Steve Madden Ltd., a leading US designer, manufacturer and wholesaler of men’s, women’s, and children’s fashion footwear has announced its financial results for the third quarter ended September 30, 2004.

The results showed a decrease in both sales and operating income compared with the same period last year. Sales dropped from $88.7 million to $88.6 million whilst operating income fell from $11.7 million to $5.9 million compared with 2003.  The company attributed the decrease to the higher cost of goods sold as a percentage of sales, sustained overall markdown pressure, and higher operating costs due to increased occupancy costs from an expanded retail store base. The company opened seven new retail outlets during the third quarter and remains on schedule to open 12 over the year as a whole.

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