Steve Madden’s profit more than doubled in the third quarter, as sales saw double-digit growth driven by improvement across brands and channels.
The company’s revenue soared 15.7 per cent to $772.6 million in the quarter ended September 30, with wholesale revenue up 19.4 per cent to $528.7 million and direct-to-consumer sales up 8 per cent to $239.2 million
Attributable net income jumped from $20.5 million a year ago to $52.4 million.
Chairman and CEO Edward Rosenfeld said the company delivered an “outstanding third quarter”, with strong growth across brands and channels.
“The Steve Madden brand was a particular highlight, as our trend-right product assortments and compelling marketing continue to resonate with consumers and drive strong momentum.
“We are also pleased with the performance across the broader brand portfolio, reflecting our team’s disciplined execution of our strategy,” Rosenfeld added.
Aside from its namesake brand, Steve Madden’s portfolio also includes Kurt Geiger London, Dolce Vita, Betsey Johnson, Carvela, Blondo and ATM.
The company ended the quarter with 381 company-operated brick-and-mortar retail stores, as well as eight e-commerce websites and 190 concessions in international markets.
Based on the strong year-to-date results, the retailer has raised its full-year outlook, expecting revenue to increase 12-13 per cent, versus its previous guidance range of 11-13 per cent.
