- Net sales increased 13.7% to $356.9 million.
- Retail comparable store sales increased 8.6%.
- Gross margin improved to 36.8% compared to 34.9% in the third quarter of 2011.
- The effective tax rate was 35.4% compared to 39.0% in the prior year’s third quarter due to the reinvestment, indefinitely, of a portion of earnings from the Company’s foreign operations in such foreign operations.
- Net income was $37.9 million, or $0.86 per diluted share. Net income included a $5.1 million impairment charge and a $0.9 million charge for bad debt, both related to the bankruptcy of Bakers Footwear Group. On an after-tax basis, these charges negatively impacted net income by $3.7 million, or $0.08 per diluted share. Net income in the third quarter of 2011 was $31.9 million, or $0.74 per diluted share.
Steve Madden Announces Record Third Quarter 2012 Results
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