Steven Madden confirms lower sales
Third quarter sales at fashion footwear and accessories designer Steven Madden, Ltd. were $113.4 million compared with $123.2 million in the third quarter of 2006. Net income for the quarter was $10.9 million, down from $12.6 million in the prior-year quarter.
Revenues from the wholesale business were $86 million compared with $91.8 million in the third quarter of 2006, while retail revenues were $27.4 million compared with $31.5 million.
Meanwhile, sales for the first nine months of 2007 were $328.3 million compared with $361.1 million for the same period last year. Net income totalled $31 million compared with $36.2 million.
“We experienced challenges in both our wholesale and retail divisions due to a soft consumer spending environment and a lack of big fashion footwear trends. With that said, we are pleased with the consistently positive results from Madden Girl,” said chairman and chief executive officer, Jamieson Karson.
Based on trends, the company expects net sales for 2007 to decline by between 9% and 11% compared with the figures for 2006.
