Steve Madden faces ‘headwind’ from Payless collapse
06/03/2019
Its net income on this revenue was $129.1 million, compared to $117.9 million in 2017.
This performance was helped by a strong fourth quarter, during which the group banked net sales of $410.4 million, up 12.6% year-on-year.
Discussing the results, Edward Rosenfeld, chairman and CEO of Steve Madden, said there had been “robust gains” at the Steve Madden brand in both the footwear and handbags segment. He added that the group sees “strong momentum” in its core business and that it is making progress in its key strategic initiatives.
Mr Rosenfeld also referenced the plight of footwear retail group Payless Shoesource, which recently announced plans to close all its US stores after entering bankruptcy for the second time. He said: “While we face a near-term headwind due to the bankruptcy of Payless ShoeSource, a significant private label customer for the company, we are confident that our diversified business model positions us for long-term growth and value creation going forward.”
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