Steve Madden reports sales increase in Q1 2015
The shoe designer and sourcer on Friday announced a decline in first quarter 2015 profits despite a 6.3% increase in net sales to 323.9 million US compared to 304.6 million US in the same period of 2014.
Net sales for the wholesale business totaled 277.0 million US dollars in the first quarter compared to 265.0 million US dollars in the first quarter of 2014. Gross margin in the wholesale business decreased to 30.9% (32.6% in last year’s first quarter), with a decline in footwear primarily attributable to the impact from the Dolce Vita acquisition and a decline in accessories driven by changes in customer mix.
Retail net sales in the first quarter were 46.9 million US dollars compared to 39.6 million US dollars in the first quarter of the prior year. Same store sales increased 11.6% for the quarter. Retail gross margin decreased to 55.1% in the first quarter of 2015 (55.7% in similar period in 2014) as a result of increased promotional activity in the outlet stores.
Steve Madden's gross margin in the period reached 34.4% as compared to 35.6% in the same period last year.
Net income for the period reached 19.8 million US, compared to 23.6 million US in the prior year's first quarter.
Steve Madden designs, sources, and markets footwear and accessories for women, men, and children for its private label, Dolce Vita, Betsey Johnson, Big Buddha, Report, Brian Atwood, Cejon, Blondo, Wild Pair, and Mad Love, and is the licensee for Superga. The company currently operates 158 retail stores including 118 full price stores, 32 outlet stores, four internet stores and four join venture locations in South Africa.
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