- Net sales increased 8.7% to $342.9 million compared to $315.5 million in the same period of 2012.
- Retail comparable store sales decreased 6.7%.
- Gross margin declined to 37.8% as compared to 39.3% in the same period last year due primarily to a sales mix shift to the lower-margin private label business and increased promotional activity in the retail segment.
- Operating expenses as a percentage of sales were 23.2% compared to 24.8% of sales in the same period of 2012 due to strong cost control and operating expense leverage on growing sales.
- Operating income totaled $53.6 million, or 15.6% of net sales, compared with operating income of $49.8 million, or 15.8% of net sales, in the same period of 2012. Operating income in the fourth quarter of 2013 included a $1.0 million benefit related to recovery from the prior year’s text message litigation settlement. Operating income in the fourth quarter 2012 included a $1.0 million benefit related to a greater-than anticipated recovery in the bankruptcy process of a note receivable from the Company’s former licensee for Betsey Johnson retail and apparel. Excluding these items, operating income for the fourth quarter of 2013 was $52.6 million, or 15.4% of net sales, compared with operating income of $48.7 million, or 15.4% of net sales, in the same period of 2012.
- Net income increased 8.2% to $35.7 million, or $0.54 per diluted share, compared to $33.0 million, or $0.49 per diluted share in the prior year's fourth quarter, adjusted for the three-for-two stock split effective October 2, 2013. Net income for the fourth quarter of 2013 and the fourth quarter of 2012 included the aforementioned benefits. On an after-tax basis, the benefits positively impacted fourth quarter 2013 and 2012 by $0.6 million, or $0.01 per diluted share. Excluding these benefits, net income increased 8.4% to $35.1 million, or $0.53 per diluted share, compared to $32.3 million, or $0.48 per diluted share in the prior year’s fourth quarter.
Steve Madden Announces Fourth Quarter And Full Year 2013 Results
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