US: Steve Madden posts 7.6% Q2 profit growth
- Net income reached $29m, up from $26.9m
- Sales rose 3.1% to $297.6m from $288.7m
- Retail comparable store sales up 2.5%
- Gross margin improved 110 basis points to 37.2%
Footwear and accessories firm Steve Madden has today (1 August) reported a 7.6% increase in second-quarter net income, helped by improved margins and higher sales.
Chairman and CEO Edward Rosenfeld said: "We achieved solid sales and earnings results in the second quarter despite a challenging retail environment."
Sales from the wholesale business climbed 1.3% to $251.4m from $248.1m, while retail sales reached $46.2m, up 13.9% from $40.6m in the same period last year, driven by the opening of 17 new stores.
During the first six months of the year, net income reached $53m, up 8.6% from $48.8m the prior year. Sales grew 3.9% to $576.6m from $554.7m the previous year.
Looking forward, Rosenfeld added: "We believe these results underscore the power of our brands and our business model, and we remain confident about our long term growth prospects."
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Footwear business Steve Madden has booked an increase in fourth-quarter sales but lowered its earnings guidance for the full year, on the back of soft retail traffic and sales trends....
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