Research Desk Line-up: Wolverine World Wide Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 18, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on Steven Madden, Ltd (NASDAQ: SHOO), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=SHOO, following the Company's reporting of its financial results on August 01, 2017, for the second quarter fiscal 2017. The Company's revenue increased 15% on a y-o-y basis ahead of market expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Textile - Apparel Footwear & Accessories industry. Pro-TD has currently selected Wolverine World Wide, Inc. (NYSE: WWW) for due-diligence and potential coverage as the Company reported on August 09, 2017, its financial results for Q2 2017 which ended on July 01, 2017. Register for a free membership today, and be among the early birds that get access to our report on Wolverine World Wide when we publish it.
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For three months ended June 30, 2017, Steven Madden's revenue increased 15% on a y-o-y basis to $374.15 million from $325.40 million in Q2 FY16.Revenue surpassed analysts' expectations of $353.8 million.
For the reported quarter, Steven Madden's gross profit increased 15.2% to $139.40 million from $121.05 million in Q2 FY16. During Q2 FY17, the Company's gross margin increased 10 basis points to 37.3% of revenue from 37.2% of revenue in Q2 FY16. For the reported quarter, Steven Madden's adjusted gross margin increased 20 basis points to 37.4% of revenue from 37.2% of revenue in Q2 FY16.
During Q2 FY17, the Company's operating expenses decreased 40 basis points to 26.6% of revenue from 27% of revenue in Q2 FY16. For the reported quarter, Steven Madden's adjusted operating expenses decreased 60 basis points to 26.4% of revenue from 27.0% of revenue in Q2 FY16.
For the reported quarter, Steven Madden's EBIT margin increased 20 basis points to 11.2% of revenue from 11% of revenue in Q2 FY16.During Q2 FY17, the Company's adjusted EBIT decreased 47.8% to $43.08 million from $82.60 million in Q2 FY16.
During Q2 FY17, the Company's adjusted effective tax rate was 32.0% compared to 31.8% in Q2 FY16.
During Q2 FY17, Steven Madden's net income increased 17.1% to $28.96 million on a y-o-y basis from $24.74 million in Q2 FY16. For the reported quarter, the Company's adjusted net income increased 20% to $29.7 million on a y-o-y basis from $24.7 million in Q2 FY16. During Q2 FY17, Steven Madden's diluted EPS increased 22% to $0.50 on a y-o-y basis from $0.41 in Q2 FY16. For the reported quarter, the Company's adjusted diluted EPS increased 24.4% to $0.51 on a y-o-y basis from $0.41 in Q2 FY16. The adjusted diluted EPS surpassed analysts' expectations of $0.45.
Steven Madden's Segment Details
Wholesale -During Q2 FY17, the Wholesale segment's adjusted revenue increased 8.4% to $284.9 million from $262.9 million in Q2 FY16. The increase was due to improvement in the wholesale footwear business. For the reported quarter, the segment's adjusted gross margin increased 60 basis points to 31.7% of revenue from 31.1% of revenue in Q2 FY16. The increase was mainly attributable to improvement in the Women's wholesale footwear division.
Retail -During Q2 FY17, the Retail segment's revenue increased 9.6% to $68.5 million from $62.5 million in Q2 FY16. During Q2 FY17, the segment's same store sales growth was 2.2% compared to 5.4% in Q2 FY16. For the reported quarter, the segment's gross margin decreased 20 basis points to 62.6% of revenue from 62.8% of revenue in Q2 FY16.
As on June 30, 2017, Steven Madden's cash and cash equivalents decreased 21.2% to $99.41 million from $126.12 million in Q4 FY16. For the reported quarter, the Company's inventories increased 1.2% to $121.21 million from $119.82 million in Q4 FY16.
During Q2 FY17, the Company repurchased 820,848 shares for $30.8 million.
In H1 FY17, Steven Madden's cash provided by operating activities was $49.47 million compared to $58.49 million in H1 FY16.
For FY17, Steven Madden expects revenue growth to be in the range of 9%-11% and estimates diluted EPS to be in the range of $2.03-$2.09.
The Company expects adjusted diluted EPS to be in the range of $2.18-$2.24 for fiscal 2017.
On Thursday, August 17, 2017, the stock closed the trading session at $41.60, slipping 2.00% from its previous closing price of $42.45. A total volume of 543.46 thousand shares have exchanged hands, which was higher than the 3-month average volume of 471.39 thousand shares. Steven Madden's stock price surged 12.13% in the last three months, 15.24% in the past six months, and 16.89% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have rallied 16.36%. The stock is trading at a PE ratio of 20.06. At Thursday's closing price, the stock's net capitalization stands at $2.43 billion.
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