Steven Madden 2nd-quarter profit declines

Profit for the second quarter ended June 30 declined to $7.6 million, or 43 cents per share, from $10.5 million, or 49 cents per share, a year ago.

Operating expenses as a percent of sales were 33.5 percent, compared with 31 percent in the same period of 2007.

Sales rose to $109.3 million from $108.3 million.

Revenue from the company's wholesale business rose to $79.4 million from $78.6 million because of strong results in its Madden Girl and Daniel M. Friedman segments.

Analysts surveyed by Thomson Financial had expected earnings of 40 cents per share and revenue of $106.2 million.

"While we continue to experience the effects of the challenging macroeconomic environment, we are beginning to see some renewed momentum in our business," said Edward Rosenfeld, interim chief executive. Rosenfeld has been serving in the position since former Chief Executive Jamieson Karson resigned in March.

The company still expects earnings between $1.55 and $1.65 per share, excluding items, for fiscal 2008. Analysts, who usually exclude one-time items from their estimates, predict $1.55 for the year.

Shares rose $1.52, or 6.8 percent, to $24 in morning trading.