USA: Steven Madden Q3 Sales Up, President To Leave
Footwear retailer Steven Madden has reported a 12.9 per cent third-quarter sales rise after its wholesale and retail units saw good demand, and has announced the forthcoming departure of president Richard Olicker.
The company reported quarterly sales of $100.1 million compared with $88.6m last year, while net income jumped 49.6 per cent to $5.5m from $3.7m a year ago.
Steven Madden's wholesale revenues rose 9.5 per cent to $71.0m compared to $64.9m last year, while retail revenues grew 22.3 per cent to $29.1m compared to $23.8m last year. Same-store sales were up 12.3 per cent for the quarter.
Chairman and chief executive officer Jamieson Karson said: "Our recent performance highlights significant progress on initiatives to increase sales and improve margins and profitability."
The company anticipates annual 2005 net sales will increase in the low double-digits over 2004 and expects full-year earnings of between $1.20 and $1.22 per share.
The company said that Richard Olicker, president, would be leaving when his employment agreement expires on 31 December 2005.
The company has begun a search to fill the role of president, but said its current management team is well positioned to absorb Olicker's responsibilities in the near term.
In particular, recently appointed chief operating officer Awadhesh Sinha will be responsible for operations across the company's various divisions and for generating additional efficiencies and enhancements to the business model.
Additionally, Amelia Newton, recently named executive vice president of wholesale sales, will continue to be responsible for managing the company's wholesale customer base as well as overseeing key accounts to improve profitability.
Steven Madden designs and markets fashion-forward footwear for women, men and children. The shoes are sold through Steve Madden retail stores, department stores, apparel and footwear specialty stores, and online.
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