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Steve Madden registers record sales for Q3
10
Nov '09
Steve Madden, a leading designer and marketer of fashion footwear and accessories for women, men and children, announced financial results for the third quarter ended September 30, 2009.

• Third quarter consolidated net sales increased 9.4% to $140.1 million.
• Operating margin rose to 20.2% in the third quarter 2009, compared with operating margin of 13.8% in the same period of 2008.
• Net income for the third quarter was $17.8 million, or $0.97 per diluted share, compared to $11.1 million, or $0.62 per diluted share, in the third quarter of 2008.
• Full-year 2009 guidance for diluted EPS is in the range of $2.55 to $2.65.

Edward Rosenfeld, Chairman and Chief Executive Officer commented, "We were extremely pleased to have delivered record sales and earnings for the third quarter of 2009. The strength in our business is a reflection of Steve and his team's ability to consistently create trend-right product and our organization's speed in getting that merchandise to market. Looking ahead, we are very enthusiastic about our recently announced business ventures including the launch of our newly licensed Steve Madden apparel line as well as our new license agreement for Olsenboye footwear and accessories. Both of these ventures offer significant growth opportunity. Overall, we feel good about our portfolio of brands and the long term growth prospects for our company.”

Third Quarter 2009 Results:
Third quarter consolidated net sales were $140.1 million compared to $128.1 million reported in the comparable period of 2008. Net sales from the wholesale business grew 15.0% to $112.0 million compared to $97.3 million in the third quarter of 2008, driven by strength in the Madden Girl, Steven by Steve Madden, Steve Madden Women's and Steve Madden Men's wholesale footwear divisions. In addition, the new Elizabeth and James brand and the recently acquired Madden Zone, formerly SML Brands, also contributed to the sales growth.

Retail net sales totaled $28.2 million compared to $30.7 million in the third quarter of the prior year. Same store sales decreased 7.6% in the third quarter of 2009 compared to a 7.8% same store sales increase in the same period of 2008.

Gross margin improved to 44.0% as compared to 41.4% in the third quarter of 2008. For the wholesale business, gross margin was 41.2% as compared to 36.3% in the prior year's third quarter, with the increase driven primarily by reduced markdown allowances as a result of strong sell-through at retail. Retail division gross margin was 55.2% as compared to 57.4% for the comparable period last year. The decrease in retail gross margin was primarily due to increased promotional activity at retail stores as compared to last year's third quarter.

Operating expenses as a percent of sales for the third quarter of 2009 were 27.9% as compared to 31.0% in the same period of the prior year. The 310 basis point improvement was mainly drivenby leverage on higher sales as well as fewer stores and reduced store payroll expense in the Company's remaining stores.


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