Steven Madden Ltd. CEO Edward Rosenfeld had great news about the shoe firm’s prospects, and investors cheered.

Shares of Madden spiked up 13.6 percent to close the trading day Wednesday at $37.32 following Rosenfeld’s remarks in a conference call after the company posted third quarter earnings results.

“During the period in April and May, when new tariffs on Chinese imports reached 145 percent , wholesale customers cut back meaningfully on orders for the third quarter, and we shifted large amounts of production out of China midstream, which led to shipment delays,” Rosenfeld said. “These factors, together with the negative impact to gross margin from the significant increase in our landed costs, resulted in substantial pressure on both revenue and earnings in Q3.” He also noted t

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