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Steve Madden Announces Record Results For Second Quarter 2011

Stocks in this article: SHOO

Steve Madden (Nasdaq: SHOO), a leading designer and marketer of fashion footwear and accessories for women, men and children, today announced financial results for the second quarter ended June 30, 2011.

  • Second quarter net sales increased 31.8% to $209.2 million.
  • Retail comparable store sales increased 11.6% for the second quarter.
  • Second quarter net income increased 20.1% to $23.8 million, or $0.55 per diluted share, compared to $19.8 million, or $0.47 per diluted share in the prior year’s second quarter, adjusted for a three-for-two stock split payable to shareholders of record on May 20, 2011.
  • Increase in fiscal 2011 diluted EPS guidance to a range of $2.15 to $2.20.

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, "Our second quarter results reflect solid execution across the Company. Our flagship Steve Madden brand led the way, as the trend-right merchandise created by Steve and his design team resulted in strong gains in the Steve Madden Women’s Wholesale, Retail and International divisions. In addition, we further enhanced our footwear and accessories offerings in the quarter with the acquisitions of Topline and Cejon, both completed in May. We believe that the continued momentum in our core business, combined with the expansion opportunities in our newer businesses, sets the stage for long term sales and earnings growth for the Company.”

Second Quarter 2011 Results

Second quarter net sales were $209.2 million compared to $158.7 million reported in the comparable period of 2010. Net sales from the wholesale business rose 35.6% to $175.2 million from $129.2 million in the second quarter of 2010. The growth was primarily driven by (i) strong gains in the Steve Madden Women’s and International businesses; (ii) the transition of the Company's Target private label and Olsenboye footwear businesses from the buying agency model to the wholesale model; and (iii) net sales contributions from the recent acquisitions, Topline and Cejon, both completed in May. Retail net sales grew 15.3% to $34.0 million from $29.5 million in the second quarter of the prior year. Same store sales increased 11.6% following a 7.4% increase in the prior year’s second quarter. The Company opened 1 full-price store and 1 outlet store, acquired 1 Report store in the Topline acquisition, and closed 3 stores in the quarter.

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