The American fashion group Steven Madden Ltd. was able to exceed market expectations in the third quarter of the 2023 financial year. The parent company of the Steve Madden brand had to report a slight decline in sales on Wednesday evening, but increased its profit.
In the three months before September 30, sales were 552.7 million US dollars (514.4 million euros), slightly below the level of the previous year’s quarter (-0.7 percent). In the wholesale business, revenues fell by 0.3 percent to $433.5 million, while in the company’s own retail business they fell by 1.8 percent to $116.4 million.
Thanks to a higher gross margin, operating income grew by 5.1 percent to $82.7 million compared to the same period last year. Net profit attributable to shareholders also increased by 5.1 percent and reached $64.4 million (€60.3 million).
Taking into account the recent weaker demand trend, management specified its forecasts for the full year 2023. It now expects a decline in sales of around seven percent and diluted earnings per share adjusted for special items in the range of $2.40.