Steve Madden, a renowned footwear and accessories group based in New York, has recently made headlines with its impressive first-quarter results in 2019. The company reported a remarkable surge in net sales, driven by growth in both its retail and wholesale divisions, with its flagship Steve Madden brand leading the way.
For the quarter ending on March 31, 2019, Steve Madden saw a 5.6% increase in net sales, reaching a total of $410.9 million compared to $389.0 million in the previous year. The wholesale segment experienced a 5.1% sales growth, particularly driven by strong gains in accessories. The acquisition of Anne Klein also played a role in boosting sales, although it was slightly offset by the bankruptcy of Payless ShoeSource.
On the retail front, net sales for the quarter surged by 8.6% to $62.8 million, with same-store sales registering a 6.3% increase. The success of the company’s e-commerce channel, especially the performance of the Steve Madden brand, was a key contributor to this growth.
In terms of profitability, the company’s quarterly net income rose from $28.7 million to $34.5 million, indicating a positive trajectory for Steve Madden. Chairman and CEO Edward Rosenfeld expressed optimism about the company’s future, underscoring the strength of its brand portfolio and consistent delivery of on-trend products.
Buoyed by its strong first-quarter performance, Steve Madden has revised its financial forecast for fiscal year 2019, now anticipating a sales increase of 5% to 7% and an annual diluted EPS ranging between $1.76 and $1.84. Following the updated outlook, MarketWatch reported a 5.7% uptick in the company’s shares.
With 225 retail locations, including online stores and international concessions, Steve Madden is steadily expanding its global footprint. Focused on sustaining growth and creating value for shareholders in the long run, the company seems poised for continued success in the fast-paced fashion industry.
For more information on Steve Madden’s quarterly results, visit Steve Madden’s official website. To delve deeper into the latest market trends and financial performance of the company, check out MarketWatch’s analysis.
