- Prachi Singh |
In a preliminary results update, Steve Madden announced that net sales in the fourth quarter were 364.4 million dollars, up 8.3 percent compared to the same period of 2016. Net sales for the wholesale division increased 10.6 percent to 278.2 million dollars or 2.5 percent to 257.9 million dollars excluding results from Schwartz & Benjamin. Retail net sales increased 1.5 percent to 86.2 million dollars, while retail comparable store sales for the quarter decreased 5.1 percent.
Commenting on the results, Edward Rosenfeld, Chairman and CEO said in a statement: “We are pleased with our fourth quarter results, with earnings per share expected to be at the high end of our guidance range. Solid performance in our wholesale business was offset by softness, as expected, in our retail segment driven by weakness in the boot category. Overall, 2017 was a strong year for Steve Madden.”
For fiscal year 2017, net sales were 1.5 billion dollars, a 10.5 percent increase compared to fiscal year 2016. Wholesale net sales increased 12.1 percent to 1.3 billion dollars or 5 percent to 1.2 billion dollars excluding results from Schwartz & Benjamin. Retail net sales increased 3.6 percent to 272.2 million dollars, while retail comparable store sales decreased 3.2 percent. The company said, diluted EPS for fiscal year 2017 is now expected to be at the high end of the company’s previously provided guidance range.
Picture:Steve Madden website