Steve Madden “off to a good start” in 2018
25/04/2018
Net sales for its wholesales business increased 5.8% to $331.2 million following strong performance from footwear and accessories. Retail sales were also up, 8.6% to $57.9 million, but same store sales dropped 1.2%. Steve Madden attributed this to a decline in the boot category.
The company’s net income for the first three months of 2018 was $28.7 million.
Upon announcing the results, Steve Madden chairman and CEO, Edward Rosenfeld, said: “We are off to a good start in 2018, with first quarter results that exceeded our expectations. Our on-trend product assortments and speed-to-market capability continue to set us apart from the competition. We are particularly pleased with the strong growth we saw in international markets in the first quarter, as the investments we have made in our flagship Steve Madden brand and our international infrastructure bear fruit.”
During the quarter, the group said it opened two stores and closed five stores in the US. It also opened one store in Mexico and one store in China. It now was 207 company-operated retail locations.
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