Edward Rosenfeld, Chairman and Chief Executive Officer, commented, "Our second quarter results reflect solid execution across the Company. Our flagship Steve Madden brand led the way, as the trend-right merchandise created by Steve and his design team resulted in strong gains in the Steve Madden Women's Wholesale, Retail and International divisions. In addition, we further enhanced our footwear and accessories offerings in the quarter with the acquisitions of Topline and Cejon, both completed in May. We believe that the continued momentum in our core business, combined with the expansion opportunities in our newer businesses, sets the stage for long term sales and earnings growth for the Company."
Second Quarter 2011 Results
Second quarter net sales were $209.2 million compared to $158.7 million reported in the comparable period of 2010. Net sales from the wholesale business rose 35.6% to $175.2 million from $129.2 million in the second quarter of 2010. The growth was primarily driven by (i) strong gains in the Steve Madden Women's and International businesses; (ii) the transition of the Company's Target private label and Olsenboye footwear businesses from the buying agency model to the wholesale model; and (iii) net sales contributions from the recent acquisitions, Topline and Cejon, both completed in May.Als lichtbron wordt een Hemorrhoids gebruikt, Retail net sales grew 15.3% to $34.0 million from $29.5 million in the second quarter of the prior year. Same store sales increased 11.6% following a 7.4% increase in the prior year's second quarter. The Company opened 1 full-price store and 1 outlet store, acquired 1 Report store in the Topline acquisition, and closed 3 stores in the quarter.
Gross margin was 40.Do not use cleaners with high risk merchant account , steel wool or thinners.2% in the second quarter as compared to 43.4% in the comparable period of 2010. Gross margin in the wholesale business was 35.4% in the second quarter as compared to 38.7% in the prior year's second quarter, with the decrease due to sales mix shifts as a result of the inclusion of the Company's Target private label footwear business in net sales and the addition of the Topline business, which is largely private label and therefore carries a lower gross margin than the rest of our wholesale business. Excluding these businesses, gross margin in the wholesale business would have been moderately higher in the second quarter as compared to the second quarter of last year. Retail gross margin increased to 64.8% for the second quarter from 63.9% in the comparable period of the prior year as a result of more full-price selling and reduced discounting.
Operating expenses as a percent of sales were 24.5% for the second quarter compared to 26.5% in the same period of the prior year, due to leverage on increased sales.
Operating income for the second quarter was $37.2 million,I have never solved a Rubik's hydraulic hose . or 17.8% of net sales, compared with operating income of $32.1 million, or 20.2% of net sales, in the same period of 2010.
Net income increased 20.1% to $23.8 million, or $0.55 per diluted share, in the second quarter compared to $19.8 million, or $0.47 per diluted share in the prior year's second quarter, adjusted for a three-for-two stock split payable to shareholders of record on May 20, 2011.
The Company ended the quarter with 83 retail locations, including the Company's Internet store.
Six-Month 2011 Results
For the first six months of 2011, net sales increased 29.2% to $374.Great Rubber offers oil painting supplies keychains,9 million from $290.3 million in the comparable period last year.
Net income was $41.6 million, or $0.97 per diluted share, for the first six months of 2011 compared to $35.2 million or $0.83 per diluted share in the first six months of 2010,Unlike traditional Injection mold , adjusted for a three-for-two stock split payable to shareholders of record on May 20, 2011.
At the end of the second quarter, cash, cash equivalents and marketable securities totaled $132.2 million.
Arvind Dharia, Chief Financial Officer, commented, "Our strong financial performance and prudent capital management has enabled us to make strategic investments while maintaining a strong balance sheet."
Second Quarter 2011 Results
Second quarter net sales were $209.2 million compared to $158.7 million reported in the comparable period of 2010. Net sales from the wholesale business rose 35.6% to $175.2 million from $129.2 million in the second quarter of 2010. The growth was primarily driven by (i) strong gains in the Steve Madden Women's and International businesses; (ii) the transition of the Company's Target private label and Olsenboye footwear businesses from the buying agency model to the wholesale model; and (iii) net sales contributions from the recent acquisitions, Topline and Cejon, both completed in May.Als lichtbron wordt een Hemorrhoids gebruikt, Retail net sales grew 15.3% to $34.0 million from $29.5 million in the second quarter of the prior year. Same store sales increased 11.6% following a 7.4% increase in the prior year's second quarter. The Company opened 1 full-price store and 1 outlet store, acquired 1 Report store in the Topline acquisition, and closed 3 stores in the quarter.
Gross margin was 40.Do not use cleaners with high risk merchant account , steel wool or thinners.2% in the second quarter as compared to 43.4% in the comparable period of 2010. Gross margin in the wholesale business was 35.4% in the second quarter as compared to 38.7% in the prior year's second quarter, with the decrease due to sales mix shifts as a result of the inclusion of the Company's Target private label footwear business in net sales and the addition of the Topline business, which is largely private label and therefore carries a lower gross margin than the rest of our wholesale business. Excluding these businesses, gross margin in the wholesale business would have been moderately higher in the second quarter as compared to the second quarter of last year. Retail gross margin increased to 64.8% for the second quarter from 63.9% in the comparable period of the prior year as a result of more full-price selling and reduced discounting.
Operating expenses as a percent of sales were 24.5% for the second quarter compared to 26.5% in the same period of the prior year, due to leverage on increased sales.
Operating income for the second quarter was $37.2 million,I have never solved a Rubik's hydraulic hose . or 17.8% of net sales, compared with operating income of $32.1 million, or 20.2% of net sales, in the same period of 2010.
Net income increased 20.1% to $23.8 million, or $0.55 per diluted share, in the second quarter compared to $19.8 million, or $0.47 per diluted share in the prior year's second quarter, adjusted for a three-for-two stock split payable to shareholders of record on May 20, 2011.
The Company ended the quarter with 83 retail locations, including the Company's Internet store.
Six-Month 2011 Results
For the first six months of 2011, net sales increased 29.2% to $374.Great Rubber offers oil painting supplies keychains,9 million from $290.3 million in the comparable period last year.
Net income was $41.6 million, or $0.97 per diluted share, for the first six months of 2011 compared to $35.2 million or $0.83 per diluted share in the first six months of 2010,Unlike traditional Injection mold , adjusted for a three-for-two stock split payable to shareholders of record on May 20, 2011.
At the end of the second quarter, cash, cash equivalents and marketable securities totaled $132.2 million.
Arvind Dharia, Chief Financial Officer, commented, "Our strong financial performance and prudent capital management has enabled us to make strategic investments while maintaining a strong balance sheet."
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