by Apparel Resources News-Desk
28-February-2019 | 2 mins read
Steve Madden has witnessed an increase of nearly 13 per cent in its net sales for the fourth quarter, touching US $ 410.4 million.
The gross margin for Q4 was 37.1 per cent compared to 38.4 per cent in the previous year with the adjusted gross margin being 38.1 per cent.
The net income attributable to Steve Madden Ltd. was US $ 12.5 million compared to US $ 24.6 million for the Q4 of previous year. The adjusted net income was US $ 35.7 million compared to US $ 27.5 million for the Q4 of previous year.
“We are pleased to have delivered a strong Q4, with net sales increasing by 13 per cent and adjusted diluted EPS rising by 31 per cent compared to what it was during the same period last year.” – Edward Rosenfeld, Chairman and CEO, Steve Madden
He also added that despite the insolvency of Payless ShoeSource, the company is confident that its diversified business model positions them for long-term growth and value creation going forward.
The wholesale business too saw a rise of 14.1 per cent in net sales to touch US $ 317.4 million, mainly owing to strong growth in wholesale footwear and wholesale accessories.
The gross margin in the wholesale business slumped to 30.1 per cent compared to 31 per cent in Q4 of last year.
Steve Madden also recorded good performance in e-commerce and saw same store sale increase of 4 per cent in Q4, while the retail net sales increased by 7.9 per cent to reach US $ 93 million.
The company expects that fiscal year 2019 will see net sales increase by 4 to 6 per cent over net sales in 2018.