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Steven Madden Q2 profit falls 10.5% YOY

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Steven Madden Q2 profit falls 10.5% YOY

Steven Madden Ltd. said its normalized net income for the second quarter amounted to 37 cents per share, compared with the S&P Capital IQ consensus estimate of 39 cents per share.

EPS fell 6.4% year over year from 40 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $23.0 million, a decrease of 10.5% from $25.6 million in the year-earlier period.

The normalized profit margin dropped to 7.1% from 8.7% in the year-earlier period.

Total revenue climbed 9.4% on an annual basis to $323.6 million from $295.7 million, and total operating expenses increased 12.3% from the prior-year period to $286.8 million from $255.4 million.

Reported net income fell 13.1% on an annual basis to $24.6 million, or 40 cents per share, from $28.3 million, or 44 cents per share.