• Q3 profit jumps 60.4% to $17.8m
  • Sales up 9.4% to $140.1m
  • Sees FY sales up 7%-8%

Fashion footwear and accessories maker Steve Madden has delivered record third quarter sales and earnings, driven by higher sales, lower markdowns and cost cuts.

Chairman and CEO Edward Rosenfeld said the results were "a reflection of Steve and his team's ability to consistently create trend-right product and our organisation's speed in getting that merchandise to market."

Net income for the three months to 30 September jumped 60.4% to $17.8m or $0.97 per share, from $11.1m or $0.62 per share a year ago.

Sales were up 9.4% to $140.1m from $128.1m, led by a 15% jump in wholesale revenues to $112.0m.
Retail sales, however, fell 8.1% to $28.2m, while same-store sales were down 7.6%.

"Overall, we feel good about our portfolio of brands and the long term growth prospects for our company," Rosenfeld said, adding that the newly licensed Steve Madden apparel line and license deal for Olsenboye footwear and accessories both offer significant growth opportunities.

The company, which operates 88 retail locations, expects full-year sales to increase by 7%-8%, with earnings per share in the range of $2.55 to $2.65.