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Steve Madden Announces Fourth Quarter And Full Year 2011 Earnings Results Issues Fiscal 2012 Guidance

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 fourth quarter and year ended December 31, 2011.

For the fourth quarter of fiscal 2011:

  • Net sales increased 73.7% to $279.8 million.
  • Retail comparable store sales increased 15.9%.
  • Net income increased 34.9% to $23.8 million, or $0.55 per diluted share, compared to $17.6 million, or $0.41 per diluted share in the prior year’s fourth quarter, adjusted for a three-for-two stock split issued to shareholders of record on May 20, 2011.
  • Net income for fiscal 2011 increased 28.5% to $97.3 million, or $2.25 per diluted share, compared to $75.7 million, or $1.78 per diluted share in fiscal 2010, adjusted for a three-for-two stock split issued to shareholders of record on May 20, 2011.

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We are pleased to have ended 2011 with record fourth quarter results. We delivered high-teen organic sales growth in each of our wholesale footwear, wholesale accessories and retail businesses. Our flagship Steve Madden brand led the way, as we recorded strong gains in Steve Madden women’s footwear and handbags in both wholesale and retail and in both the United States and international markets. We also continued to integrate and capitalize on our new acquisitions, Topline and Cejon, which are proving to be excellent additions to the business. We believe we are well-positioned as we head into 2012, with a strong portfolio of brands, a proven business model, and a number of substantial growth opportunities which we anticipate will enable us to continue to drive top and bottom line gains.”

Fourth Quarter 2011 Results

Fourth quarter net sales were $279.8 million compared to $161.0 million reported in the comparable period of 2010. Net sales from the wholesale business grew 95.2% to $225.9 million compared to $115.8 million in the fourth quarter of 2010. The growth in net sales reflects 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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