Steve Madden generates healthy growth in Q2

03 Aug '09

4 min read

Six-Month 2009 Results:
For the first six months of 2009, net sales were $223.9 million compared to $209.9 million in the comparable period last year.

Net income totaled $18.7 million, or $1.03 per diluted share, for the first six months of 2009 compared to $9.7 million or $0.51 per diluted share in the first six months of 2008. Net income for the first quarter of 2008 included a charge totaling $3.0 million post-tax, or $0.16 per diluted share related to the resignation of the Company's former CEO.

At the end of the second fiscal quarter, cash, cash equivalents and marketable securities totaled $111.6 million.

Arvind Dharia, Chief Financial Officer, commented, "We continue to generate solid cash flow and maintain a strong balance sheet attributable to the growth of our business and our conservative capital management."

Company Outlook
The Company has updated its fiscal 2009 guidance.

For fiscal 2009, the Company now expects net sales to increase 2% to 4% compared to fiscal 2008. The Company previously expected net sales to range from flat to a decline of 2% as compared to fiscal 2008.

Diluted EPS for fiscal 2009 is now expected to be in the range of $2.05 to $2.15 as compared to previous guidance in the range of $1.85 to $1.95.

Steve Madden

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