• 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."