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Steve Madden Announces Second Quarter 2012 Results

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, 2012.

  • Second quarter net sales increased 38.0% to $288.7 million.
  • Retail comparable store sales increased 6.8% for the second quarter.
  • Second quarter net income was $26.9 million, or $0.61 per diluted share. Net income included a $2.5 million charge for a class action lawsuit related to unauthorized text messaging and a $1.8 million charge for impairment of a note receivable from the Company’s former licensee for Betsey Johnson retail and apparel. On an after-tax basis, these charges negatively impacted net income by $2.6 million, or $0.06 per diluted share. The Company also recorded a $2.8 million, or $0.06 per diluted share, tax benefit for the year-to-date impact of a portion of earnings from the Company’s foreign operations that have been reinvested indefinitely. Net income for the second quarter of 2011 was $23.8 million, or $0.55 per diluted share.

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, "We delivered solid sales and earnings results in the second quarter despite a challenging retail environment. Overall the momentum in our business remains strong, with double-digit organic sales growth in each of our wholesale footwear, wholesale accessories and retail segments supplemented by meaningful contributions from our recent acquisitions. With our diversified platform spanning multiple brands, product categories, distribution channels and geographies, we believe we are well-positioned to drive top and bottom line growth in the second half of 2012 and beyond.”

Second Quarter 2012 Results

Second quarter net sales totaled $288.7 million compared to $209.2 million in the comparable period of 2011, an increase of 38.0%. Net sales from the wholesale business were $248.1 million compared to $175.2 million in the second quarter of 2011, driven by double-digit organic growth in wholesale footwear and accessories as well as the impact from the acquisitions of Topline, Cejon and SM Canada. Retail net sales grew 19.4% to $40.6 million compared to $34.0 million in the second quarter of the prior year. Same store sales increased 6.8% following an 11.6% increase in the prior year’s second quarter.

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