Steven Madden Ltd. posted on Tuesday a 61 percent pop in third-quarter earnings, driven by increased sales.
For the three months ended Sept. 30, the firm earned $17.8 million, or 97 cents a diluted share — matching analysts’ consensus estimate — versus a profit of $11.1 million, or 62 cents, the prior year.
Net sales rose 9 percent to $140.1 million. Wholesale revenues increased 15 percent to $112 million, fueled by strength in Madden Girl, Steven by Steve Madden and the Steve Madden men’s and women’s footwear divisions.
“The strength in our business is a reflection of Steve and his team’s ability to consistently create trend-right product and our organization’s speed in getting that merchandise to market,” Edward Rosenfeld, chairman and CEO, said in a company statement. “Looking ahead, we are very enthusiastic about our recently announced business ventures, including the launch of our newly licensed Steve Madden apparel line, as well as our new license agreement for Olsenboye footwear and accessories. Both of these ventures offer significant growth opportunity. Overall, we feel good about our portfolio of brands and the long-term growth prospects for our company.”
Steven Madden reiterated that it expects full-year sales to rise 7 percent to 8 percent, with EPS in the range of $2.55 to $2.65. Analysts’ expectations are for a profit of $2.64.