- Earnings call transcript Q3 2022

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Operator

Good day, and thank you for standing by. Welcome to the Q3 2022 Steve Madden, Ltd. Earnings Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded. to McCoy. conference like speaker to now Danielle today, would hand over the your I ahead. go Please

Danielle McCoy

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

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

Rosenfeld, With Chief Executive and Mazouzi, Officer. is Officer, Chairman to Financial turn that, I'll Joining Ed me the call on today Zine Chief call the Ed. and over

Edward Rosenfeld

results third despite with X% with quarter us in review everyone, and Good expectations. environment, Steve morning, joining the revenue Madden's Danielle. third quarter solid results. delivered earnings and XXXX to challenging increasing line thank for you the We Thanks, in

steadfast and during long-term its demand While creation. in value for our the our focus remains team quarter, brands consumer macro remains executing on strategy healthy, pressures our and products our for increased

Historically, combines talented our top been with our assortments to regard this ahead consistent product and led capabilities. competition. has our formula, teams and by always, success is driven priority, market our foremost, which of design and react them Steve getting and the in speed-to-market First as by strategy creating industry-leading test trend-right our proven

outstanding the product on-trend in react disruption with Over times this had further that has to developing done chain assortments merchandise season. consumers. our an our test years, while resonated of and working have lead But teams supply job to ability have advance last they've X.X extended and limited do as in much

seeing transit more do us, where to an positioning a Now significant what critical restores we be looking upfront orders in we competitive This and best chase in times, fewer advantage XXXX. to will wholesale improvement in customers uncertain us are back for our place environment to season. get in particularly

Last social that is a for campaign million with our followers which hit turn drivers, consumer media a in driving are Cloe and is combining Latto, brand core We with engagement. and connections first of key our deeper creating are the global and we with Poarch, to we from creator Cherry, business, consumers, led X enabling with increased Award and Awards; our an important Best XXXX brands strategy marketing, business success the our By TikTok; BET over a support by of on to effective which cast the in launched of also to direct-to-consumer product influencers Bella featured our relevant with digital. continue Artist and connecting which outstanding the investment rapper at New MADDENWOOD, of actress is show, singer example, consumers. called XX products and marketing our with through our celebrities month, associations brands An part our culture winner TV Euphoria.

quarter third business year, exceptional period. prior quarter in in demonstrating XXX% revenue this to third revenue we've ecommerce, of the progress XX%, XXXX, increased declined if the DTC modestly compared the DTC to since we pre-COVID made While growth the the including compare in

second co-branded years, transitioned our largest driver our continued last the category business. Our key outside well nonfootwear the our In Madden doubled we handbags of label Steve over revenue a more the fall Madden from brand of for Steve we momentum as apparel Steve its as on which compared the in the as business season. with revenue strong third BB focused is to emerging business XX% footwear, are successfully gain than apparel, has year. In XX% grew Dakota quarter where expanding prior handbags, X Madden business, the our to

Our expanding key the of has driver we largest our our forward. last few part opportunity represents fastest-growing it and the been is years, growth over International third our believe business. long-term going international business

outstanding markets the period prior the year in than continued Our momentum fourth quarter grew third international quarter. consecutive revenue in international from XX% as more the for

In footwear business. more that business U.S. significant and third This Vita. decline year. private was Finally, of Madden footwear XX%, by led last the our our grew in increased label. driver over wholesale business is our strong Dolce branded U.S. wholesale by Steve core remains strengthening in fourth X% the Revenue partially revenue in than quarter, offset a key the gains

pulled outlook prioritize But prospects many a detail as bit. our little back XXXX channel. remain long-term of Zine have go confident we fiscal orders positioning our into our Looking in have accordingly, inventory further adjusted wholesale in which customers in the and in market-leading will overall in they on term, this ahead, control, near and we

create communities. corporate XXXX in embed for we As and critical diversity we do. these Sustainability management. quarter, also as to to And Report, responsibility social climate planet Real and inclusion, issues we published all embrace responsibility and execute which the to sustainability our such, we and third waste change, of our In and Get we including our Let's outlines change approach post-consumer initiatives, everything company's strategy people, our seek the opportunity and sustainability positive the have

all Overall, environment. we the despite our encourage progress the out. on making it with in to confident and report of sustainability pleased are You can increasingly the section find the strategy challenging our and priorities are check key on stevemadden.com, we I you

we While in strong we ability market our unpredictable backdrop we are difficult agile coming to and the macroeconomic to well expect navigate believe business quarters, proven conditions. to brands, positioned model remain due the

out term. further, outlook our financial provide in confident that turn detail over to are our Looking value we drive third Zine will more our unique that, to advantages over to quarter and results long and for year. review competitive it I'll growth sustainable the us the updated enable creation With

