- Prachi Singh
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For the second quarter, net sales at Steve Madden increased 12.4 percent
to 445 million dollars. The company said net income attributable to Steven
Madden, Ltd. was 36.6 million dollars or 44 cents per diluted share,
compared to 32.4 million dollars or 38 cents per diluted share, in the
prior year’s second quarter, while adjusted net income was 39.5 million
dollars or 47 cents per diluted share compared to 35.2 million dollars
or 41 cents per diluted share, in the prior year’s second quarter.
Commenting on the results, Edward Rosenfeld, Chairman and Chief
Executive Officer of Steve Madden said in a statement: “Our flagship Steve
Madden brand was the highlight, with strong growth in the wholesale
footwear and accessories businesses in both domestic and international
markets, as well as exceptional growth on Stevemadden.com. Looking ahead,
we remain on track to achieve our sales and adjusted diluted EPS guidance
for 2019 despite an estimated incremental headwind of approximately 5 cents
per share related to the increase in the tariff on List 3 products
from China from 10 percent to 25 percent in effect as of May 10.”
Segment results of Steve Madden in Q2
Net sales for the wholesale business increased 13.1 percent to 363.5
million dollars with strong growth in both the wholesale footwear and
accessories businesses. Wholesale footwear net sales rose 13.5 percent and
wholesale accessories net sales increased 11.5 percent. Gross margin in the
wholesale business increased to 32.1 percent compared to 31.4 percent in
last year’s second quarter driven by improvement in wholesale footwear.
Retail net sales rose 9.6 percent to 81.5 million dollars, while same
store sales increased 6.2 percent in the quarter driven by strong
performance in the company’s e-commerce business. Retail gross margin
declined to 59.7 percent compared to 62.9 percent in the second quarter of
the prior year. The company ended the quarter with 224 company-operated
retail locations, including six internet stores, as well as 31
company-operated concessions in international markets.
Steve Madden said that the company’s board has approved a quarterly cash
dividend of 14 cents per share, which will be paid on September 27, 2019,
to stockholders of record at the close of business on September 17,
2019.
For fiscal year 2019, thecCompany continues to expect net sales will
increase 5 percent to 7 percent over net sales in 2018. The Company now
expects diluted EPS will be in the range of 1.74 dollars to 1.82 dollars
and adjusted diluted EPS in the range of 1.78 dollars to 1.86 dollars.
Picture:Facebook/Steve Madden
