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.
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