Stock Monitor: Rocky Brands Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 03, 2018 / Active-Investors.com has just released a free earnings report on Steven Madden, Ltd (NASDAQ: SHOO). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SHOO. Steven Madden reported its first quarter fiscal 2018 operating and financial results on April 20, 2018. The footwear and accessories retailer outperformed top- and bottom-line expectations and provided guidance for FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for Rocky Brands, Inc. (NASDAQ: RCKY), which also belongs to the Consumer Goods sector as the Company Steven Madden. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Steven Madden most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the first quarter 2018, Steven Madden's net sales increased 6.2% to $389.0 million compared to $366.4 million in Q1 2017. The Company's reported numbers beat analysts' estimates of $380.3 million.
During Q1 2018, Steven Madden's gross margin was 36.2% compared to gross margin of 36.2% in Q1 2017. The Company's operating expenses as a percentage of sales were 27.7% in the reported quarter compared to 28.9% of sales in the prior year's same quarter. Steven Madden's adjusted operating expenses as a percentage of sales were 26.9% in Q1 2018 compared to 26.8% in Q1 2017.
For Q1 2018, Steven Madden's operating income totaled $36.6 million, or 9.4% of net sales, compared to $30.8 million, or 8.4% of net sales, in Q1 2017. The Company's adjusted operating income was $39.6 million, or 10.2% of net sales, in the reported quarter, compared to adjusted operating income of $39.5 million, or 10.8% of net sales, in the prior year's corresponding quarter.
Steven Madden reported net income of $28.7 million, or $0.50 per diluted share, for Q1 2018 compared to $20.2 million, or $0.35 per diluted share, in Q1 2017. The Company's adjusted net income was $31.0 million, or $0.54 per diluted share, for the reported quarter compared to $27.5 million, or $0.47 per diluted share, in the prior year's same quarter. Steve Madden's earnings beat Wall Street's estimates of $0.50 per share.
Steven Madden's Segment Results
During Q1 2018, net sales for the wholesale business increased 5.8% to $331.2 million on a y-o-y basis, with strong gains in both the wholesale footwear and wholesale accessories businesses. Gross margin in the wholesale business was 32.6% versus gross margin of 32.4% in the year earlier comparable quarter. The modest decline in wholesale gross margin was the result of strong growth in the Company's private label business, which carries a lower gross margin.
For Q1 2018, the retail segment's net sales jumped 8.6% to $57.9 million compared to $53.3 million in Q1 2017. The segment's same store sales decreased 1.2% in the reported quarter as the result of a decline in the boot category. For Q1 2018, retail gross margin decreased to 56.7% compared to 58.7% in Q1 2017, primarily due to deep discounting of slow-selling inventory in the boot category.
During Q1 2018, Steven Madden opened two stores and closed five stores in the United States. The Company also opened one store in Mexico and one store in China. Steven Madden ended the quarter with 207 company-operated retail locations, including 6 Internet stores. In addition, during Q1 2018, the Company opened 2 concessions in China and ended the quarter with 40 company-operated concessions in international markets.
Balance Sheet and Cash Flow
During Q1 2018, Steven Madden repurchased 566,516 shares of the Company's common stock for approximately $25.7 million, which included shares acquired through the net settlement of employees' stock awards.
As of March 31, 2018, Steven Madden's cash, cash equivalents, and current and non-current marketable securities totaled $200.6 million.
For fiscal year 2018, Steven Madden is forecasting net sales to grow in the range of 5% to 7% on a y-o-y basis. The Company is expecting diluted earnings to be in the band of $2.55 to $2.62 per share and adjusted diluted earnings to be in the range of $2.60 to $2.67 per share for FY18.
Stock Performance Snapshot
May 02, 2018 - At Wednesday's closing bell, Steven Madden's stock climbed 1.04%, ending the trading session at $48.70.
Volume traded for the day: 304.86 thousand shares.
Stock performance in the last month – up 10.68%; previous three-month period – up 5.41%; past twelve-month period – up 27.82%; and year-to-date – up 4.28%
After yesterday's close, Steven Madden's market cap was at $2.79 billion.
Price to Earnings (P/E) ratio was at 23.61.
The stock has a dividend yield of 1.64%.
The stock is part of the Consumer Goods sector, categorized under the Textile - Apparel Footwear & Accessories industry.
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