Steve Madden posts 36.2% growth in Q2 sales

03 Aug '10

4 min read

Operating income for the second quarter increased to $32.1 million, or 20.2% of net sales, compared with operating income of $19.4 million, or 16.6% of net sales, in the same period of 2009.

Net income increased 63.0% to $19.8 million, or $0.70 per diluted share, in the second quarter compared to $12.1 million, or $0.44 per diluted share in the prior year's second quarter.

During the second quarter of 2010, the Company closed one store, ending the quarter with 84 retail locations, including the Internet store.

Six-Month 2010 Results
For the first six months of 2010, net sales were $290.3 million compared to $223.9 million in the comparable period last year.

Net income was $35.2 million, or $1.25 per diluted share, for the first six months of 2010 compared to $18.7 million or $0.69 per diluted share in the first six months of 2009.

At the end of the second quarter, cash, cash equivalents and marketable securities totaled $164.0 million.

Arvind Dharia, Chief Financial Officer, commented, "We continue to maintain a healthy balance sheet through consistently solid financial performance combined with prudent capital management."

Company Outlook
For fiscal 2010, the Company now expects sales to increase 22% - 24%. Diluted EPS is now expected to be in the range of $2.45 - $2.55, compared to previous guidance of diluted EPS in the range of $2.30 - $2.40.

Steve Madden

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