Steve Madden SHOO shares jumped on Wednesday after the company reported its highest quarterly sales and earnings in its history during the third quarter.
The Long Island City-based shoe and accessories company reported that its revenue rose 52% to $528.7 million for the quarter ending on Sept. 30, while income totaled $66.6 million, or 82 cents a share. In the same period last year, the company recorded a net loss of $7 million or 9 cents a share.
Shares of Steve Madden on Wednesday rose 7.6% to $48.24 at last check.
“In the third quarter, we delivered the highest quarterly sales and earnings in our history, as the trend-right merchandise assortments created by Steve and his design teams continue to drive strong consumer demand for our brands and products,” CEO Edward Rosenfeld said in a statement. "Our retail segment was again the standout, with outstanding results in both digital and brick-and-mortar channels, and our wholesale business showed strong sequential improvement and is poised to return to growth in the fourth quarter compared to 2019.
"Looking ahead, we are confident that – based on the strength of our brands, business model and people – we are well-positioned to drive profitable growth and enhance value for our stakeholders over the long term,” Rosenfeld said.
The company attributes its revenue growth to its merchandise assortments and strong consumer demand. Many clothing companies have been reporting sales increases in the absence of stay-at-home orders, and Steve Madden reported surges of both online and brick-and-mortar sales.
The company also announced plans to raise its 2021 guidance, anticipating a revenue increase of 50% to 52% from 2020. It expects diluted earnings per share to be from $2.21 to $2.26 and adjusted diluted EPS to be between $2.30 and $2.35.