World Footwear

Companies

Net sales at Steve Madden up by 8%

Nov 2, 2017 / United States
Net sales at Steve Madden up by 8%
The US-based footwear brand has announced the results for the third quarter. Sales increased by 8% compared to similar period last year. The company is keeping the guidance for the full year
Edward Rosenfeld, Chairman and Chief Executive Officer, commented: “We recorded solid sales and EPS growth in the quarter despite the challenging retail environment, led by strong performance across our Steve Madden wholesale footwear businesses, including Steve Madden Women’s, Men’s and Kids’ as well as Madden Girl. As we look ahead, we expect that we will continue to face industry headwinds, and as a result, we are planning our business prudently. That said, we believe that our strong brands, proven business model and on-trend product offerings position us well to meet our financial targets for the year and continue to enhance shareholder value over the long-term.”

In the third quarter, net sales increased by 8.0% totaling 441.2 million US dollars compared to 408.4 million US dollars in the same period of 2016. Net income was 44.2 million US dollars, or 0.77 US dollars per diluted share. Adjusted net income totaled 44.5 million US dollars, or 0.77 US dollars per diluted share, compared to 43.8 million US dollars, or 0.74 US dollars per diluted share, in the prior year's third quarter.

In the period under analysis, net sales for the wholesale segment increased by 8.7% totaling 376.9 million US dollars in the third quarter of 2017. Excluding the results of recently acquired Schwartz & Benjamin, wholesale net sales increased by 1.6% to 352.0 million US dollars from 346.6 million US dollars in the third quarter of 2016, as an increase in the wholesale footwear business was partially offset by a decline in wholesale accessories. Gross margin in the wholesale business was 33.9%, flat compared to last year’s third quarter.

Retail net sales in the third quarter increased by 4.0% to 64.3 million US dollars compared to 61.8 million US dollars in the third quarter of the prior year. Same store sales decreased by 3.8% in the quarter compared to a 1.3% same store sales increase in the third quarter of 2016. Retail gross margin decreased to 59.3% in the third quarter of 2017 as compared to 59.9% in the third quarter of the prior year.


During the third quarter, the company opened one full price store and three outlet stores in the US as well as five full price stores in international markets. Steve Madden ended the quarter with 202 company-operated retail locations, including four Internet stores. In addition, during the third quarter the company opened 15 concessions in Asia and ended the quarter with 32 company-operated concessions in international markets.

Steve Madden is maintaining its full-year outlook and expects that net sales in fiscal year 2017 will increase 9% to 11% over net sales in 2016.

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