Steven Madden (SHOO) shares rose Wednesday after the footwear and accessories company delivered first-quarter results that beat expectations and raised its full-year sales forecast. But the real story is how much one brand—Kurt Geiger—carried the quarter.

The company reported adjusted earnings of $0.45 per share, topping the $0.39 analysts were looking for. Revenue came in at $653.1 million, up 18% from a year ago and ahead of the $647.5 million consensus. That sounds great, until you look at the numbers without Kurt Geiger. Excluding that brand, revenue actually fell 4.8%, dragged down by weakness in private-label operations and softer Steve Madden handbag sales in the U.S. wholesale channel.

Kurt Geiger, which Steven Madden acquired last year, continues to be a growth engine. Pro forma revenue for the brand rose 23%, driven by strong handbag demand and steady footwear sales. Dolce Vita also had a solid quarter, helped by seasonal products and expanded wholesale distribution.

Digital performance was another bright spot. Global search interest for Steven Madden brands increased 27%, and U.S. direct-to-consumer comparable sales rose 17%. On a global basis, direct-to-consumer comparable sales were up 6%, or 10% excluding the Middle East.

Wholesale revenue increased just 1% year over year to $443.6 million, but excluding Kurt Geiger, it declined 8.2%. Wholesale footwear revenue fell 5.8% overall, or 12% without Kurt Geiger. Wholesale accessories and apparel revenue rose 15.1%, but slipped 0.5% excluding the star brand.

Direct-to-consumer revenue, on the other hand, surged 83.8% to $206 million, reflecting the addition of Kurt Geiger's retail footprint and e-commerce operations.

Margins are improving, too. Adjusted gross profit margin in the wholesale segment expanded to 39.2% from 35.7% a year ago, thanks to higher average selling prices and the Kurt Geiger acquisition. In the direct-to-consumer segment, margin improved to 60.8% from 60.1%, helped by Kurt Geiger and stronger performance in the organic business.

Adjusted operating income, however, fell to $46.3 million from $56.1 million in the prior-year quarter, partly due to costs related to the acquisition and integration.

As of March 31, the company operated 387 company-owned retail stores, including 95 outlet locations, eight e-commerce websites, and 162 concessions in international markets. The balance sheet shows total debt of $286.5 million and cash of $77.2 million, resulting in net debt of $209.3 million. The company did not repurchase any shares during the quarter.

For the full fiscal year 2026, Steven Madden raised its revenue outlook to a range of $2.787 billion to $2.838 billion, up from prior guidance of $2.748 billion to $2.799 billion. Analysts are expecting about $2.798 billion, so the new range brackets that nicely. On earnings, the company forecast adjusted earnings of $2.00 to $2.10 per share, compared with the $2.11 analyst estimate. Chairman and CEO Edward Rosenfeld said the company expects to return to earnings growth in the second quarter and deliver strong top- and bottom-line growth for the full year.

Shares of Steven Madden were up 6.58% at $40.17 at the time of publication Wednesday.