Steve Madden sees growth in sales despite challenging retail market conditions
Based on preliminary findings, leading footwear and accessories brand Steve Madden saw increases in most categories for the fourth quarter 2015 and FY2015 when compared to FY2014. For Q4 2015, net sales increased 0.5% from Q4 2014. Retail net sales increased to $79.2 million, an 8.9% increase over the same quarter for last year. Retail comparable store sales for Q4 increased by 6.1%. Madden did see a 1.8% reduction in wholesale net sales.
The company also experienced growth in FY2015 when compared to FY2014. Net sales increased by 5.3% to $1.4 billion, and retail net sales saw the highest increase at $240.3 million, 15.9% higher than FY2014. Retail comparable store sales for the fiscal year increased by 11.2%. Wholesale net sales also increased by 3.3% despite Q4 decreases.
Diluted EPS for FY2015 is estimated to be at the lower end of the previous guidance range of $1.85 to $1.95. Steve Madden’s Chairman and CEO said of the results, “Fourth quarter diluted EPS is expected to increase more than 25% from the prior year period despite headwinds from a heavily promotional retail environment and a challenging landscape for seasonal products like boots and cold weather accessories.”
Steve Madden is a leading designer of footwear and accessories for women, men and children. In addition to the company’s namesake brand, it also owns and operates Dolce Vita, Betsey Johnson, Brian Atwood and Mad love, among others. The company operates 169 retail stores (including four e-commerce sites) and designs items for other private label brands.
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