More on Steve Madden's Q1

|By:, SA News Editor

Steve Madden (NASDAQ:SHOO) reports same-store retail sales fell 6% in Q1.

Wholesale net sales increased 13.6% to $313.3M

Retail gross margin up 250 bps to 58.7% due to a lower level of promotional activity.

Gross margin in the wholesale business grew 160 bps to 32.8% driven by an increase in the wholesale footwear segment.

Adjusted gross margin rate improved 130 bps to 36.6%.

Operating expenses as a percentage of sales down 10 bps to 26.8%.

Adjusted operating margin rate expanded 170 bps to 10.8%.

FY2017 Guidance: Net sales: +8% to +10%; GAAP EPS: $1.97 to $2.03; Adjusted EPS: $2.12 to $2.18.

SHOO -0.54% premarket.