Steve Madden boosted by wholesale sales
26/04/2017
Reported net income for the quarter was $20.2 million, 15% lower year-on-year.
“We are pleased to have started off 2017 with a strong first quarter,” said Ed Rosenfeld, Steve Madden chairman and CEO. “The highlight was our Steve Madden Women’s wholesale footwear division, where we had another quarter of outstanding growth in a challenging retail environment.”
Revenue from Steve Madden’s wholesale business increased 13.6% to $313.3 million, while retail sales were flat at $53.1 million.
Mr Rosenfeld conceded that the group’s business had been disrupted by retail group Payless Shoesource filing for chapter 11 bankruptcy protection, but added that its previous forecasts hadalready taken this into account. He cautioned, however, that the impact on Steve Madden’s business could increase if Payless is forced to close more stores.
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