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Steven Madden Ltd. pulled its profit guidance after the US Supreme Court struck down sweeping global tariffs on Friday — and President Donald Trump responded with a new set of duties.
“Prior to Friday we were planning on giving guidance for the year based on the policy that was in effect at that time,” chief executive officer Edward Rosenfeld told analysts on a quarterly earnings call Wednesday. “Over the last few days there’s been an enormous amount that’s changed.”
Steven Madden didn’t issue earnings guidance because the sudden change in trade policy makes it difficult to calculate the cost of tariffs in the coming months.
“Given that level of uncertainty, we just don’t think it would be responsible to put out earnings guidance right now,” Rosenfeld said.
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Trump’s new 10 percent global tariffs went into effect on Tuesday and the White House is working on an order that will increase that rate to 15 percent, Bloomberg News reported.
The New York-based shoe and accessories company issued annual guidance for revenue to increase between 9 percent and 11 percent because Rosenfeld said he and his team have a sense of what demand will be like from retailers and consumers in the months ahead.
The company relies heavily on imports into the US. In 2024, Steven Madden imported more than 70 percent of its goods from China. That figure fell to the “high 30s” in the fall of 2025, Rosenfeld said.
Now, the company imports more than 40 percent from China. It’s shifted some of its supply chains to Cambodia and Vietnam.
Steven Madden shares fell 2.6 percent at 9:39 a.m. in New York trading. The stock has declined 10 percent for the year to date, compared with an 8.2 percent gain for the S&P Small Cap 600 Index.
By Jeannette Neumann
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