Zine Mazouzi

everyone. Thanks, Ed, good morning, and

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

$XXX.X and pulled a to private Footwear up as overall Wholesale customers revenue mass was our by and increase X.X% the $XXX.X apparel brand, million, year, on Wholesale have back $XXX.X compared decline prior was in business the Steve seek partially as they was in revenue our wholesale X.X% led strong from X.X% to XXXX strong to up reduce last million, and apparel. markets, revenue merchant year. handbags by driven in label by by was Our international offset and orders domestic inventory levels. This accessories largest in Madden gains Steve million, Madden Dolce both branded growth an Vita. driven

X.X% direct-to-consumer markets. business both million, while international branded declined the the decline revenue domestic saw to a label compared business markets, private growth In segment, the strong and footwear, was prior compared wholesale in $XXX.X double-digit to our As in including approximately percentage international in year. websites revenue We ecommerce. company-operated to the in XXX a stores, XX concessions as brick-and-mortar by Brick-and-mortar driven XXXX, was ecommerce the decline outlets as flat quarter ended and well year. with prior retail XX X

$X.X was last to First royalty in compared year. Turning quarter $X.X Cost Licensing our our income to and million Licensing the segments, million

the margin in were promotions. prior revenue level year. to We wholesale in ago. a branded model. the compared quarter last compared mix higher-margin agent for The Wholesale income are by of prior was the activity private increase First point Consolidated gross totaled And in transition quarter million million to Operating or revenue de Direct-to-consumer in million year a XX.X%, quarter in a primarily expenses. XX.X% payroll compared a XX.X% First and our we winding as was to low XX% million as XX.X% to or increase $XXX.X last XX.X% last warehouse margin the Cost such, of XX.X% by to down customer driven model revenue XX.X% million the to Cost or gross revenue to or XXXX. was expenses year, of $XXX.X year. exceptionally label from by driven $X to in minimis $XX year, margin driven buying promotional $XX.X of an quarter business third higher business. shift XXX-basis of compared our was gross Operating the increase a versus year's was compared compared revenue XX.X%

the for XX.X% in rate tax effective Our was XX.X% to compared XXXX. quarter

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

Moving balance to very financial foundation sheet, the strong. our remains

As million inventory equivalents had compared cash chain decrease reduction end achieve inventory XX.X%. to XXXX, With or to was quarter easing disruption third from and or QX of we of and Compared up quarter. XX, short-term were of cash, times the the end XXXX, totaled a QX. $XXX.X of XX.X% the of $XXX.X inventory to transit supply and we in able million September no debt. investments meaningful declining, million the $XX.X previous

below forward to prior plan and end continue level. the year going We inventory year expect to to see with improvement the

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

$XXX.X of of we share through our be stock repurchases to December of December quarter, XXXX. the current to Directors settlement repurchase of XX, million includes the close share. company's acquired remaining million $X.XX will payable common year-to-date authorization. as of the stock, the repurchased stockholders a on the of The awards, The cash XXXX, per record During XX, approximately bringing company's which on on net quarterly Board dividend business shares $XX.X $XXX employee total approved There's million. of dividend

our to outlook. Turning

as XX.X% to to to diluted conservative from $X.XX We primarily the revenue now guidance, to XXXX quarter in expect to and $X.XX. they compared range inventory for of EPS prioritize wholesale XX.X% are year full customers updating XXXX the fourth reflect We increase more be ordering control. to our

like call over Now turn Operator Bella? I to for the the would to questions.

