• Q3 sales up 31.4%
  • Net income increases 28.5% to $22.9m
  • New brands make "meaningful contributions"

Footwear company Steve Madden has reported improved Q3 net income, thanks to record sales.

Steve Madden posted gross margin of 42.1% for the third quarter as compared to 44.0% in the comparable period of 2009 though, reflecting a decline in the wholesale segment gross margin partially offset by margin improvement in the retail segment.

"We are pleased to once again report the highest quarterly sales and earnings in our company's history. Our results for the third quarter of 2010 were driven by the ongoing strength of our core business, continued momentum in our international segment and meaningful contributions from a number of our newer brands including Big Buddha and Madden," said Edward Rosenfeld, chairman and chief executive officer.

"In addition, our recently acquired Betsey Johnson brand offers tremendous growth potential and is a great complement to our current brand portfolio. Looking ahead, we are excited about the initiatives we have in place and feel confident that we can continue to drive top and bottom line growth."

For fiscal 2010, the company now expects net sales will increase 24%-25% compared to fiscal 2009.