Steven Madden Q2 Profit Rises; Reaffirms FY13 Outlook

(RTTNews) - Steven Madden, Ltd. (SHOO) reported that its second-quarter net income increased to $29.0 million, or $0.65 per share, from $26.9 million, or $0.61 per share in the prior year's second quarter. Net income for the second quarter of 2012 included the aforementioned charges related to a class action lawsuit and note receivable impairment.

On an after-tax basis, these charges negatively impacted net income by $2.6 million, or $0.06 per diluted share. During the second quarter of 2012, the Company also recorded a $2.8 million, or $0.06 per diluted share, tax benefit for the year-to-date impact of a portion of earnings from the Company's foreign operations that were reinvested indefinitely.

Net sales grew 3.1% to $297.6 million compared to $288.7 million in the same period of 2012. Retail comparable store sales increased 2.5%.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.64 per share and revenues of $307.19 million for the quarter. Analysts' estimates typically exclude special items.

The company reaffirmed fiscal year 2013 guidance that net sales will increase 6 - 8% from 2012. Earnings per share is expected to be in the range of $2.95 - $3.05. Analysts expect the company to report earnings of $3.01 per share and revenues of $1.33 billion for fiscal 2013.