SHOO - Steven Madden +4% after expense tightening leads to profit beat

Steven Madden (SHOO) reports a 32.5% decline in wholesale footwear in Q3 and a 33.3% decline in wholesale accessories/apparel. Retail revenue was down 22.1% during the quarter to $59.0M. Gross margin increased 130 basis points to 40.3%. Adjusted operating expenses as a percentage of revenue were 27.0% compared to 24.6% a year ago. CEO outlook: "The swift actions we took to address the rapidly changing marketplace – adjusting our merchandise mix, accelerating our digital commerce initiatives and right-sizing our expense structure – have positioned us to continue to navigate the crisis and also to capitalize on market share opportunities going forward. We remain confident that our strong brands, pristine balance sheet and proven business model will enable us to drive sustainable revenue and earnings growth as conditions normalize." Steven Madden did not issue any formal guidance. Shares of Steven Madden are up 3.67% premarket to $24.00.Previously: Steven Madden EPS beats

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Steven Madden +4% after expense tightening leads to profit beat