It was a good third quarter for Steve Madden Ltd., with both profits and sales rising in the double-digit percent range.
Income attributable to Steve Madden rose 39.3 percent to $31.9 million, or 74 cents a diluted share, from $22.9 million, or 54 cents, last year. Sales jumped 70.5 percent to $313.9 million from $184.1 million, boosted by a same-store sales gain of 13.2 percent.
Edward Rosenfeld, chairman and chief executive officer, said, “In addition to the significant sales contributions in the quarter from Topline and Cejon, which we acquired in May 2011, we delivered double-digit organic sales growth in each of our wholesale footwear, wholesale accessories and retail segments.”
The ceo added that the design team’s on-trend merchandise assortment drove “robust gains” with Steve Madden handbags in both wholesale and retail.
The company increased fiscal 2011 diluted earnings per share guidance to between $2.20 to $2.25 from its earlier guidance range of $2.15 to $2.20.
The firm sells fashion footwear and accessories under its owned brands, such as Steve Madden, Betsey Johnson and Big Buddha, as well as under license for brands such Olsenboye handbags and belts and Daisy Fuentes for handbags.