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Steve Madden Q2 net sales increase 5.8 percent

By Prachi Singh

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Management

Steve Madden, for its second quarter ended June 30, 2018, reported net sales increase of 5.8 percent to 395.8 million dollars. Gross margin for the quarter, the company said, was 37.3 percent. Net income was 32.4 million dollars or 0.56 dollar per diluted share, compared to 29 million dollars or 0.50 dollar per diluted share, in the prior year's second quarter. Adjusted net income was 35.2 million dollars or 0.61 dollar per diluted share, compared to 29.7 million dollars or 0.51 dollar per diluted share, in the prior year's second quarter.

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Commenting on the second quarter results, Edward Rosenfeld, the company’s Chairman and CEO said in a statement: “Our flagship Steve Madden brand was the highlight in the quarter, with strong growth in the wholesale channel in both domestic and international markets as well as a return to positive comparable store sales growth in the retail channel. In addition, the Dolce Vita and Blondo brands also recorded strong percentage increases on both the top and bottom lines. Looking ahead, we remain on track to achieve our sales and adjusted EPS guidance for 2018.”

Highlights of second quarter segment results

The company added that net sales for the wholesale business increased 5.2 percent to 321.4 million dollars in the second quarter, with gains in both the wholesale footwear and wholesale accessories businesses. Gross margin in the wholesale business was 31.4 percent compared to 31.6 percent last year. Adjusted gross margin was 31.7 percent.

Retail net sales in the second quarter increased 8.5 percent to 74.3 million dollars, while same store sales increased 1.6 percent in the quarter. Retail gross margin rose to 62.9 percent compared to 62.6 percent in the second quarter of the prior year. The company ended the quarter with 208 company-operated retail locations, including six Internet stores, as well as 45 company-operated concessions in international markets.

Steve Madden confirms FY18 outlook

For fiscal year 2018, the company continues to expect net sales will increase 5 percent to 7 percent over net sales in 2017. The company expects diluted EPS for fiscal year 2018 will be in the range of 2.51 dollars to 2.58 dollars and adjusted diluted EPS in the range of 2.60 dollars to 2.67 dollars.

The company’s board of directors has declared a quarterly cash dividend of 0.20 dollar per share.

Picture:Facebook/Steve Madden

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