Steven Madden Ltd. said Tuesday it expects to report a 57 percent jump in third-quarter earnings per share — well ahead of analysts’ estimates — thanks, in part, to a solid rise in sales.
The Long Island City, N.Y.-based firm said in a press release it sees EPS at 97 cents for the third quarter, up from 62 cents for the comparable quarter a year ago. Wall Street had projected EPS of 64 cents.
Net sales are expected to hit $140 million, versus $128.1 million the prior year. Analysts’ estimates were for $130.1 million in the third quarter.
Shares of the company jumped more than 6 percent in early Tuesday trading on the New York Stock Exchange.
Steven Madden also upped its full-year EPS projection to $2.55 to $2.65, versus a previous view for $2.05 to $2.15. Sales are seen rising 7 percent to 8 percent year-over-year. Analysts were expecting EPS of $2.11 on sales of $471.1 million.
“Boots have been the primary driver of footwear sales for the fall season, and Steve and his team have continued to do an outstanding job of capturing the latest trends with exciting product,” Edward Rosenfeld, chairman and CEO of Steven Madden, said in the statement. “At the same time, our test-and-react strategy and speed to market have enabled us to optimize our assortments across various distribution channels and have provided us with a critical advantage versus our competitors.”
The firm will report earnings on Nov. 3.