The growth spree continues for Steve Madden.
The fashion footwear maker today posted second-quarter results that topped expectations across the board, while its same-store sales rebounded to turn positive.
Driven predominantly by ongoing strength at its flagship brand, as well as growth at owned labels Dolce Vita and Blondo, the firm’s sales rose 6 percent to $396 million, besting forecasts for sales of $391 million. After previously decelerating, same-store sales increased 1.6 percent in the quarter — also better than estimates for a 1.1 percent gain.
Profits climbed 12 percent to $32.4 million, or 56 cents per diluted share. On an adjusted basis, profits rose 17 percent to $35.2 million, or 61 cents per diluted share, surpassing analysts’ bets for earnings of 59 cents per share.
“Our flagship Steve Madden brand was the highlight in the quarter, with strong growth in the wholesale channel in both domestic and international markets, as well as a return to positive comparable store sales growth in the retail channel,” said chairman and CEO Ed Rosenfeld. “In addition, the Dolce Vita and Blondo brands also recorded strong percentage increases on both the top and bottom lines.”
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By segment, retail net sales improved 9 percent to $74.3 million, and wholesale sales increased 5.2 percent to $321.4 million, with gains in both the footwear and accessories business.
Looking ahead, the firm maintains its outlook for the remainder of the fiscal year, a likely source of disappointment for investors who may have been hoping for a beat and raise.
As of 9:45 a.m. ET, Steve Madden shares were in the red 0.6 percent to $53.42.
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