Operator

Instructions]. [Operator

Our Aubrey the line Tianello comes first Paribas. of BNP from question with

Aubrey Tianello

kind I with indicated XX in of for what in and us XXXX, just how shook side the on far which July quarter Could June wanted think of into Last you October early what you where versus the were that side. to was progressing through demand saw XX% give color it is about you any out the quarter, that on XQ, you're was it up days ago, then you where so comparing seeing. I November? in seeing start maybe line and off DTC DTC kind the

Edward Rosenfeld

we've where actually weakest we October, then in We're was so August roughly done Yes. bounced several where than and over softened, August. August better back really with QX, last the line Sure. we've September months. in still been of the month and

Aubrey Tianello

over to you the side Okay. side. And just switching sets board, seeing? on side, the switching I incremental maybe kind your them you're Got kind of out the seeing private it. Can called that's over calling the more it variance about is then what wholesale you Any the different on wholesale, think softness of Or mass some you're U.S. between maybe there? softness across there label rest out? the talk follow-up, customer or of worth across

Edward Rosenfeld

our they have I sure of make would prioritizing across say channels we're line. are on really really as in exceptions, that few and customers them seek are inventories with most distribution. seeing Yes. have board. of pulled orders Most their -- different of back the control. It's to very inventory across wholesale

As the out, point weakest. is channel you the mass

back look But the in overall, seen year-over-year growth the really you an at board. weakest. half, channel If the across mass the increase is in we've conservatism sales

Aubrey Tianello

maybe maybe ask one, do Got could down bigger it. a I How benefit just we benefit? severe economic kind business lot resilient quite business down so could if downturn has looking if potential effect then, the of one Steve 'XX, from go a think picture kind into next 'XX, think pretty And changed trade some the how about did but think for just more the maybe of obviously, Madden since was year we then question. maybe? potential into a should trade last you I

Edward Rosenfeld

Yes.

we are I think comes to pass, positioned. if well pretty that

take designer down. even Madden, you very performed Recession. these growth Madden potentially brand, XXXX. think overall, out, able share. actually point particular the our We and Steve at brand, brand very a in history the of certainly trade Great strong We in in the well the as styling really could some core prices. I accessible offer Steve kinds even of company but conditions and And get during We have we to demonstrated difficult being navigate

Operator

Paul comes Citi. with of next from Your question line Lejuez the

Paul Lejuez

you as what could terms primary as pullback? wholesale if also, And channel of give is different channels? does your by of pullback mentioned color that you're in channel. I'm point give you order happening color as what with book. the orders. Have of And seeing on mass any department spring the can it at terms the a curious you sale You if well break store how the any similar down if in X to so, in seen

Edward Rosenfeld

year's above exceptional. Yes. fall sale the you pretty below are our end but say were well or they look XX%, we I is what well board, consumer, season you above across at see where the of saw would what were they our in to if retail sell-through last or when that point pre-COVID in sales

react, too order channels it going In about to which will generally that spring easing given you here news and we I and in at But next best, reacting from and of strong terms good in that as the operate. normal supply now wholesale the into with 'XX. that season. dramatically identified many testing position the guidance that, we're fact working is different chased get initial a specific prepared do a in to we've and And in I get we practice, that spring be we're chain times, pretty the my of end to 'XX the orders back in think talk point. alluded the and are because is with position where that a in as we're that call and to we We'll conservatively, in off the can speaking, provide to keeping our conservative approaching customers going with not seeing on books, sellers season. season. across vary remarks, to season orders in what don't orders really The we surprise started and very testing close start Where to do which initial to strong

Paul Lejuez

about just And versus you seeing side look are the maybe half? 'XX a are out on thinking follow-up, product How second first as cost to costs? or what you half you

Edward Rosenfeld

us should the I got tailwind better pressure. prices. There to against enables some cost is for to than year, also of an I think think in little and XXXX. over Obviously, turn where particularly demand on next down factory a some the the of business, be obviously which is everybody the from to and a environment or we've etc. improvement. currency demand for But Freight, has XXXX there, couple factory be should weakened, favor which certainly, better rates side, there has factories as there. as may have hungrier Chinese overall it hopefully our some years, we'll turns opportunity see a benefit, terms the last the so come to aware, in pressure so supply of course, are perspective, negotiate we of been RMB, some We've looking ocean which try our take And advantage shaping be pricing. continue of opportunities Wages, into dramatically. got are a source places of up container moving warehousing,

Operator

Your next the with the Marni line question from Retail of Shapiro comes Tracker.

