Madden Q3 Income, Sales Up

Madden Q3 Income, Sales Up
Steve Madden

Steven Madden Ltd. beat the Street again.

The Long Island City, N.Y.-based firm earned 81 cents a share in the third quarter, up 27 percent from 64 cents in the same period a year ago.

Net income for the period ended Sept. 30 surged 29 percent to $22.9 million, compared with $17.8 million in the year-ago quarter, while revenue advanced 31 percent to $184.1 million.

Analysts were looking for earnings per share of 77 cents on revenue of $170.4 million, as polled by Yahoo Finance.

Edward Rosenfeld, chairman and CEO of Steven Madden, said the quarter’s results were driven by the ongoing strength of the firm’s core business, continued momentum in its international segment and meaningful contributions from a number of its newer brands.

“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,” added Rosenfeld in a company statement.

Wholesale revenue surged 37 percent to $153.1 million, driven by strong gains in Madden Girl, Steve Madden Men’s and the international business, the firm said.

Retail revenue grew 10 percent to $31.1 million, driven by an increase in same-store sales of 15.7 percent.

At the end of the third quarter, Madden had cash and cash equivalents of $29 million, down from $47.6 million a year ago.

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