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Results at Steve Madden top expectations

Nov 3, 2016 United States
Results at Steve Madden top expectations
The New York-based designer and marketer of fashion footwear and accessories for women, men and children, announced declining sales (-1.2%) in the third quarter. Net income totaled 43.8 million, up by 2.1%
Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We were pleased with our third quarter results, which exceeded our expectations on both the top and bottom lines. Our core Steve Madden Women’s footwear business achieved outstanding growth during the quarter, as did our Dolce Vita line. In addition, we delivered strong gross margin expansion, as our on-trend merchandise assortment and disciplined inventory management resulted in higher initial mark-ups and reduced close-outs and markdown allowances. While the overall retail environment continues to be challenging and our wholesale partners remain cautious, our third quarter results enable us to narrow our guidance range for fiscal 2016 diluted EPS to the upper half of our previous range.”

Third quarter net sales decreased by 1.2% and totaled 408.4 million US dollars , which compares to 413.5 million US dollars in similar period in 2015. Net income reached 43.8 million US dollars, compared to 42.9 million US dollars, in the prior year's third quarter.

Net sales for the wholesale business totaled 346.6 million US dollars in the third quarter of 2016 compared to 357.0 million US dollars in similar period in 2015. Retail net sales in the third quarter totaled 61.8 million US dollars compared to 56.4 million US dollars in the third quarter of the previous year. Same store sales increased by 1.3% for the third quarter. Retail gross margin decreased to 59.9% in the third quarter of 2016 compared to 60.4% in the third quarter of 2015 due to the negative impact of a stronger US dollar on the company’s international business.

During the third quarter, Steve Madden opened four full price stores and three outlet locations, and closed one full price store, ending the quarter with 186 company-operated retail locations, including four Internet stores.

For fiscal year 2016, Steve Madden continues to expect net sales to increase 0% to 1% over net sales in 2015.

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