USA: Steve Madden Q2 Profit Up 10%, Sales Slip
The New York-based firm reported net income for the 13 weeks ended June 30 of $5.8 million, or 41 cents per diluted share, versus $5.3m, or 38 cents per share, in the year-ago period as sales fell to $85.7m from $88.1m last year.
Retail revenues were flat at $22.4m although same-store sales slumped almost 10 per cent in the quarter amid bad weather.
It added revenues from the wholesale business, comprising its Steve Madden Womens, Steve Madden Mens, Stevies, lei, and David Aaron, including Steven, brands, were $63.3 versus $65.7m last year.
CEO Jamieson Karson, said: "During the quarter overall sales were pressured by an unseasonably cool Spring selling season, a sustained promotional environment and continued economic weakness as evidenced by higher unemployment.
"However, it is noteworthy that despite these challenges, we were effective in maintaining market share gained in the same period one year ago when a record 47.9 per cent sales growth was achieved.
"While we admittedly remain very cautious regarding the near-term due to the external challenges in the marketplace, we believe that Steven Madden Ltd will be able to positively navigate through the current environment, make significant progress in its evolution into a leading fashion-forward lifestyle branded company, and meet its long-term growth and profitability targets."
The firm reaffirmed its full year earnings outlook of $1.58 to $1.63 per share driven by a low to mid single digit net sales increase.
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