Marni Shapiro

been to team dive your just before spot-on, because your want product have questions, into I And say stunning. it's assortments congrats to I and

bit I'm ask little for post-COVID to shoes? strong out but has wanted by a all bit rebounded I it strong continue ask kicked weather? world are been open-toe a very little happening to of doing fashion the level, still business, a to question and you because in And you. many sales I there. curious for of influenced stores I couple start there's of right high quick you a just did with was issues, in And just When give said September could hate so very she well? a Your just look was think that a this business and cooler, boots that a there's October, know lot where busy of loafers versus and I from us sneakers be some other ones. August. to filled a trends.

Edward Rosenfeld

it it a I on more to talking when it we've fall Yes. the mean helps certainly -- something Look, a flip but driver, lot always haven't internally. weather, about helped. gets huge to it's not yes, products. I been us I think don't colder was it

in very Big In upswing little the got some less some moment. say terms continue I very would that some of category, a Oliver well, got well. there's very doing sneakers, that we've category I But good that selling at sellers Bottom don't on to perform. We're see there newness right White bit We've sneakers still still now. some sneakers but the

Marni Shapiro

And how and a clarity term? mass pulling this about your you channel Can of what Are more then it little back spring Just a already could little also Or talked into orders on from 'XX? that they you off-price about -- near summer retailers a little being bit the orders. -- like just and just looks talk you was comment. canceling looks? that bit bit

Edward Rosenfeld

Well, initial we're spring. cancellations fall ordering with yes, we've conservative in have of seen really cancellations, some for I for for think dealt spring, here. we seeing No, but not terms cancellations

Marni Shapiro

the smaller than one I'm Okay. any been women's it, has Any the know side? and update And just curious, update of last. men's women's I great. then men's killing the the sorry, on the just business? on That's -- but side any it's

Edward Rosenfeld

putting we've elevated the there. the really, or made styling. last in we've strong. hit is the nice improving distribution, really it shoes, into We've It of but that the AURs, also story both very tiers Nordstroms, of quality, but more big well that us, been with really really Dillards, COVID, it's the business product. was men's the well bounced for has And performing etc. for at too, terms but been a took Yes, so And increased progress the a improving We've during a shipping we've the really back very performing And so. done pleased by better over sell-through. business us year in very

So seeing boot what excited there. We're season fall. a about having just this we're good

very there. special Our some stuff good so dressy stuff, with type occasion well real are of well. a lot dress stuff, performing shoes Doing

Marni Shapiro

That's excellent. the best for holiday Congrats on and luck that of season.

Operator

of line Tom from Securities. comes question next the Nikic Wedbush with Your

Tom Nikic

promotional the in to in XXXX. saw kind mentioned that know don't had normal? I in and can the know back kind of in of in like or of You some say activity increased should promotional you if I in in maybe what low like you've in activity you you QX. And of than activity think press into relative kind prepared and DTC in activity that fourth the quarter remarks release exceptionally Would it promo levels Was the where getting promotional QX compare Thanks. to more worse was just it seeing XXXX. DTC you early were then pre-COVID XXXX? were promotionally how world? about we you better

Edward Rosenfeld

Yes.

sort I it's back think industry the XXXX overall. speaking, in levels of activity to generally promo

last we overall I to of an a than were And bit think margins QX, in more to In have in in part But our up of we're spring/summer line as or or we were to the that QX, in aggressive is move in year QX think own little us. through goods, can, move year. it we basis, clearing. get promotional fact, on seasonal DTC, behind some have goods versus last right up did 'XX. into that DTC less we that trending back the still now we we

Tom Nikic

and luck taking Sounds season. holiday the best the for good. of Thanks question in

Operator

Capital. comes of question Loop the next Laura Champine from line Your with

Laura Champine

either in any press and that the improved. It's in or has on business seeing about for mix the mostly make mix mix -- better declined, was you you label seeing private comment the release, Are but for that the I think worse? because your within wholesale that you the branded has that goods just are shift

Edward Rosenfeld

meaningful here. label versus to private No, branded the that change there's the you're -- It wasn't no really half private The comment right. between brands. branded outperforming back was label is related and in fact

Laura Champine

quarter, in segment? But your trend Got think can fourth it. obviously, of ecommerce In your guidance. in you business revenue we the improvement an the in DTC see that, the do be there embedded will

Edward Rosenfeld

were low Yes. Year-over-year, still improvement planning a in that modest where do. down QX. in QX, it I represents singles We're from we but

Operator

next with from line Sole comes Your Jay of question the UBS.

