Despite a challenging economy, Steven Madden Ltd.’s on-trend product and moderate price points helped the company’s net income increase 53 percent to $7.2 million, or 40 cents per diluted share, in the fourth quarter. Net income for the same period last year was $4.7 million, or 23 cents a share.
Strength in the Steven, Madden Girl and Steve Madden women’s wholesale businesses helped overall net sales for the quarter increase nearly 16 percent to $119.1 million, compared with $102.8 million during the same period a year ago. Net sales for the year increased to $79.1 million from $63.5 million last year.
“We were pleased to have met our fourth-quarter expectations despite a challenging economic environment,” said Ed Rosenfeld, chairman and CEO in a statement released Tuesday. “Steve and our talented design team continue to create excellent products capturing the most recent trends at price points our consumers appreciate. Looking ahead, we continue to move forward with our strategic initiatives while carefully controlling expenses and inventory levels in response to the current retail environment.”
The company reported that net income for fiscal 2008 fell from $35.7 million last year to $28 million, or $1.51 a share, which included a one-time $4.9 million pre-tax charge related to the resignation of the company’s former CEO. Looking ahead, the company announced its guidance for fiscal 2009, with EPS expected to fall to between $1.40 and $1.55.