Steven Madden Ltd. reported Thursday fourth-quarter sales and earnings that handily surpassed analysts’ estimates.
Net earnings nearly doubled to $13.6 million, or 73 cents a diluted share, compared with $7.2 million, or 40 cents, the prior year. Analysts had expected a profit of 66 cents in the latest quarter.
Quarterly revenues increased to $139.5 million — ahead of estimates for $128.9 million — from $119.1 million last year. Comparable-store sales rose 7 percent.
“Steve and his team continued to stay ahead of the fashion trends, resulting in exceptional performance in our core business despite a challenging retail environment,” Edward Rosenfeld, chairman and CEO of Steven Madden, said in a written statement. “In addition, we embarked upon several new business initiatives that benefitted our performance in 2009 and should provide additional growth in 2010 and beyond.”
The firm guided full-year 2010 revenues to rise 11 percent to 13 percent, with earnings per share in the $3.10-to-$3.30 range. Analysts were expecting sales of $533.9 million and EPS of $3.06.
In the year, Steven Madden posted a profit of $50.1 million, or $2.73, from $28 million, or $1.51, last year. Annual revenues topped $500 million for the first time at $503.6 million versus $457.1 million previously.