Steven Madden Ltd (SHOO) Cuts Q3 Outlook

Steven Madden Ltd (Nasdaq: SHOO) 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.

*** The Street sees Q3 revenue of $415.7 million and EPS of $0.67.

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.

You May Also Be Interested In

• BayCom Corp (BCML) Misses Q1 EPS by 4c
• SB Financial Group (SBFG) Tops Q1 EPS by 1c
• Nordstrom (JWN) CEO Erik Nordstrom Reports 7.45% Stake, Seeks to Finance Potential Deal with Debt/Equity