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Steve Madden reports sales growth

Jan 9, 2018 / United States
Steve Madden reports sales growth
The US-based designer and marketer of fashion footwear and accessories announced fourth quarter and yearly results. Growth marked the company's revenue in the period under analysis
Edward Rosenfeld, Chairman and Chief Executive Officer, commented: “We are pleased with our fourth quarter results, with earnings per share expected to be at the high end of our guidance range. Solid performance in our wholesale business was offset by softness, as expected, in our retail segment driven by weakness in the boot category. Overall, 2017 was a strong year for Steve Madden".

Rosenfeld continues: "We delivered robust sales and earnings growth driven by the outstanding performance of our flagship Steve Madden brand in the wholesale channel. We also took a number of steps to position the company for future growth, including the acquisition of Schwartz & Benjamin and the formation of new joint ventures in China and Taiwan. As we look ahead, we are confident that our strong brands and increasingly diversified business model position us to continue to drive top- and bottom-line gains for years to come.”

For the fourth quarter Steve Madden net sales totaled 364.4 million, up by 8.3% compared to similar period of 2016. Net sales for the wholesale division increased by 10.6% reaching 278.2 million US dollars, or 2.5% to 257.9 million US dollars excluding results from Schwartz & Benjamin. Retail net sales increased by 1.5% to 86.2 million US dollars. Retail comparable store sales for the fourth quarter of 2017 decreased by 5.1%.

For fiscal year 2017, net sales totaled 1.5 billion US dollars, a 10.5% increase compared to fiscal year 2016. Wholesale net sales increased by 12.1% to 1.3 billion US dollars, or 5.0% to 1.2 billion US dollars excluding results from Schwartz & Benjamin. Retail net sales increased by 3.6% to 272.2 million US dollars. Retail comparable store sales for fiscal year 2017 decreased 3.2%.

Reported results are preliminary and remain subject to adjustment until the filing of the Company's Annual Report on Form 10-K with the SEC.

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