American shoe chain Steve Madden's third quarter turnover reached 413.5 million dollars (397.4 million euro), up 5.5 % compared to 2014's third quarter.
Own stores perform well
Particularly sales in its own stores were decent: turnover grew from 48.7 million dollars (44.5 million euro) to 56.4 million dollars (51.5 million euro). On a like-for-like store basis, turnover even skyrocketed 11.2 % to its third straight quarter with double-digit growth. Its gross margin also grew from 58.9 to 60.4 %, even though that was partly because it had fewer advertising campaigns.
Its wholesale turnover also grew from 343.3 million dollars (313.6 million euro) to 357 million dollars (326 million euro), while gross margins grew from 31.3 % to 32.1 %. All those factors combined resulted in a 9.3 % net profit increase to 42.9 million dollars (39.2 million euro).
Slower private label orders
Madden predicts its full-year results to grow 6 to 7 %, based on lower than expected pre-orders for its private label shoes from several chains.
By the end of September, Madden had 165 stores of its own, with 120 classic brick&mortar stores, 37 outlets, 4 internet web shops and 4 South African joint-ventures.