Designer footwear and accessories label Steve Madden has reported a 16.8 per cent dip in sales in its second quarter.
For the quarter ended June 30, the company’s sales fell 16.8 per cent to $445.3 million while gross profit grew 42.6 per cent from 40.7 per cent compared to the same period last year.
Operating expenses, as a percentage of revenue, were 32.7 per cent compared to 28.5 per cent in the same period last year.
Meanwhile, the wholesale business reported a 20.8 per cent decline in revenue to $314.6 million while the direct-to-consumer segment achieved $128.2 million, down 5.4 per cent.
The brand operates 242 brick-and-mortar stores and five online websites as well as 22 company-operated concessions internationally.
Edward Rosenfeld, chairman and CEO of Steve Madden, said the company is pleased to deliver results that are in line with expectations for the quarter.
“Our performance in the quarter reflects our disciplined control of inventory and expenses, even as we continue to invest in product innovation, consumer engagement and our long-term growth initiatives.
“While the retail environment remains choppy, we are confident that the power of our brands and the strength of our business model position us for sustainable growth and value creation over the long term.”