Steve Madden Announces Preliminary Sales and EPS Results for First Quarter 2009; Raises Full Year 2009 Guidance
April 23 2009 - 7:30AM
Business Wire
Steve Madden (Nasdaq: SHOO), a leading designer and marketer of
fashion footwear and accessories for women, men and children, today
announced preliminary sales and EPS results for the first quarter
of 2009 and raised full year 2009 guidance.
First Quarter 2009 Preliminary Sales and EPS Results:
The company expects net sales for the first quarter 2009 to be
between $106 million and $107 million. This compares to net sales
of $100.5 million for the first quarter of 2008. EPS for the first
quarter of 2009 is expected to be in the range of $0.35 to $0.37.
This compares to EPS of $0.10 for the first quarter of 2008 which
included a $0.15 charge related to the resignation of the Company's
former chief executive officer.
Net sales for the first quarter of 2009 will reflect shifts
related to the Company�s Candies and International businesses.
Candies has been transitioned to a �first cost� model from a
wholesale model, and therefore revenue will now be recorded in
other income. As a result of this change, net sales for the first
quarter of 2009 will not reflect Candies revenue while net sales in
the first quarter of 2008 reflected revenue of $4.9 million for the
Candies business. In its International business, the Company
shifted to a wholesale model from a �first-cost� model, and
therefore revenue will now be recorded in net sales versus other
income in last year�s first quarter. As a result of this change,
net sales will reflect $5.2 million in International revenue in the
first quarter of 2009 as compared to no revenue recorded in net
sales for the International business in the first quarter of
2008.
Updated Full Year 2009 Guidance:
For fiscal 2009, the Company now expects net sales to range from
flat to a decline of 2% compared to 2008, again incorporating
shifts in the Candies and International businesses. Excluding the
impact of these shifts, sales are expected to decline 2% to 4% for
the year. Diluted EPS for 2009 is now expected to be in the range
of $1.85 to $1.95. This compares to previous guidance of $1.40 to
$1.55.
Edward Rosenfeld, Chairman and Chief Executive Officer
commented, �We had a strong start to the year, with better than
expected results driven by the performance of the Steve Madden
Womens and Madden Girl brands within our wholesale division. Our
updated full-year guidance reflects increased expectations for
these two brands as well as for our Adesso Madden �first-cost�
business, particularly our recently launched l.e.i. brand at
Wal-Mart. While we are very pleased with our performance thus far,
we will remain diligent in our inventory management and expense
controls.�
Conference Call Details
The Company will hold its first quarter 2009 earnings conference
call on Tuesday, May 5, 2009 at 8:30 a.m. Eastern Time. A live web
cast of the conference call will be available online at:
http://www.stevemadden.com/ under the Investor Relations section
and will remain available for 30 days following the live call. A
replay will also be available two hours following the call through
June 6, 2009, via telephone at 1-888-203-1112 (U.S.) and
1-719-457-0820 (international) by entering the replay pin
6408740.
About Steve Madden
Steve Madden designs and markets fashion-forward footwear and
accessories for women, men and children. The shoes and accessories
are sold through company-owned retail stores, department stores,
apparel, footwear, and accessories specialty stores, and online at
http://www.stevemadden.com/. The Company has several licensees for
its brands, including for outerwear, cold weather accessories,
eyewear, hosiery, and bedding and bath products and owns and
operates 94 retail stores, including its online store as of April
23, 2009. The Company is the licensee for footwear, handbags and
belts for Fabulosity, for footwear for Elizabeth and James and
l.e.i. and for handbags and belts for Betsey Johnson and Daisy
Fuentes.
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