Shares of Steven Madden, Ltd. (SHOO - Free Report) have not only gained but have also outperformed the industry and the overall sector in the past three months. This Zacks Rank #3 (Hold) stock has gained approximately 16.9% compared with the industry’s rise of 11.6% and the overall sector’s rally of 7.8%.
The company is leaving no stone unturned to boost the top and the bottom line. Notably, the company is focusing on expanding globally and enhancing product portfolio.
The company, which shares space with Iconix Brand Group, Inc. , is taking several initiatives to grow globally. Notably, in the first quarter, the company witnessed 36% revenue growth internationally. The company’s directly-owned subsidiaries in Canada and Mexico, SM Europe JV as well as the distributor business posted strong results.
Further, Steven Madden expects its international business to sustain momentum in 2018 on strategic investments. The company is optimistic about growth in the Middle East, Italy and India. The company expects Asia to be a major contributor to net sales despite the region’s marginally low figures in the first quarter.
This Long Island City, NY based company continues to see robust growth at the Wholesale Footwear and Accessories segments.
In the last reported quarter, the company witnessed growth of 5.8% in the Wholesale Business, courtesy of Wholesale Footwear and Accessories. Per management, core Wholesale Footwear business maintains a robust performance and will continue to do so in the future. Further, management expects the Wholesale Accessories business to maintain the momentum backed by strength in Steve Madden handbag and owned-private label divisions.
Along with these, for 2018, management continues to expect net sales growth of 5-7%. Adjusted earnings are expected in the range of $2.60-$2.67 per share, indicating an improvement from $2.24 in 2017.
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