Jay Sole

little you increased with investment the elaborate your associated kind bit. your return your and in sort kind us that's sort going mentioned are what cost expect with what that plans are, goals of marketing that on Maybe of the in that on you on opening engagement a investment. be call. and Ed, to the remarks of consumer and of Tell that that

Edward Rosenfeld

brand Each campaigns in this the I addition Yes. also points year, of in been that's years top some and marketing. to to seen, But a with tremendous important XX for over one of seeing mean growth as marketing increase don't a has you've Part we've it I that I that's significant ecommerce the basis percentage mentioned we're driving performance be to something -- investment associated or and last that as obviously, about part funnel been earlier, go talking few about going marketing, in years. forward. was we've continue us we sales. that, in few which year, marketing has the been now. a been investing increase the like of that,

to going the around we're think I year revenue. end X% of

but see same little think probably there, forward. bit I to not continue to you'll going of pressure degree a that

Jay Sole

drove then but just channel, you just confirm you mean like I And bit what to would be in helpful. sort if can change you. was mean detail that, give last exactly that the if little Thank of orders mass from sounds guidance this a in quarter. quarter I it more it the follow can maybe the maybe I if just up, on can

Edward Rosenfeld

of of we with the our wasn't in provided where were did for QX, customers as but And end channel. again, was on really wholesale our mass, more other got we but It wholesale mass distribution the control. Yes. inventory It of the of all our business line our, channel. tiers remained that's that the wholesale prioritized overall. as pull forecast and estimates that's many we well, with at back the just conservative really DTC

Jay Sole

thing in it trend you like the back comfortable And sort with of at maybe the the sales me, pretty be line last end for sounds just the that with the inventory feel of will year. Can in what the confidence you more inventory just gives explain you're some that would gross now you promotions result maybe clearance put that pressure on carrying won't activity bigger that or margin?

Edward Rosenfeld

about sheet? the our inventory talking You're on balance

Jay Sole

Correct, yes.

Edward Rosenfeld

pre-COVID. while Yes. days production of times. XX now we mean was extra wasn't additional to transit QX Well, it -- now, It the XX calendar meant we're to adding lot accounted the compared look, at had our we it that at QX. We comfortable And the we were earlier, optically see least that padding didn't building we that days to really orders really even That's impact. level days I extended inventory transit that XX with that pretty gotten lot felt better. time, was whereas for for that of those have had we the forward, end we've to off normal, days And for. X that compared quite went were with placing -- of related to to XX lot were think because we It just of the inventory of as high, think end you continue going the that shaved where so it's us at the obviously inventory a fact or we a of that of year. throughout about an detail into the I and so a

specifically inventory we level inventory good of not we've addressing the the to start with see we down. to levels. are in where do and about the speculative channel. inventory feel come a it. for amount Certainly, here. question, composition feel got about we good going the of but wholesale inventory Obviously, But You're DTC, your more that lot There's

Operator

of Group. Telsey the comes Advisory question Dana from with line Telsey next Your

Dana Telsey

Given mid to adjustments XX.X%, wholesale And been sales XX.X% had are high-single-digit DTC how for the to I high-teens the that new your you the for expectations it international? to for growth. for your mid-single reframe? growth what quarter? And in DTC did or and like think year, are wholesale what growth this year? growth do How do expectations

Edward Rosenfeld

Yes. Sure.

the similar for wholesale, XX% International. was us. In Which And a more for still X% to the X%, In been this has it what the DTC, XX% where other of part the I for we pretty which growth year. were real business channels, to would before. say terms like bright been of year, is we're the about now been at call, International the -- best-performing on oh, the spot has I on meaningful year. part That's in really regions what our momentum call, of part really the this we're and pleased the earlier it's fastest-growing as years And a of of that across has we're our or just seeing few nice growth. been business, row but of growth. we're seeing. continues mentioned more the than very The there quarters year-over-year X XX% all a looking

