Shares of Steve Madden (SHOO) were gaining by 2.36% to $38.03 on Friday afternoon, after the shoes and accessories retailer reported better than expected financial results for the 2017 first quarter.
Steve Madden posted earnings of 47 cents per share on revenue of $366.4 million for the most recent quarter. Analysts had forecast earnings of 43 cents per share on revenue of $359.5 million.
"We are pleased to have started off 2017 with a strong first quarter. The highlight was our Steve Madden Women's wholesale footwear division, where we had another quarter of outstanding growth in a challenging retail environment. Steve and his design team have created an exceptional product assortment that is enabling us to outperform the competition and take market share with our flagship brand," CEO Edward Rosenfeld said.
The company's strong core business gives it the confidence to navigate the uncertain retail environment.
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