Steve Madden Pulls Annual Guidance on Trump Tariff Uncertainty
Steven Madden Ltd. pulled its sales and profit outlook for the year amid US President Donald Trump's trade war.
'We face meaningful near-term headwinds and heightened uncertainty due to the impact of new tariffs on goods imported into the US,' Chief Executive Officer Edward Rosenfeld said in the earnings release.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Forbes
17 minutes ago
- Forbes
Association Of Pickleball Professional Fires Next Salvo In Battle For International Expansion In The Sport
United States-base pickleball associations continue their quest to expand their influence abroad, in an ongoing battle amongst titans in the sport to tap into burgeoning markets for pickleball underneath the (more than reasonable) assumption that the sport will experience similar growth abroad that is has here domestically. The latest salvo in that battlefront has been launched. On June 11th, 2025 The Association of Pickleball Players (APP) announced a pair of agreements (one new, one the extension of an existing collaboration) that will help elevate the talent level in events abroad while also bringing the APP's marketing and logistics expertise into play for growing markets in the sport. The APP is announcing a new agreement with Global Sports Pickleball (GSP), the leading pickleball organization in India and extending their long-standing relationship with Pickleball England, the national governing body (NGB) of the sport in England and operators of the English Open. I caught up with the principals of each group to discuss their organizations and these new collaborations; Ken Herrmann (Founder of the APP), Shashank Khaitan (co-founder of Global Sports), and Karen Mitchell (Chairperson of Pickleball England) to talk about these deals and the future of international pickleball. The APP is entering its 4th year collaborating with Pickleball England on the English Open, and have for years been sending both its top touring Pros and its top NextGen stars across the pond to compete. Per Mitchell, the sending of the top US pros 'helps elevate the level of play in our events. People want to play where the pros play. This gives people added excitement of playing against that caliber of player. The APP also helps us with sponsorships, streaming of our event to APP-TV, and promotional help on social media.' The collaboration has helped make the English Open not only the largest current tournament in Europe, but the largest outside of the US (they're projecting to nearly 2,200 players at this year's event). The English Open is essentially the leading fund-raising event for Pickleball England (the UK equivalent of USA Pickleball), and allows the NGB to fund the operations of the rest of its goals. Says, Mitchell, "Our focus is grassroots. We've developed curriculum to create and train coaches, which we feel will develop more players. We're going into schools and universities. We're trying to reduce the average age of players. We want to be the Carlsberg of events. [side note: I did not at first understand the context of this comment about Carlsberg. Only after some pointed googling did I learn about Carlsberg Beer's advertising campaign where they claim to 'Probably be the Best beer in the world.' I may have to incorporate this English idiom into my day to day speech]. Pickleball England was more than happy to extend its relationship with the APP. Says Mitchell, 'I believe that the APP does such great work, both in the US and helping to expand pickleball's reach internationally. They do right by the players and they genuinely are interested in growing the game internationally.' The timing of announcing the two collaborations together is not without some history; as it turns out, Herrmann of the APP first met Shashank Khaitan of GSP at the English Open two years prior. GSP got its start three years ago, held its first major tournament in February of 2023, and now plays host to three marquee events each year: the Monsoon Championships (held in August), the Indian Open (held in February), and the Global Sports Pro league, which debuted in February this year and featured 100 pro players from all over the globe participating for a total prize purse of $550k. (Note: if you're reading this and you're wondering which of the multiple India-based organizations GSP is, I suggest reading The Dink's Eric Tice's excellent comprehensive January 2025 overview of all things Pickleball in that region of the world. It provides an overview of GSP and its evolution of partnerships with other orgs in the region, some of which are now defunct). Khaitan describes the beginnings of the APP collaboration, which has been two years in the making, 'We first met at the English Open. We saw APP Next Gen players competing and were really impressed. We started a relationship with some of the APP pros there and became very close with Rob Nunnery in particular. This led to Nunnery and his partner Andrei Daescu traveling to play in the 2024 Indian Open." Nunnery and Daescu won the doubles title in that event, and in the final they played Armaan Bhatia & Harsh Mehta, who stretched them to three games before falling. This of course is the same Bhatia who has now come to the US and medaled in both the US Open and the APP's NYC Open in May 2025. This turned out to be a seminal match in Indian pickleball, as (in Khaitan's words), 'it showed Indian players where they needed to go, and when Bhatia & Mehta played the American pros in the final, they realized they really could compete against the best.' The most immediate and apparent impact of the APP-GSP collaboration will be the cross-pollination of US-based APP pros in GSP-run events going forward, and vice versa. The top 12 APP Male and Female pros will be offered seeded slots at the forthcoming 2025 Monsoon Open, and will be entered into the league auction for the 2026 iteration of the GSP League. Conversely, GSP will work with the APP to provide more opportunities for both established Asian pros and up-and-coming Indian & Asian players at the APP's Fort Lauderdale training facilities and academies. Both organizations clearly have respect for one another, and they both share some of the same values when it comes to growing the game. Says Herrmann, 'GSP has proven themselves as the premier leading organization in India, and as the APP continues to grow internationally it's always been my goal to keep my inner circle credible and full of quality people.' Khaitan agrees, 'We believe our ideology with APP is similar; we don't want to lock players down and want to give players growth experience opportunities.' Herrmann mentioned that the APP is now working on the development of international camps, both at the Fort in December and potentially at Mumbai-based events in 2026. Perhaps the most interesting takeaway from my conversations with Khaitan and Herrmann were the statements of their collective visions of international pickleball. One of Herrmann's longer term goals with partnerships like these is the pursuit of a global ranking system. He says, 'I want and foresee results in India to count towards APP rankings. If the No. 1 player from India comes here and there's a question where to seed him or her, there's a proven record of results for that player in international events, whether they're in India or in England or wherever.' Khaitan is more expansive. 'We want to set a common goal, see how to build towards it. We want to build something global. Tennis and the ATP really shifted when they globalized and held events all around the world, and we feel the same thing will happen with pickleball.' One thing is for certain; every year that US-based pros extend their presence in major international tournaments and leagues is a year where we get close to these goals. We've already seen a top player from India come to the US and succeed at the pro level, and it's just a matter of time before that becomes a regular occurrence.
