REPORT_ For the second quarter of 2013 Steve Madden net sales increased 3.1 percent compared to the same period in 2012. Retail comparable store sales increased 2.5 percent. Gross margin expanded 110 basis points to 37.2 percent compared to 36.1 percent in the same period last year. Operating income was 15.3 percent of net sales compared with operating income which was 13 percent of net sales in the same period of 2012.
Retail gross margin increased to 64.7 percent in the second quarter of 2013 compared to 63.7 percent in the second quarter of 2012. Gross margin in the wholesale business was 32.1 percent compared to 31.6 percent in last year's second quarter. Net sales from the wholesale business grew 1.3 percent compared to the second quarter of 2012.
Steve Madden is based in New York. It designs, sources and markets fashion-forward footwear and accessories for women, men and children. Edward Rosenfeld, Chairman and Chief Executive Officer, commented, "We achieved solid sales and earnings results in the second quarter despite a challenging retail environment. The gross margin improvement, combined with well-controlled expenses, enabled us to deliver a robust year-over-year gain in operating profit margin.”