Steve Madden’s women’s business is picking up the slack.
The fashion footwear company announced its fourth quarter earnings on Tuesday. Net sales were down 2.3% to $336.4 million from $344.3 million in the same period of 2015. Sales declines in private label footwear, cold weather accessories and international business were partially offset by strong growth in the women’s division.
“While overall sales declined modestly due primarily to softness in our private label footwear and cold weather accessories businesses, we had outstanding top line growth in our core Steve Madden Women’s wholesale business, and we also achieved strong gross margin improvement in both the wholesale footwear and wholesale accessories segments,” said Edward Rosenfeld, Steve Madden Chairman and CEO.
Net income was $28.7 million, or $0.49 per diluted share, compared to $25.7 million, or $0.43 per diluted share, in the prior year’s fourth quarter.
The company, which opened two full price stores and one outlet store during Q4, saw retail net sales for the quarter increase to $84.9 million compared to $79.3 million in the fourth quarter of the prior year. Same store sales increased 1.1% for Q4.
For the full year, net sales decreased 0.4% to $1.40 billion from $1.41 billion in the prior year.
For fiscal year 2017, the company expects that net sales will increase 8-10 percent over net sales in 2016. Diluted EPS for fiscal year 2017 is expected to be in the range of $2.12 to $2.18.