Leading women, men and children fashion footwear designer, wholesaler and marketer Steven Madden Ltd announced preliminary results for the second quarter ended June 30, 2005.
Based on stronger than anticipated trends in both the wholesale and retail divisions, the Company expects to report second quarter net sales in the range of approximately $100 million to $101 million, compared with $86.2 million in the same period of the prior year, an increase of approximately 16 percent.
This reflects an increase in total retail sales of approximately 23 percent and a same-store sales increase of approximately 13 percent for the quarter on top of a 15 percent same-store sales increase in the second quarter last year. Net sales also includes an approximate 14 percent increase in wholesale revenues reflecting particularly strong results in Madden Mens and improvements in Candie's.
In addition, while the market has remained challenging, increased shipments out of the high-margin Madden Mens open stock program and expanded gross margin in Candie's and l.e.i. improved overall gross margin. Further, SG&A as a percentage of sales declined versus the comparable period last year, contributing to increased operating margin for the quarter.
As a result, the Company anticipates that second quarter earnings will exceed plan, ranging between approximately $0.36 and $0.39 per diluted share based on approximately 13.5 million diluted weighted average shares outstanding. This compares to earningsper diluted share of $0.28 on 14.4 million diluted weighted average shares outstanding in the second quarter last year.
-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)")
