Madden Doubles Q1 Income

Steven Madden Ltd. posted Tuesday first-quarter earnings that more than doubled.

The Long Island City, N.Y.-based firm reported a profit of $15.4 million, or 55 cents a diluted share, up from $6.6 million, or 24 cents, the prior year.

Net revenues rose 23 percent to $131.6 million. Wholesale revenues totaled $103.1 million from $81.3 million a year ago. Comparable-store sales at retail locations jumped 13.6 percent.

“Steve and the design team continue to capitalize on the latest trends with fresh, fashion-forward product, leading to strong demand for our existing brands,” Edward Rosenfeld, chairman and CEO of Steven Madden, said in a written statement. “At the same time, our new business ventures — including Big Buddha, Elizabeth & James, Olsenboye and Madden — are off to a great start and are expected to contribute nicely to our sales and earnings growth in 2010 and beyond.” 

Looking ahead, the firm expects sales to rise 17 percent to 19 percent in fiscal 2010, while EPS is seen at $2.30 to $2.40, up from a prior guidance for $2.07 to $2.20. The new EPS projection reflects the firm’s three-for-two stock split.

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