Interviews
News Flash
Steve Madden net sales grow 10.2 % in 2009
26 Feb '10
4 min read
Full Year 2009 Results
For the full year fiscal 2009, net sales increased 10.2% to $503.6 million compared to $457.0 million in fiscal 2008.
Net income totaled $50.1 million, or $2.73 per diluted share, for the year, compared to $28.0 million, or $1.51 per diluted share, in fiscal 2008. Fiscal 2008 results included a one-time pre-tax charge of $4.9 million, or $0.16 per diluted share, resulting from payments associated with the resignation of the Company's former Chief Executive Officer. Excluding this one-time charge, fiscal 2008 net income totaled $31.0 million, or $1.67 per diluted share.
The Company opened two stores, closed seven underperforming stores and licensed out three stores during 2009, ending the year with 89 retail locations, including the Internet store.
At the end of the year, cash, cash equivalents and marketable securities totaled $155.0 million.
Arvind Dharia, Chief Financial Officer, commented, "We ended 2009 with a strong balance sheet driven by operating cash flow and prudent capital management."
Company Outlook
For fiscal 2010, the Company expects sales to increase 11%-13%. Excluding the transition of one of the Company's mass merchant customers from a buying agency model to a selling agency model, net sales are expected to grow 7% to 9%. Diluted EPS is expected to be in the range of $3.10 to $3.30. Capital expenditures are planned to be approximately $4 - $5 million in 2010 as compared to $3.4 million in 2009. The Company plans to open one to three stores and to close between six and nine locations in 2010.
For the full year fiscal 2009, net sales increased 10.2% to $503.6 million compared to $457.0 million in fiscal 2008.
Net income totaled $50.1 million, or $2.73 per diluted share, for the year, compared to $28.0 million, or $1.51 per diluted share, in fiscal 2008. Fiscal 2008 results included a one-time pre-tax charge of $4.9 million, or $0.16 per diluted share, resulting from payments associated with the resignation of the Company's former Chief Executive Officer. Excluding this one-time charge, fiscal 2008 net income totaled $31.0 million, or $1.67 per diluted share.
The Company opened two stores, closed seven underperforming stores and licensed out three stores during 2009, ending the year with 89 retail locations, including the Internet store.
At the end of the year, cash, cash equivalents and marketable securities totaled $155.0 million.
Arvind Dharia, Chief Financial Officer, commented, "We ended 2009 with a strong balance sheet driven by operating cash flow and prudent capital management."
Company Outlook
For fiscal 2010, the Company expects sales to increase 11%-13%. Excluding the transition of one of the Company's mass merchant customers from a buying agency model to a selling agency model, net sales are expected to grow 7% to 9%. Diluted EPS is expected to be in the range of $3.10 to $3.30. Capital expenditures are planned to be approximately $4 - $5 million in 2010 as compared to $3.4 million in 2009. The Company plans to open one to three stores and to close between six and nine locations in 2010.
Steve Madden Ltd
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
