69 898
Fashion Jobs
Asset Protection Associate - Ford City Shopg Ctr
Permanent · Chicago
Asset Protection Associate - Meadowood s/c
Permanent · Reno
Asset Protection Associate - Miami Intl Mall
Permanent · Miami
Sales Floor Supervisor - Newport Ctr
Permanent · Jersey City
Asset Protection Associate - Forest Village Park
Permanent · Forestville
Asset Protection Associate - Southcenter Mall
Permanent · Tukwila
Asset Protection Associate - Plaza Centro2 Mall
Permanent · Caguas
Sales Floor Supervisor - Westfarms Mall
Permanent · Farmington
Asset Protection Associate - Stonewood s/c
Permanent · Downey
Asset Protection Associate - Fairlane Town Center
Permanent · Dearborn
Asset Protection Associate - Woodland Hills Mall
Permanent · Tulsa
Sales Floor Supervisor - Holyoke Mall
Permanent · Holyoke
Sales Floor Supervisor - Coddingtown Ctr
Permanent · Santa Rosa
Asset Protection Associate - Tanforan s/c
Permanent · San Bruno
Asset Protection Associate - Fashion Square Mall
Permanent · Saginaw
Sales Floor Supervisor - Greece Ridge Ctr
Permanent · Greece
Sales Floor Supervisor - Woodbridge Ctr
Permanent · Woodbridge Township
Asset Protection Associate - Southland s/c
Permanent · Taylor
Asset Protection Associate - West Roads s/c
Permanent · Omaha
Asset Protection Associate - Dulles Town Ctr
Permanent · Sterling
Sales Floor Supervisor - South Shore Mall
Permanent · Bay Shore
Asset Protection Associate - Jefferson Mall
Permanent · Louisville
Oct 28, 2020
Reading time
2 minutes
Download the article
Click here to print
Text size
aA+ aA-

Steve Madden sales drop 31% in Q3

Oct 28, 2020

American footwear, accessories and apparel group Steve Madden Ltd. announced a 30.9% decrease in its third-quarter revenues on Tuesday, as the coronavirus pandemic continues to have a negative effect on its business.

Steve Madden's wholesale segment saw the largest decline in sales during the quarter - Instagram: @stevemadden

For the third quarter ended September 30, 2020, the company, which owns brands including its namesake Steve Madden label, Dolce Vita and Betsey Johnson, reported sales of $346.9 million, down from $502.1 million in the prior-year period.
The Long Island City, New York-based company’s wholesale business posted the biggest decline, with revenues in the channel falling 32.7% to $283.8 million. This reflected a 32.5% decrease in wholesale footwear and a 33.3% decline in wholesale accessories and apparel.

Over in the group’s retail segment, revenues dropped 22.1% to $59.0 million, largely due to a downturn in brick-and-mortar sales, which was partially offset by strong growth in e-commerce.
Quarterly net loss at Steve Madden was $6.9 million, or $0.09 per diluted share, compared to net income of $52.5 million, or $0.63 per diluted share, in the same period in the previous year.
Nonetheless, Steve Madden chairman and CEO Edward Rosenfeld struck an optimistic tone in the company’s earnings release.
“While the Covid-19 pandemic continues to have a negative impact on our business, we were pleased to deliver third quarter revenue and earnings that significantly exceeded our expectations,” he said. “We remain confident that our strong brands, pristine balance sheet and proven business model will enable us to drive sustainable revenue and earnings growth as conditions normalize.”
Year to date the company’s sales totaled $839.9 million, down from $1.35 billion in the same period in 2019. The group’s net loss for the nine-month period was $41.0 million, or $0.52 per diluted share, compared to income of $123.6 million, or $1.55 per diluted share, in the first nine months of the previous year.
In light of the continued uncertainty surrounding the coronavirus pandemic, Steve Madden is not currently providing financial guidance. The group ended the third quarter with 221 company-operated retail stores, including eight e-commerce stores and 17 international concessions.

Copyright © 2023 FashionNetwork.com All rights reserved.