Steve Madden Announces Record Preliminary Sales and EPS Results for Third Quarter 2009; Raises Full Year 2009 Guidance
October 20 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 third quarter
of 2009 and raised full year 2009 guidance.
Third Quarter 2009 Preliminary Sales and EPS Results:
The company expects net sales for the third quarter 2009 to be
approximately $140 million. This compares to net sales of $128.1
million for the third quarter of 2008. Diluted EPS for the third
quarter of 2009 is expected to be approximately $0.97. This
compares to diluted EPS of $0.62 in the third quarter of 2008.
Updated Full Year 2009 Guidance:
For fiscal 2009, the Company now expects net sales to increase
in the range of 7%-8% compared to net sales in 2008. Diluted EPS
for 2009 is now expected to be in the range of $2.55 to $2.65. This
compares to previous guidance of $2.05 to $2.15.
Edward Rosenfeld, Chairman and Chief Executive Officer
commented, “We are very pleased with our preliminary results for
the third quarter and now expect this to be a record sales and
earnings period for Steve Madden. Boots have been the primary
driver of footwear sales for the fall season, and Steve and his
team have continued to do an outstanding job of capturing the
latest trends with exciting product. At the same time our test and
react strategy and speed to market have enabled us to optimize our
assortments across various distribution channels and have provided
us with a critical advantage versus our competitors.
Mr. Rosenfeld continued, “We believe that our results
demonstrate both the design capability and operational strength of
our Company. Our updated full-year guidance reflects our
expectation for continued momentum in our business for the
remainder of the year.”
Conference Call Details
The Company will hold its third quarter 2009 earnings conference
call on Tuesday, November 3, 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
December 3, 2009, via telephone at 1-888-203-1112 (U.S.) and
1-719-457-0820 (international) by entering the replay pin
8357547.
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 91 company-owned or licensed retail stores
(including the Company’s online store), department stores, and
apparel, footwear, and accessories specialty stores. The Company
has several licensees for its brands, including for outerwear, cold
weather accessories, eyewear, hosiery, and bedding and bath
products. 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.
Safe Harbor
This press release contains certain statements which are
“forward-looking statements” as that term is defined in the federal
securities laws. The events described in forward-looking statements
contained in this press release may not occur. Generally these
statements are based on current expectations and assumptions
relating 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 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 for the year ended December 31, 2008. Any one or more of
these uncertainties, risks and other influences could materially
affect the Company's results of operations and whether
forward-looking statements made by the Company ultimately prove to
be accurate. The Company's actual results, performance and
achievements could differ materially from those expressed or
implied in these forward-looking statements.
All information in this release is as of October 20, 2009. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether from new information, future
events or otherwise.
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