Steven Madden Ltd. continues its strong momentum.
The Long Island City, N.Y.-based footwear and accessories maker lifted its outlook for the fiscal year after reporting profits of $55.6 million, or 64 cents per diluted share, in the third quarter. (The prior year period yielded $44.2 million, or 51 cents per diluted share.) On an adjusted basis, that figure hit $55.9 million, or 65 cents per share, topping analysts’ forecasts of 61 cents.
Although revenues were forecasted at $472.9 million, sales still increased 3.9 percent to $458.5 million, compared with $441.2 million in the same period in 2017. The company now expects sales to grow 6 percent to 7 percent over that of last year, with the high end of the previous range between 5 percent and 7 percent.
“In addition to robust growth in our core Steve Madden women’s wholesale business, we saw strong gains in international markets, outstanding performance in Blondo and a significant acceleration in our e-commerce business,” chairman and CEO Edward Rosenfeld said. “The momentum in these areas — combined with the power of our brands and the strength of our business model — bolsters our confidence that we can continue to deliver long-term growth and value creation.”
Overall, wholesale revenue grew 3.1 percent to $388.5 million, while retail sales rose 8.8 percent to $69.9 million. Same-store sales also climbed 5.5 percent in the quarter. The company ended the quarter with 210 stores.
Prior to reporting Q3 earnings today, Steve Madden shares closed at $29.13.
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