Steve Madden Q1 profit up 22.5%

US: Steve Madden Q1 profit up 22.5%

By Katie Smith | 3 May 2012

Q1 net income increased 22.5% to $21.9m
Net sales surge 60.5%
EPS guidance raised

Footwear and accessories maker Steve Madden today (3 May) posted a 22.5% increase in first-quarter net income, because of increased wholesale footwear and accessories sales.

For the first quarter ended 31 March, the company reported net income of US$21.9m or $0.50 per diluted share, compared to $17.9m, or $0.42 per diluted share the year before. Operating income increased 28.8% to $35.4m.

Net sales increased 60.5% to $266.0m. Net sales from the wholesale business surged 70.4% to $228.9m, driven by double-digit organic growth in both wholesale footwear and wholesale accessories, as well as the impact from acquisitions of Topline, Cejon and SM Canada.

Retail net sales grew 17.6% to $37m, while same store sales increased 11.9%.

Edward Rosenfeld, chairman and CEO, said: "Our first quarter results reflect continued momentum throughout our business. We were particularly pleased with our core Steve Madden brand, which recorded strong growth across categories, channels and geographies.

"The ongoing momentum in our flagship brand, combined with the growth we are seeing from our newer brands and businesses, gives us confidence that we can continue to drive sales and earnings gains in 2012 and beyond."

The company expects diluted full-year EPS to be in the range of $2.62 - $2.72, compared to previous guidance of $2.60 - $2.70.

Sectors: Finance, Footwear, Retail

Companies: Steve Madden