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Steven Madden Ltd. (NASDAQ:SHOO) reported its results for the third quarter. Steven Madden designs, sources, markets and retails women’s, men’s and children’s shoes for sale through its wholesale and retail channels.
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Steven Madden Ltd. Earnings Cheat Sheet
Results: Net income for Steven Madden Ltd. rose to $37.9 million (86 cents per share) vs. $31.9 million (74 cents per share) in the same quarter a year earlier. This marks a rise of 18.8% from the year-earlier quarter.
Revenue: Rose 13.7% to $356.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Steven Madden Ltd. fell short of the mean analyst estimate of 90 cents per share. It beat the average revenue estimate of $281.7 million.
Quoting Management: Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We saw continued strength in the business during the third quarter, delivering the highest quarterly sales and earnings in the Company’s 22 year history. We achieved double-digit sales growth, gross margin improvement and operating expense leverage in both our wholesale and retail businesses in the quarter. Our flagship Steve Madden brand performed particularly well, as consumers continue to respond to our fashion-forward, on-trend product. Overall, we are pleased with the momentum in our business and are confident that we can continue to drive strong sales and earnings growth in the balance of 2012 and beyond.”
The company has now seen net income rise in three straight quarters. In the second quarter, net income rose 13.1% and in the first quarter, the figure rose 22.5%.
The company fell short of estimates last quarter after beating the mark the quarter before with net income of 67 cents versus a mean estimate of net income of 63 cents per share.
Looking Forward: Expectations for the fourth quarter have not changed from 70 cents. The average estimate for the fiscal year has remained at $2.71 per share.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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