Steve Madden reports best quarter in 22 years
05/11/2012
The US-based brand, which was established in 1990, had a net income of $37.9 million for the quarter ended September 30 compared with $31.9 million a year ago.
Sales rose 14% to $356.9 million from $313.9 million, helped by strong wholesale sales of Steve Madden women's shoes and the acquisition of SM Canada.
In a conference call with investors, chief executive Ed Rosenfeld attributed the rise in sales to a "very strong product assortment".
Steve Madden opened three stores in the quarter, bringing its total to 99, including eight outlets and two online stores.
Mr Rosenfeld added the company expected to lose $1 million in sales due to Superstorm Sandy, with nine store closed in the New York area.
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