US-based fashion retailer Steven Madden has reported a 0.5% increase in revenue to $361m for the first quarter of the year, up from $359.2m a year earlier.
The company posted a 27.5% jump in retail revenue to $67.5m, while its Retail gross margin increased to 63.5%.
This was supported by strong performance in both e-commerce and brick-and-mortar businesses.
Steven Madden’s e-commerce revenue increased by 89% for the quarter compared to the first quarter of last year, including a 112% growth in its e-commerce business.
The company’s wholesale revenue declined by 3.7% to $291.4m, mainly due to impact from supply chain disruption.
Net income attributable to Steven Madden was $21.2m, while its adjusted net income was $26.9m compared to $13m.
The company’s diluted earnings per share (EPS) was $0.33, a 108% increase from the first quarter of last year.
Its gross margin increased by 130 basis points to 38.5%, compared to 37.2% in the same period a year earlier.
Steven Madden chairman and CEO Edward Rosenfeld said: “We are off to a good start to the year, with first-quarter results that significantly exceeded our expectations.
“The on-trend product assortments created by Steve and our design teams are resonating with consumers, as evidenced by the performance in our retail segment, where first-quarter revenue increased by 7% compared to the first quarter of 2019 on the strength of exceptional growth in our digital business.
“Looking ahead, while we are cautious on the near-term outlook due to the continued negative impacts of Covid-19 and supply chain disruption, we remain confident that our strong brands and proven business model will enable us to drive sustainable revenue and earnings growth over the long term.”
As of 31 March, Steven Madden had 215 company-operated retail stores, seven online stores and 17 company-operated concessions in international markets.
The company expects its revenue to be in the range of $360m to $365m for the second quarter of the year, and its diluted EPS to be between $0.26 and $0.28.
It will not issue full-year guidance due to supply chain disruption and uncertainty surrounding the Covid-19 pandemic.