Steve Madden reaches Q1 expectations with strong retail performance
Steve Madden on Friday announced the financial results for its first quarter of fiscal 2016 ended March 31, 2016.
Net sales increased 1.7% to $329.4 million compared to $323.9 million in the previous first quarter. Wholesale net sales decreased slightly to $275.8 million from $276.2 million, which was offset by an increase in retail net sales to $53.6 million from $47.7 million.
Net income was $20.0 million, or $0.33 per diluted share, compared to $19.8 million, or $0.32 per diluted share. Also, the company repurchased 391,685 shares of its common stock for $14 million.
Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We were pleased with our first quarter results, which were in line with our expectations. Our retail segment was again a standout, with a comparable store sales increase of 10.7% on top of an 11.6% increase in last year’s first quarter. Our wholesale footwear business also grew in the quarter, led by strong gains in our Steve Madden Women’s and Dolce Vita divisions. As expected, these increases were partially offset by a decline in our wholesale accessories segment. While we remain cautious with respect to our outlook for the year due to the uncertain retail environment, we are heartened by the strength of our current product assortments and the renewed momentum in our core business.”
Steve Madden expects its fiscal year 2016 net sales to increase 2% to 4% over net sales in 2015.
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