Steve Madden Announces Fourth Quarter and Fiscal Year 2014 Sales Results
January 09 2015 - 7:00AM
Business Wire
Updates Fiscal Year 2014 EPS
Guidance
Steve Madden (Nasdaq:SHOO), a leading designer and marketer of
fashion footwear and accessories for women, men and children, today
announced preliminary sales results for the fourth quarter and
fiscal year ended December 31, 2014 and updated its fiscal year
2014 EPS guidance.
For the fourth quarter, net sales were $342.6 million,
approximately flat to the same period of 2013. Net sales for the
wholesale division decreased 0.9% to $270.9 million. Retail net
sales grew 3.2% to $71.7 million. Retail comparable store sales for
the fourth quarter of 2014 declined 2.3%.
For fiscal year 2014, net sales were $1.3 billion, a 1.6%
increase compared to fiscal year 2013. Wholesale net sales grew
2.2% to $1.1 billion. Retail net sales decreased 1.7% to $206.0
million. Retail comparable store sales for fiscal year 2014
declined 8.1%.
Diluted EPS for the fiscal year 2014 is now expected to be
approximately $1.75 – $1.76.
Edward Rosenfeld, Chairman and Chief Executive Officer,
commented, "Fourth quarter was a challenging period. Our financial
performance was below our expectations due primarily to (i) air
freight incurred due to the West Coast port slowdown; (ii) below
plan performance in our newly acquired Dolce Vita division as we
moved aggressively to clear excess inventory; and (iii) challenges
caused by production delays on goods from Mexico.
While 2014 was a difficult year at Steve Madden, we took a
number of important steps to position the Company for the future.
We implemented a new e-commerce platform, acquired two powerful
footwear brands in Dolce Vita and Brian Atwood, and moved to an
ownership model in two important international markets with the
acquisition of our Mexican licensee and the formation of a joint
venture in South Africa. We are confident that these initiatives
will drive significant long-term earnings growth.”
Reported results are preliminary and remain subject to
adjustment until the filing of the Company's Annual Report on Form
10-K with the SEC.
The Company will be presenting at the 17th Annual ICR XChange
Conference to be held at the Grand Lakes Hotel & Resort in
Orlando, Florida on Monday, January 12, 2015 at 1:30 PM Eastern
Time. Edward Rosenfeld, Chairman and Chief Executive Officer, will
host the presentation. The audio portion of the presentation will
be webcast live over the internet and can be accessed through the
Investor Relations page of our website at
http://www.stevemadden.com/. An online archive will be available
for a period of 90 days following the presentation.
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 operated 160
retail stores (including the Company's four 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. For
local store information and the latest Steve Madden booties, pumps,
men’s and women’s boots, dress shoes, sandals and more, visit
http://www.stevemadden.com/
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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