Steve Mad­den’s net sales up by 15%

Shoes & Accessories - - The Month That Was Updates | International -

Ed­ward Rosen­feld, Chair­man and Chief Ex­ec­u­tive Of­fi­cer, com­mented: “The strong mo­men­tum in our busi­ness con­tin­ued into the sec­ond quar­ter, as we de­liv­ered an­other quar­ter of ro­bust sales and earn­ings growth de­spite the chal­leng­ing re­tail en­vi­ron­ment. Once again, we saw out­stand­ing per­for­mance in our core Steve Mad­den Women’s whole­sale footwear di­vi­sion, where our trend-right prod­uct as­sort­ment con­tin­ues to res­onate with con­sumers and drive mar­ket share gains. As we look ahead to the bal­ance of the year, we are tak­ing a pru­dent ap­proach to plan­ning our busi­ness in light of in­dus­try head­winds. That said, the strength of our brands and our busi­ness model gives us con­fi­dence that we are well-po­si­tioned to nav­i­gate the un­cer­tain en­vi­ron­ment.” In the sec­ond quar­ter, Steve Mad­den net sales in­creased by 15.0%, to­tal­ing 374.1 mil­lion US dol­lars com­pared to 325.4 mil­lion US dol­lars in the same pe­riod of 2016. Net sales for the whole­sale busi­ness in­creased by 16.3% to­tal­ing 305.6 mil­lion US dol­lars in the sec­ond quar­ter of 2017. Ex­clud­ing the re­sults of the re­cently ac­quired Schwartz & Ben­jamin, whole­sale net sales in­creased by 8.4% to 284.9 mil­lion US dol­lars (com­pares to 262.9 mil­lion US dol­lars in the sec­ond quar­ter of 2016). Re­tail net sales in the sec­ond quar­ter in­creased by 9.6% to­tal­ing 68.5 mil­lion US dol­lars com­pared to 62.5 mil­lion US dol­lars in the sec­ond quar­ter of the prior year. Same store sales in­creased by 2.2% in the quar­ter com­pared to a 5.4% same store sales in­crease in the sim­i­lar pe­riod of 2016. Re­tail gross mar­gin de­creased slightly to 62.6% in the sec­ond quar­ter of 2017 as com­pared to 62.8% in the sec­ond quar­ter of 2016. Dur­ing the sec­ond quar­ter, the com­pany opened one full price store and one out­let store in the US as well as one full price store in Canada, and con­verted one US full price store to an out­let lo­ca­tion. Steve Mad­den ended the quar­ter with 193 com­pany-op­er­ated re­tail lo­ca­tions, in­clud­ing four In­ter­net stores. The com­pany now ex­pects that net sales in fis­cal year 2017 will in­crease 9% to 11% over net sales in 2016.

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