Steve Madden raises fiscal 2010 guidance

04 Nov '10

4 min read

Operating income for the third quarter increased to $37.4 million, or 20.3% of net sales, compared with operating income of $28.3 million, or 20.2% of net sales, in the same period of 2009.

Third quarter net income increased 28.5% to $22.9 million, or $0.81 per diluted share, compared to $17.8 million, or $0.64 per diluted share in the prior year's third quarter.

During the third quarter of 2010, the Company closed 2 stores, ending the quarter with 82 retail locations, including the Internet store.

Nine-Month 2010 Results

For the first nine months of 2010, net sales were $474.4 million compared to $364.0 million in the comparable period last year.

Operating income for the first nine months increased 62.6% to $94.3 million, or 19.9% of net sales, compared with operating income of $58.0 million, or 15.9% of net sales, in the same period of 2009.

Net income was $58.1 million, or $2.06 per diluted share, for the first nine months of 2010, compared to $36.6 million, or $1.34 per diluted share, in the first nine months of 2009.

At the end of the third quarter, cash, cash equivalents and marketable securities totaled $152.6 million.

Company Outlook

For fiscal 2010, the Company now expects net sales will increase 24% - 25% compared to fiscal 2009. Diluted EPS is expected to be in the range of $2.57 - $2.62. This compares to previous guidance of diluted EPS in the range of $2.45 - $2.55.

Steve Madden

More Steven Madden Ltd News... More Textiles News - United States Of America...