US: Steve Madden triples Q1 profit
Shoe maker Steve Madden has more than tripled its first quarter profit after "trend-right" footwear and accessories helped boost sales.
For the three months to 31 March, net income jumped to $6.6m, or $0.37 per share, from $2.1m, or $0.10 per share, in the same period last year. Last year's quarter was hot by a $3m charge related to the resignation of the company's former CEO.
Edward Rosenfeld, chairman and chief executive officer, said: "We are particularly pleased with the performance of our Steve Madden Womens and Madden Girl wholesale businesses as well as the strong initial results of l.e.i at Wal-Mart."
First quarter sales rose 6.9% to $107.4m from $100.5m.
Wholesale revenues grew 7.6% to $81.3m, helped by the Steve Madden Womens and Madden Girl wholesale footwear divisions as well as the Daniel M Friedman accessories division.
Retail net sales were up 4.4% to $26.1m, and same store sales increased 7.6%.
Looking ahead, for fiscal 2009 the company expects net sales to range from flat to a decline of 2% compared to 2008.
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