Steven Madden Net Sales Growth In The Two Quarter
U.S.A footwear Group Steven Madden Ltd. ended in the two quarter of June 30th Net sales The growth rate was 3.1% to 297 million 600 thousand dollars; the same store sales increased by 2.5%; gross margin increased by 110 basis points to 37.2%; net profit increased 7.6% to 29 million dollars or earnings per share were 0.65 dollars.
Steven Madden Ltd. Edward Rosenfeld, chairman and chief executive of the board of directors, said that sales and profit growth in the two quarter was very successful in the difficult retail environment. He also said that through strict inventory management, gross profit margins were improved in both wholesale and retail channels in the two quarter, while the increase in gross margin and control of management fees increased operating margins.
In the two quarter, Steven Madden Ltd. operating profit margin reached 15.3%, up 230 basis points from last year, reaching 45 million 600 thousand US dollars. In the two quarter, wholesale sales increased by 1.3% to $251 million 400 thousand, compared with $248 million 100 thousand to $251.4 in the same period last year. The growth of accessory products partially offset the decline in wholesale sales of footwear products due to the loss of two private customers.
The gross profit margin of wholesale business in the two quarter was 32.1%, an increase of 50 basis points compared with the same period last year, mainly benefiting from the business improvement of the Steve Madden brand women's shoe department. Retail sales grew by 13.9% to $46 million 200 thousand in the two quarter, compared with $40 million 600 thousand in the same period last year, mainly benefiting from the opening of 17 new stores. The gross profit margin of retail channels was 64.7%, up 100 basis points.
In the two quarter, the company added two Steve Madden full price stores and a discount store, making the total number of Direct stores 113, including 12 discount stores and three online stores. Steven Madden Ltd. reiterated its annual growth forecast for 6%-8% and earnings expectations of $2.95 to $3.05 per share in its earnings report.
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