Company News »

Steve Madden Announces Preliminary Third Quarter 2014 Results

Business Wire
Share on StockTwits
Published on

Steve Madden (Nasdaq:SHOO), a leading designer and marketer of fashion footwear and accessories for women, men and children, today announced preliminary financial results for the third quarter ended September 30, 2014, and updated its fiscal year 2014 EPS guidance.

For the third quarter, net sales were $392.0 million, a 0.7% decrease compared to the same period of 2013. Net sales for the wholesale division were $343.3 million compared to $345.9 for the same period of 2013. Retail net sales were $48.7 million compared to $48.9 for the same period of 2013. Retail comparable store sales for the third quarter of 2014 decreased 7.4%. The Company expects third quarter EPS to be approximately $0.61 to $0.62 per diluted share.

Factoring in the recent acquisition of Dolce Vita and current expectations for the remainder of the year, for fiscal year 2014, the Company now expects that net sales will increase 1% to 2% over net sales in 2013. Diluted EPS for fiscal year 2014 is now expected to be in the range of $1.81 to $1.86.

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “Our third quarter results were disappointing, coming in below our forecast due primarily to weaker than anticipated performance in our retail segment. Given the continued lack of significant fashion trends in the footwear space, our assumption that retail segment trends will remain difficult through the fourth quarter, and a reduced forecast for reorders in our wholesale segment, we are lowering our full year guidance. While our recent performance has been below our expectations, we remain confident in the strength of our business model, and we continue to take steps, including our recent acquisitions of Dolce Vita and our Mexican licensee, that will drive the business forward over the long term.”

The Company intends to release third quarter fiscal 2014 financial results on October 30, 2014 and will host a conference call at 8:30 A.M. Eastern Time that same day.

About Steve Madden

Steve Madden designs, sources and markets fashion-forward footwear and accessories for women, men and children. In addition to marketing products under its owned brands including Steve Madden(R), Steven by Steve Madden(R), Madden Girl(R), Freebird by Steven(R), Stevies(R), Betsey Johnson(R), Dolce Vita(R), DV by Dolce Vita(R), Brian Atwood(R), B Brian Atwood(R), Report Signature(R), Report(R), Big Buddha(R), Wild Pair(R), Cejon(R) and Mad Love(R), the Company is the licensee of various brands, including Olsenboye(R) for footwear, handbags and belts and Superga(R) and l.e.i.(R) for footwear. The Company also designs and sources products under private label brand names for various retailers. The Company’s wholesale distribution includes department stores, specialty stores, luxury retailers, national chains and mass merchants. The Company also operates 128 retail stores (including the Company’s three Internet stores). The Company licenses certain of its brands to third parties for the marketing and sale of certain products, including for ready-to-wear, outerwear, intimate apparel, eyewear, hosiery, jewelry, fragrance, luggage and bedding and bath products.

Safe Harbor

This press release and oral statements made from time to time by representatives of the Company contain certain “forward looking statements” as that term is defined in the federal securities laws. The events described in forward looking statements may not occur. Generally these statements relate to business plans or strategies, projected or anticipated benefits or other consequences of the Company’s plans or strategies, projected or anticipated benefits from acquisitions to be made by the Company, or projections involving anticipated revenues, earnings or other aspects of the Company’s operating results. The words “may,” “will,” “expect,” “believe,” “anticipate,” “project,” “plan,” “intend,” “estimate,” and “continue,” and their opposites and similar expressions are intended to identify forward looking statements. The Company cautions you that these statements concern current expectations about the Company’s future results and condition and are not guarantees of future performance or events and are subject to a number of uncertainties, risks and other influences, many of which are beyond the Company’s control, that may influence the accuracy of the statements and the projections upon which the statements are based. Factors which may affect the Company’s results include, but are not limited to, the risks and uncertainties discussed in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission. Any one or more of these uncertainties, risks and other influences could materially affect the Company’s results of operations and financial condition and whether forward looking statements made by the Company ultimately prove to be accurate and, as such, the Company’s actual results, performance and achievements could differ materially from those expressed or implied in these forward looking statements. The Company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

Share on StockTwits