US: Wholesale gains boost Steve Madden Q4 profit
- Q4 net profit up 8.2% to US$35.7m
- Q4 net sales rise 8.7% to $342.9m
- Wholesale growth offset by retail decline
Footwear and accessories specialist Steve Madden saw its fourth quarter profit boosted by a strong wholesale performance at the end of 2013.
Retail comps were down 6.7% in the last three months of the year, but wholesale revenues rose 10.6% and total retail sales edged up 1.7%.
That left the US company with full-year sales up 7.1% to $1.3bn and net income rising 10.4% to $132m.
However, gross margin for the fourth quarter was 37.8%, down from 39.3% a year earlier thanks to a sales mix shift to lower-margin private label business and increased retail promotions.
“We are pleased to have delivered solid sales and earnings growth in the fourth quarter despite a challenging retail environment,” said Edward Rosenfeld, Steve Madden chairman and CEO.
“While our retail segment performance was below expectation, we recorded another strong quarter in our wholesale business.”
The company expects fiscal 2014 net sales to rise 5-7%, giving diluted earnings per share of $2.05-2.15.
US fashion footwear and accessories specialist Steve Madden has purchased boot maker Blondo's intellectual property assets from Regence Footwear and 3074153 Canada....
US fashion footwear and accessories specialist Steve Madden has revealed flat sales in its fourth-quarter, below expectations, and lowered its EPS guidance for the full year....
- Cotton supply chain transparency an ongoing issue
- Supply chain takeaways from Sourcing at MAGIC
- No simple way to be sustainable, says SAC CEO
- Why voters don’t want more global supply chains
- What's 3D-printing doing for apparel and footwear?
- Li & Fung eyes supply chain speed in 3-year plan
- Nike and Crystal Group "doing well by doing good"
- What does supply chain mapping really mean?
- EU clothing imports from China continue to plunge
- Zara USA faces US$5m deceptive pricing lawsuit
- Too Many Standards
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Under Armour, Inc. (UA) - Financial and Strategic SWOT Analysis Review
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras