US: Steve Madden Q3 profit rise as sales increase
- Q3 profit up 18.7% to $37.9m
- Sales rose 13.7% to $356.9m
- Gross margin improved to 36.8%
Footwear and accessories maker Steve Madden has today (1 November) seen its third-quarter net profit rise on the back of double-digit sales growth and improved margins.
Net income jumped 18.7% to US$37.9m during the quarter ended 30 September. Income from operations increased 11.6% to $56.4m.
Net sales rose 13.7% to $356.9m, while comparable store sales climbed 8.6%. Gross margin improved to 36.8% compared to 34.9% the same period last year.
CEO and chairman Edward Rosenfeld said: "We saw continued strength in the business during the third quarter, delivering the highest quarterly sales and earnings in the company's 22 year history.
"We achieved double-digit sales growth, gross margin improvement and operating expense leverage in both our wholesale and retail businesses in the quarter. Our flagship Steve Madden brand performed particularly well, as consumers continue to respond to our fashion-forward, on-trend product.
"Overall, we are pleased with the momentum in our business and are confident that we can continue to drive strong sales and earnings growth in the balance of 2012 and beyond."
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Footwear and accessories maker Steve Madden has posted a 38% increase in fourth-quarter profit, helped by rising sales of merchandise under its namesake brand and a benefit related to the bankruptcy o...
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