Jul 30, 2009
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Steven Madden posts higher second quarter profit

Jul 30, 2009

July 30 (Reuters) - Shoe maker Steven Madden Ltd (SHOO.O) posted a better-than-expected quarterly profit, helped by strong performance in its core Steve Madden Women's and Madden Girl wholesale divisions.

Steve Madden women's shoes - Photo: www.stevemadden.com

The company, whose lines include flagship brand Steve Madden, Stevies, and Candies, earned $12.1 million, or 66 cents a share, compared with $7.6 million, or 43 cents a share, in the second quarter last year.

Sales increased 6.5 percent to $116.5 million.

Analysts on average were looking for profit of 49 cents, before items, on revenue of $111.60 million, according to Reuters Estimates.

The company said it did not open any stores and closed two stores during the second quarter.

Steven Madden, which ended the quarter with 92 retail locations, including the Internet store, raised its 2009 earnings outlook to between $2.05 and $2.15 a share compared with its previous view of between $1.85 and $1.95 a share.

It also expects net sales to increase between 2 percent and 4 percent in 2009.

Analysts on average were looking for full-year earnings of $1.89 a share on revenue of $457.2 million.

Shares of the New York-based company closed at $28.59 Wednesday 29 July on Nasdaq. (Reporting by Vidya Lakshmi in Bangalore; Editing by Maju Samuel)

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