Sales increases at Steven Madden in Q3
American designer and marketer of fashion footwear and accessories Steven Madden, Ltd. has posted improved financial results for the third quarter and nine months ended September 30.
Net sales for the third quarter increased 23.2% to $123.2 million from $100.1 million last year. Gross margin increased significantly to 41.4% from 35.2% in the comparable period last year, reflecting margin improvement in both the wholesale and retail divisions. Net income increased to $12.6 million versus $5.5 million in the third quarter of 2005.
Retail revenues rose 8.4% to $31.5 million compared with $29.1 million last year.
For the first nine months, net sales increased 27% to $361.1 million from $284.4 million last year. Net income grew to $36.2 million compared with $11.8 million in the first nine months of fiscal 2005.
Based upon results to-date, the company is increasing its outlook for the year and now anticipates 2006 net sales will increase by approximately 25% to 26% over fiscal 2005.
