Designer and marketer of fashion footwear and accessories Steve Madden Ltd. has published financial results for the first quarter ended March 31.

In line with recently updated expectations, net sales increased 30% to $108.3 million from $83.3 million last year. Net sales included an $8.3 million contribution from Daniel M. Friedman & Associates, which was acquired on February 7, 2006. Gross margin increased significantly to 42.7% from 32.8% in the comparable period last year and improved across all divisions.

Meanwhile, the company has also appointed Richard Randall to the company's board of directors. Mr Randall was executive vice president and chief financial officer of Direct Holdings Worldwide, LLC, parent company of Lillian Vernon Corporation and TimeLife, from 2002 until his retirement in June 2005.

Previously, he served as senior vice president and chief financial officer of Coach, Inc.