Steve Madden Announces Fourth Quarter and Fiscal Year 2016 Sales Results
January 09 2017 - 4:05PM
Business Wire
Updates Fiscal Year 2016 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, 2016, and updated its fiscal year
2016 EPS guidance.
For the fourth quarter, net sales were $336.4 million, down 2.3%
compared to the same period of 2015. Net sales for the wholesale
division decreased 5.1% to $251.5 million. Retail net sales
increased 7.1% to $84.9 million. Retail comparable store sales for
the fourth quarter of 2016 increased 1.1%.
For fiscal year 2016, net sales were $1.4 billion, a 0.4%
decrease compared to fiscal year 2015. Wholesale net sales
decreased 2.4% to $1.1 billion. Retail net sales increased 9.3% to
$262.8 million. Retail comparable store sales for fiscal year 2016
increased 4.0%.
Diluted EPS for fiscal year 2016 is now expected to be at the
high end of the Company’s previously provided guidance range of
$1.98 to $2.03.
Edward Rosenfeld, Chairman and Chief Executive Officer,
commented, “We are pleased with our fourth quarter performance,
with earnings per share expected to be at the high end of our
guidance range despite the challenging retail environment. Sales
were lower than anticipated, due largely to softness in cold
weather accessories as well as our decision to wind down our
relationship with our distributor in Asia as we plan to transition
to a new business model in the region in 2017. However, the sales
shortfall was offset by better-than-anticipated gross margin, with
both our wholesale footwear and wholesale accessories segments
expected to show strong gross margin improvement compared to last
year’s fourth quarter. We also expect our tax rate to be lower than
forecast due to the income tax benefit from stock option activity
during the quarter.”
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 19th Annual ICR Conference
held at the JW Marriott Orlando Grande Lakes in Orlando, FL, on
Wednesday, January 11, 2017, at 9:30 am Eastern Time. The audio
portion of the presentation will be webcast live over the internet
and can be accessed through the Investor Relations section 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 own brands including Steve Madden®,
Dolce Vita®, Betsey Johnson®, Report®, Big Buddha®, Brian Atwood®,
Cejon®, Blondo® and Mad Love®, Steve Madden is the licensee of
various brands, including Superga® for footwear in North America.
Steve Madden also designs and sources products under private label
brand names for various retailers. Steve Madden's wholesale
distribution includes department stores, specialty stores, luxury
retailers, national chains and mass merchants. Steve Madden also
operates 189 retail stores (including Steve Madden's four Internet
stores). Steve Madden licenses certain of its brands to third
parties for the marketing and sale of certain products, including
for ready-to-wear, outerwear, intimate apparel, hosiery, jewelry,
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/.
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version on businesswire.com: http://www.businesswire.com/news/home/20170109006165/en/
ICR, Inc.Investor RelationsJean Fontana/Megan
Crudele203-682-8200www.icrinc.com
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