CBS News
32 minutes ago
- CBS News
Egg prices for consumers fell to 5-month low in May. Here's why.
Consumers are finally getting a break when it comes to egg prices. Egg prices dropped to $4.55 in May, down 11% from $5.12 in April, according to data from the Bureau of Labor Statistics. The price drop for a dozen Grade A large eggs comes as the effects of a years-long, widespread avian flu outbreak recede and demand for eggs softens slightly, as it usually does this time of year. "There are two main drivers behind the drop in prices — abatement in the conversation about bird flu, and some seasonality in uses of eggs. Typically as we move into summer, demand for eggs soften, as people shift to consuming more meat and grilling outdoors," Brett House, an economics professor at Columbia Business School, told CBS MoneyWatch. "People aren't making heavy breakfasts, so we don't see demand for eggs being as strong as it typically is during the winter months." While egg prices have declined for two consecutive months, down from $6.23 a dozen in March, they remain elevated compared with 12 months ago. In May 2024, a dozen eggs cost $2.70. David Ortega, a food economics professor at Michigan State University, told CBS MoneyWatch that avian flu containment has been responsible for most of the decrease in the average price of eggs. "This is primarily due to a reduction in the number of commercial facilities that have been impacted by the bird flu," he said. "A lot of bird flu activity in the beginning of the year led to a significant surge in egg prices, but those impacts have really lessened over the past couple of months." Wholesale egg prices began to decrease in March, according to Ortega, and the price drops are now starting to show up at the retail level. "There's a bit of a lag before they reach consumers at the grocery store," he said. The bird flu outbreak, which began in the spring of 2022, is not yet entirely contained and continues to impact the industry, he cautioned. "It's still very much an issue," Ortega said. A May outbreak at an Arizona layer farm affected nearly 1.4 million birds, according to data from the U.S. Department of Agriculture. Consumer Price Index data shows that while overall food costs rose slightly in May, egg prices dropped. "But egg prices are still substantially higher than they were 12 months ago, even after two months of decreases," House said.
Forbes
33 minutes ago
- Forbes
Experts Say Retail Inflation Fears Have Moderated. Don't Believe It.
The inflation from tariffs takes time to arrive. getty The Wall Street Journal reports that the 2.4% (annualized) inflation in retail consumer prices in May was lower than expected and defies 'fears that the impact of President Trump's tariffs would start to show a rise in prices.' The New York Times says inflation is 'muted, with limited effects from tariffs.' Don't listen. There's a lot of reasons why the information for May is not indicative of what will happen the rest of the year. Here's why: When manufacturers abroad increase prices, it takes time to go through the system. Goods ordered today typically don't get delivered for another 90-180 days. That's the primary reason why inflation for May is moderate. The products being bought today were ordered and delivered before higher tariffs ever happened. But there are other reasons. Brands and wholesalers usually do everything they can to avoid price increases. As long as they're still selling older inventory that came in at lower tariff rates, they are going to hold off on increasing prices. The CEOs I talk to in the supply chain are trying to hold the line. They are sharing the cost of the tariffs among manufactuers, wholesalers and retailers so that they don't have to raise prices. That can work for a little while but it's not going to work for very long. There's also another short-term factor that's holding prices low. Wholesalers, brands and retailers are bringing out their slow-moving inventory. Because it can be sold at the old pre-tariff price, it's more attractive now than ever. Those less fashionable, slow-selling products are increasing the supply which is holding prices down. It's another short-term fix and it won't last for long. Because of timing, the inflation from tariff increases will show up at your local retailer in the third and fourth quarter. You will start to see it in the back-to-school season. It won't be in school basics that are ordered from manufacturers well in advance, like pencils and uniforms. You'll see it in discretionary items that are ordered closer to delivery dates, like licensed products or the latest toys. The fourth quarter is where the real impact will come. That's when almost no products on store shelves will have pre-tariff prices and increases will be unavoidable. While tariffs are the main driver of price increases, they aren't the only driver. The uncertainty around tariffs has made retailers very conservative. They are holding back on commitments to large orders of discretionary items. The things you want most won't be available to late shoppers or they may be more expensive. That conservative approach means less excess inventory this year, fewer sale items and fewer day-after items available. That will put upward pricing pressure on retailers and facilitate price increases. Coupled with the increased costs from tariffs, prices can only go in one direction and that's up. When you look at how consumers are acting, you can see it. Discretionary item sales in many categories were up a lot in April, as was foot traffic in stores. Consumers are advancing their purchases to beat the increases. Inflation is a self-accelerating phenomenon. The expectation of inflation causes workers to ask for more wages and their employers have to raise prices and the cycle keeps on going. Breaking the cycle is the challenge. Any basic cost increase including tariffs will push the inflationary cycle. It's on its way here and you will see it in good time.
