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 third quarter ended September 30, 2011.
For the third quarter of fiscal 2011:
- Net sales increased 70.5% to $313.9 million.
- Retail comparable store sales increased 13.2%.
- Net income increased 39.3% to $31.9 million, or $0.74 per diluted share, compared to $22.9 million, or $0.54 per diluted share in the prior year’s third quarter, adjusted for a three-for-two stock split issued to shareholders of record on May 20, 2011.
- The Company increased fiscal 2011 diluted EPS guidance to a range of $2.20 to $2.25 from the previous range of $2.15 to $2.20.
Edward Rosenfeld, Chairman and Chief Executive Officer, commented,"Our third quarter results reflect broad-based strength across our business. In addition to the significant sales contributions in the quarter from Topline and Cejon, which we acquired in May 2011, we delivered double-digit organic sales growth in each of our wholesale footwear, wholesale accessories and retail segments. Our flagship Steve Madden brand was particularly strong, as the on-trend merchandise assortment created by Steve and his design team drove robust gains with Steve Madden women’s footwear and handbags in both wholesale and retail. The ongoing momentum in our core business, combined with the opportunities for growth in our new brands, categories and geographies, gives us confidence that we are well-positioned to continue to deliver strong sales and earnings growth as we move ahead.”
Third Quarter 2011 ResultsThird quarter net sales were $313.9 million compared to $184.1 million reported in the comparable period of 2010. Net sales from the wholesale business grew 81.8% to $278.3 million compared to $153.1 million in the third quarter of 2010. The increase reflects the net sales contributions from Topline and Cejon, acquired in May of 2011, and the transition of the Company's Target private label and Olsenboye footwear businesses from the buying agency model to the wholesale model, as well as strong growth in the existing wholesale footwear and wholesale accessories businesses.
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