May 5, 2009
Steven Madden Q1 profit triples, beats Street
May 5, 2009
May 5 (Reuters) - Steven Madden Ltd (SHOO.O) posted a three-fold rise in quarterly profit, which topped market estimates, as its trendy footwear and accessories resonated with its young customers, and stood by its 2009 earnings outlook.
Steven Madden (www.stevemadden.com)
"We are particularly pleased with the performance of our Steve Madden Women's and Madden Girl wholesale businesses as well as the strong initial results of l.e.i at Wal-Mart," Chief Executive Edward Rosenfeld said in a statement.
The Long Island City, New York-based company that is known for staying on top of fashion trends by bringing new designs to stores faster than its peers earned $6.6 million, or 37 cents per share, for the first quarter, compared with $2.1 million, or 10 cents per share, a year ago.
Net sales were $107.4 million, up from $100.5 million in the year-ago quarter.
Analysts were expecting a profit of 36 cents a share, before items, on revenue of $106.6 million, according to Reuters Estimates.
Net sales from the wholesale business grew 7.6 percent to $81.3 million, led mainly by strength in the Steve Madden Womens and Madden Girl wholesale footwear divisions.
For fiscal 2009, the company reiterated its earnings view of $1.85 to $1.95 a share.
Steven Madden shares closed at $30.15 Monday on Nasdaq. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Himani Sarkar)
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