Dana Telsey

versus was flat, Urban anything side versus suburban, to there? And it. on I of which price, the outlet think how seeing you're what full performing? that's business, then the Got brick-and-mortar and

Edward Rosenfeld

suburban, in in mean performance. of I comp region terms our urban geography, York New Yes. of City New City, terms versus top York was performing

since a Now, from which stores. our bit did then And that a seen is in time that first QX, better we've but to and York in 'XX, got the of full was little that year later, flat to very easiest New back that the stores comparisons growth came outlet price COVID. back it than our QX ago in I comp strong think because lot had a region

Dana Telsey

lead at on times, then And lastly it. just XX Got days think were pre-pandemic. I you

were see quarter. last days XX do And you how you that I think are progressing? now? Where you

Edward Rosenfeld

of to -- so assumption, sort Yes. orders when progress there. XX XX really placing on we're We're days to make the as continuing working we're now,

Operator

comes question from Sam Poser next Trading. Your the of line with Williams

Samuel Poser

partners or Just believe Do into caution the you the can me? that you weeds picture, They to too with about of a do it thought -- did get bit not conservatism here. year, thinking better a they Do want you that wholesale hear that, little great much. I your inventory. Okay. year the a of think given they lot they bought could large last in this

Now going -- sort you're of respond can yourself direction other that this orders well? to an thinking this year on next overreaction as the the and folks it into looks like initial of does look

Edward Rosenfeld

-- they're now, those competitive that. we look and that supplier what we this had not, And chase that was conservative, I go-to of part whether to vendor because orders in that But feel our because in-season, real operate during we're retailers we also that are need orders on was will have many if instance the at decided that's chase upfront advantage similar of to say in to Recession, a Great go-to I we the chase place goods. ability most environment be look want are the to to part think when back commenting in I a Because Without overreacting that of -- initial obviously, fewer back and then anything if seeing really retailers for to and it going environment the success product. wanted folks or the good like that of think do great of and our they in-season. you to be to

Samuel Poser

at orders were statement a Is a chain just you've for it were February/March/April more that, improving the To on March/April way supply written that issues but was now fair call there, like given the a as that percent, historically. let's follow been orders they the chain than the are period given taken supply orders more that time? working you've up now lot have or in-house

Edward Rosenfeld

getting to back our now. Yes. normal But really we're model

moving calendar. to back seeing more You're our we're much normal

Samuel Poser

all writing taking be. or ago that the get right were Fannie assume year A to and fair December, This back-to-school time, in be you're we year going goods you purposes, December, Is supply March/April in a to given quickly need be able get ago to statement? be when orders a for you'll chain. practical -- I if

Edward Rosenfeld

and that's and Yes. react We'll work season to to closer be in-season able right. test again,

Samuel Poser

are product for the to of but stronger stronger wholesale asked then your whatever? your orders is -- demand it than partners within it big seeing that the And or replenish is sort the those than coming before, way -- you're was

Edward Rosenfeld

Yes.

Samuel Poser

the success. continued and for you Thank concise answer

Operator

question last with King. the Steve line Marotta comes of from C.L. Your

Steven Marotta

whether talk think your mentioned there you XXXX. that there unit you In year unit, looking that other costs than versus words, landed costs deflation little Ed, in you next are bit relative? be absolute do next less be actually you think better that's this year? Can in about or Or a XXXX will do could year? inflation

Edward Rosenfeld

deflation think scenario a there there's costs. is landed I where actually in

Steven Marotta

a but that get speculative, maybe to is near times, to this your this bit to when would currently, very fully tad you helpful. normal trajectory, think are X considering days do That's you normal, back normal? you And at turnaround extra XXX% XX

Edward Rosenfeld

months. couple Within of the next Yes.

Steven Marotta

year-end. By

very much. Thank excellent. you Okay,

Operator

There queue. no turn questions I are over the further in back will Rosenfeld. the to call now Ed

Edward Rosenfeld

for a Have on Well, we you, joining to great to and you day. look call. us everyone, the this next morning, thank Great. forward speaking

Operator

your for you Thank call. conference today's participation. concludes This

You may now disconnect.

Steven Madden (SHOO) 2 Nov 222022 Q3 Earnings call transcript