so year wholesale big north wholesale that on in market, that's an and XX% last continues. then, And in the and Steve Steve driver U.S. side. the up for And impact in international us some the footwear. that private quarter, example, label than as Madden of look, will of of has this Madden, we that growth to was been faster

Operator

from question B. of Securities. Riley Susan And our next Anderson Ms. comes

Susan Anderson

ASPs versus growth? much And about you're quarter. AUC Nice guess, half? each in drove units the back what job how you on an wondering from also, have perspective the if sales was seeing in quarter. I talk the could the I

Ed Rosenfeld

up meaningfully In ASPs AUR little year. last our wholesale in in last was we Keep the actually improvement had huge AUR down last versus a were year. in year. DTC, bit versus mind,

well some we're So still pullback. above but did pre-COVID have we levels

Susan Anderson

And the then and in what units, too? in back about I half then AUC both channels guess,

Ed Rosenfeld

back up into the in were will pressure And I units of bit AUR So both, think little half, in DTC. going yes. still a there be

Susan Anderson

your I promotional a back terms kind just to in how just follow-on more like promote maybe environment, feeling in you're the that, thoughts get having of not want half? promote of is the on to And more guess, or to

Ed Rosenfeld

increase promotional unusually We across industry. are activity seeing last it year. Obviously, low was the

plans did to into has year. the that build that our But into So coming certainly, we come pass.

will than you'll promotional and from XXXX. but think there think We I that it keep will it activity more be we did in more as that be us some see controlled of we well. can

Susan Anderson

just inventory that obviously guess on then that? days the about fall or have And to that curious, the XX been that that or think what's the we real-time? should extra was now, similar right more you've for follow-up talked I you you is given how the I historically composition product about comments, Is that of always

Ed Rosenfeld

it's fall. Yes,

Susan Anderson

And guide some There's a then pulled like reiterate top-line, little to just the uncertainty. bit. it on in So macro there, just curious, just sounds have things fall.

So you with begin what's there? just was And guess, curious, maybe a the the cushion for there? so feel if with comfortable at to on you're you year? still big rest can a I more the of bit confidence where little elaborate driving there

Ed Rosenfeld

above bottom line. top of our I'll the annual end top be guidance and you, or tell were the May to end of the top-line on we ahead trending Well, the on XX,

our that have I us of think of we today, adjustment based we've within as meaningful seen June And what in made But a range. on July. keeps sort still and so

Operator

Lejuez And our Citi. from Paul next of comes question

Paul Lejuez

taken makes I year? in price partners? assumptions the pull just, there your you Is were there your approach high biggest relative obviously, expectations. a size had level, half? XQ curious the just And the didn't wholesale increases thinking those that? Curious that flow you a if upside they through How you've to just they that was are built accepting to about And you that aspect point But where above are promotional was I'm could think how share about are mentioned mentioned top-line of the forward. now at on plan? relative beat, more willing your You the came curious retail the if it of I saw And second of for accept increased beginning also this conservative to in what the in? an sense.

Ed Rosenfeld

there. few a was there Okay,

-- I going I'm So I hope remember. can to

was first and where in beat -- think about what of top-line. QX question I the wholesale on that that the and that of the came Most in the from was we about QX able orders the pull QX. talked plan improvement was out in forward pull were transit early forward We in times. in to the to that go we of that most

to we goods and so early get we were And did accounts to take able our some early. stuff some get in

So last last and up at we wholesale, remembering that in I had, came And we the XX.X% maybe like was pull XX%, if QX, forward. high-XXs, be year for to obviously, growth that something think, year. planned I'm to in of the to majority vast

modestly DTC the side, ahead were we we of On also what anticipated.

in we by think outperformance. we and came about and was And one? next was -- May that around at that driven flat again what to looking were April be the X.X%. On I

Paul Lejuez

Just the for half. the back assumptions

you response your conservative that But adjusted promotions you'd that I if earlier increases top-line. mentioned partners more an your bit curious were to you part and hoping of think a on tie into well are and approach pricing a willing price assumptions how you were taking accept on that retail to pass-through? little as of as

Ed Rosenfeld

our I promotional -- activity for assumptions -- talked we assumed there to although previous increased an we we've was be we've built have assumption in in going think had modestly, about that an -- in have we've calls, activity. promo uptick We as

say taken that customers. it's think the lot end have and don't But yes, bit a on how still not was consumer to customers of well. a there's a our wouldn't from to accepting those we'll but our So reacts price seem up pushback of I we're I increases getting of be lot -- from that we're as in numbers obviously wholesale the think a I monitor wholesale far, that And have pushback so lot already little we that. -- they carefully to don't

Operator

like Nikic next Wedbush. is question coming of it our And looks from Tom

Tom Nikic

ask challenging in kind just think understand have shape help the as Obviously, through QX, if of kind QX pretty back anything can year. last about QX? And think half, compares sort wholesale especially of you half, around like models perspective? the we for us should versus just back want full for I was to work how of in channel. kind versus our the the some I DTC a you gave wondering we of you call, channel-by-channel wholesale the I like guidance the on has changed from in

