Footwear brand Steve Madden’s third-quarter net income increased despite a slight decline in revenue due to a decrease in wholesale footwear and direct-to-consumer sales.

The company’s attributable net income rose 5.1 per cent year over year to $64.4 million in the three months ended September 30. Revenue, however, declined 0.7 per cent to $552.7 million.

This comes as wholesale footwear and direct-to-consumer revenues fell 7.5 per cent and 1.8 per cent, respectively, while wholesale accessories/apparel revenue increased 22.7 per cent.

Net sales during the period stood at $549.8 million, down 0.6 per cent.

“Our team prudently managed inventory and expenses – which enabled us to drive operating margin improvement in both wholesale and direct-to-consumer channels – while continuing to invest in our long-term growth initiatives,” said Edward Rosenfeld, chairman and CEO at Steven Madden.

“While softer trends across the industry since September have left us incrementally more cautious on the near-term outlook, we remain confident that our core strengths – our people, brands and business model – will enable us to deliver sustainable revenue and earnings growth over the long term.”

For the first nine months, Steve Madden’s attributable net income fell 26.4 per cent to $135.7 million while revenue slid 11.5 per cent to $1.46 billion. Net sales decreased 11.5 per cent to $1.45 billion.

For the full year, the company expects revenue to decline by about 7 per cent.