Steve Madden Announces Preliminary Third Quarter 2014 Results
October 20 2014 - 08:00AM
Business Wire
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®, Steven by Steve Madden®, Madden Girl®, Freebird by
Steven®, Stevies®, Betsey Johnson®, Dolce Vita®, DV by Dolce Vita®,
Brian Atwood®, B Brian Atwood®, Report Signature®, Report®, Big
Buddha®, Wild Pair®, Cejon® and Mad Love®, the Company is the
licensee of various brands, including Olsenboye® for footwear,
handbags and belts and Superga® and l.e.i.® 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.
ICR, Inc.Investor RelationsJean Fontana/Megan Crudele,
203-682-8200www.icrinc.com
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