Ed Rosenfeld

will give the half don't you back I not decline we that vast Look, QX. earnings down last on quarterly think our about majority of and to I'm versus detailed I too implies obviously guidance. an basis, EPS QX is guidance to that going QX. what in to expect But get year come tell we

we a were can QX, ago we but where think to QX close be to get we that So year expect I down.

still channel, growth at not were revenue terms DTC too different tweaks but made in before. slight the of for wholesale, In we're expectations mid-to-high-singles. year the there we by for where looking mid-to-high-teens We've really and that's from

Operator

Associates. Steve next question comes of C.L. Marotta King Our from &

SteveMarotta

months? that stipulate differential talked also But June, up July about July? are there would relatively months. June percentage they light material XX%. volume the different materially the was between you I two Ed, of course from and a Was And comps

Ed Rosenfeld

same. the exactly Almost

SteveMarotta

already AUC roll-offs benefits 'XX half of AUC? the expectations year Can that? of being second of little that actually and bit benefits you hearing beneficial. capacity have seeing we're I in any of realized this bit that in about know well? a factory into freight talk on you commented And an more about also commodities, you you've maybe a from And Have realized standpoint, but as the any little

Ed Rosenfeld

the guess factories, guess, a negotiate made have I perhaps some, or them negotiate made negotiations We our for bit of some has this we those a better. perhaps business I that started our demand little see improvement or with of think with we we it [indiscernible] we some think as factories, go as that improvement softening to has and hungrier little some

going of little So we particularly China. our terms factory bit we're think than we better prices, trending do a in to out were of

SteveMarotta

you would you last year a year-over-year still basis been below? say actually as not had say but as high is So it or both on above would

Ed Rosenfeld

No, still last year. still would I for certainly full above -- right. Probably the say, that's year,

Operator

Advisory Our Telsey comes the Telsey next from Group. of question Dana

Dana Telsey

that and you As about see to your was DTC versus either urban And what did think just in changes or And they with relative I impactful what you're each? relative there? you. last you're that Any How year seeing you buy know versus e-comm are stores, later seeing? now the performance on then to always pay for doing on stores lastly, stores, suburban outlet any plan? difference

Ed Rosenfeld

at Yes, folks, like a lot of year this mortar pivot of we've digital. seen a the expense back to brick and

basis digital, to and down owned got quarter. This year-over-year the and actually digital what operated versus and mortar on was is and on than brick was brick a positive mortar in overall. stronger was us our year So the X% last

source you digital of a up if growth. is bigger compare been still has and course, far dramatically Of pre-COVID, to obviously,

top New In really yes, year-over-year. be us. urban of in But the region, strapped. by our yes, was last that's And bit the consumer City little be of terms weakest that feeling later, continues terms U.S. performer to then feeling locations, if the fact buy in last function our if versus suburban more at comps tick that look the year. of one the -- up seen a is how We've a that reflective overall, now bit at York you about was the little it significant for a and they're pay use of of which the inflation could

was negative New comped you was it were at was a versus full we we the only City compared you think the positive also in little outlet I to 'XX close to weakest terms that quarter. got we stores better was only bit turn -- York down quarter, low-singles although If the look than region -- And and still 'XX. -- versus quarter. in to pre-COVID, price price the outlet. asked region -- of very in it there It about this still were Full then expect

Dana Telsey

you the on Where fall cadence you price also? are then And are of increases taking the increases? in price

Ed Rosenfeld

No, we that in really pushed spring. through

up is incremental they but So over spring. fall fall there's terms of I in mean, nothing so last in obviously are percentage.

Operator

And a of Poser Samuel question WTCO. from our next is follow-up

SamuelPoser

that last I that about a to last just follow-up difference to talk environment could XX versus Ed, the was And what years? you questions year other want kind non-promotional from, being asked. historicals? just of the say, as let's are

Ed Rosenfeld

clearly the level for than the my spans career in lowest the overall It years. more and activity that which last XX of for us seen was promotional I've industry

it So hundreds -- you are of I can't some I my it many but exactly was off how seeing margin, we I mean, points tell and top I significant of head meaningful. was mean, normalization. basis gross can't the of

SamuelPoser

So isn't a return moment -- the -- than near it but was in the margins better where still mean, at are going 'XX mean, be your to return to that. it's -- going anywhere getting prior or still I it's I

Ed Rosenfeld

back out I not to though yes. a the relative year. get to last things would For are levels? I'm seeing we the it are sure but uptick 'XX overall going. wouldn't us, rule say way I Will industry we pretty meaningful

Operator

in questions the Instructions] turn Rosenfeld further to I closing for to back would now [Operator see Ed no I remarks. And queue. the over like conference

Ed Rosenfeld

summer. the us to quarter everybody day. third a of forward And hope the much great so rest joining I morning. this you we Great. look speaking call. Have on to Well, their for thanks enjoys

Operator

all concludes for today's This call. you participating. conference Thank

now a and may You pleasant day. disconnect have

Steven Madden (SHOO) 27 Jul 222022 Q2 Earnings call transcript