Steve Madden sales climbs slightly, adjusts 2016 sales outlook

By

Obi Anyanwu

Published
Aug 2, 2016

Steve Madden posted a slight increase in net sales for its second quarter led by an increase in retail sales.

 
Net sales increased 0.6% to $325.4 million compared to $323.6 million in the prior second quarter. Wholesale sales contributed $262.9 million, a decrease from $266.7 million in the prior year, and retail net sales were $62.5 million versus $56.9 million in 2015.
 
Net income also increased slightly to $24.7 million, or $0.42 per diluted share, from $24.5 million, or $0.40 per diluted share in the previous year, and gross margin expanded 130 basis points to 37.2% compared to 35.9% in the prior comparable period.

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We were pleased with our second quarter performance, which was highlighted by robust gains in our Steve Madden Women’s and Dolce Vita wholesale footwear divisions as well as continued strong comparable store sales growth in our retail segment. While these core businesses are meeting or exceeding expectations, we are seeing softer than anticipated trends in our private label footwear business and with certain international distributors.
 
Steve Madden adjusted its sales outlook as a result of its second quarter results. The company expects its sales to increase 0% to 1% over net sales in 2015, and it continues to expect its diluted EPS to be in range of $1.93 and $2.03.