Steven Madden Profit And Sales Rise Above Expectations

Steven Madden Ltd. reported Tuesday a net profit that rose to $29.0 million, or 50 cents a share, from $24.7 million, or 41 cents a share, in the same period a year ago. Excluding non-recurring items, the footwear seller reported adjusted earnings per share of 51 cents, beating the FactSet consensus of 44 cents. Revenue increased 15% to $374.1 million from $325.4 million, above the FactSet consensus of $354.6 million, amid strength in its core Steven Madden Women's wholesale footwear business. Same-store sales growth of 2.2% beat expectations of a 1.7% rise. The company expects 2017 adjusted EPS of $2.18 to $2.24, compared with the FactSet consensus of $2.19. Revenue for 2017 is expected to rise 9% to 11% from a year ago, while the FactSet consensus of $1.53 billion implies growth of 9.2%. The stock, which was still inactive in premarket trade, has rallied 15% year to date, while the SPDR S&P Retail ETF has dropped 6.6% and the S&P 500 has gained 10%.