Steve Madden, the popular American footwear and accessories brand, has announced a remarkable achievement in its second-quarter sales, reaching a record-breaking $445.0 million in net sales for the quarter ended on June 30, 2019. This impressive figure reflects a substantial 12.4% increase compared to the $395.8 million reported in the same period the year before.
The growth in sales was a result of strong performances across all segments of Steve Madden’s business. Wholesale business sales saw a significant 13.1% increase, totaling $363.5 million. Within this segment, footwear sales rose by 13.5% and accessories sales by 11.5%. The success of wholesale footwear sales was driven by the Steve Madden brand’s strong performance, the incorporation of the Anne Klein label, and growth in the group’s private label business. Similarly, accessories sales were bolstered by the popularity of Steve Madden handbags and private labels.
On the retail front, sales grew slightly slower at 9.6%, with a total of $81.5 million. Same-store sales showed a notable increase of 6.2%, largely due to the growth of the group’s e-commerce business.
Despite a decrease in gross margin in the retail segment, from 62.9% to 59.7%, Steve Madden still reported a quarterly net income of $36.6 million, up from $32.4 million in the second quarter of 2018.
For the first half of fiscal 2019, total net sales reached $855.9 million, a 9.1% increase from the previous year, with net income rising from $61.1 million to $71.1 million. CEO Edward Rosenfeld expressed his satisfaction with the outstanding second-quarter results, noting the company’s ability to deliver trend-setting products that resonate with consumers and drive sales and earnings growth.
Despite concerns about increased tariffs on imports from China, Steve Madden remains positive about the future. The company anticipates a 5% to 7% increase in net sales for the full fiscal year 2019, with diluted EPS expected to range from $1.74 to $1.82. In addition to the Steve Madden brand, the company owns other popular labels such as Dolce Vita, Betsey Johnson, and Big Buddha, and holds licenses for brands like Anne Klein, Kate Spade, and DKNY. Presently, Steve Madden operates 224 company-operated retail locations, including e-commerce sites and concessions in international markets.
For more information on Steve Madden’s latest success and offerings, visit their official website here.
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