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Steve Madden Announces Record Third Quarter 2012 Results

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, 2012.

For the Third Quarter 2012:
  • 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.

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, "We saw continued strength in the business during the third quarter, delivering the highest quarterly sales and earnings in the Company’s 22 year history. We achieved double-digit sales growth, gross margin improvement and operating expense leverage in both our wholesale and retail businesses in the quarter. Our flagship Steve Madden brand performed particularly well, as consumers continue to respond to our fashion-forward, on-trend product. Overall, we are pleased with the momentum in our business and are confident that we can continue to drive strong sales and earnings growth in the balance of 2012 and beyond.”

Third Quarter 2012 Results

Third quarter net sales increased 13.7% to $356.9 million compared to $313.9 million in the same period of 2011. Net sales from the wholesale business grew 12.0% to $311.5 million compared to $278.3 million in the third quarter of 2011, driven by strong growth in the Steve Madden Women’s business as well as the benefit from the acquisition of SM Canada. Retail net sales rose 27.2% to $45.3 million compared to $35.6 million in the third quarter of the prior year. Same store sales increased 8.6% following a 13.2% increase in the prior year’s third quarter.

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