Steve Madden Announces Fourth Quarter and Fiscal Year 2017 Sales Results
January 08 2018 - 6:59AM
Business Wire
Updates Fiscal Year 2017 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, 2017 and updated its fiscal year
2017 EPS guidance.
For the fourth quarter, net sales were $364.4 million, up 8.3%
compared to the same period of 2016. Net sales for the wholesale
division increased 10.6% to $278.2 million, or 2.5% to $257.9
million excluding results from Schwartz & Benjamin. Retail net
sales increased 1.5% to $86.2 million. Retail comparable store
sales for the fourth quarter of 2017 decreased 5.1%.
For fiscal year 2017, net sales were $1.5 billion, a 10.5%
increase compared to fiscal year 2016. Wholesale net sales
increased 12.1% to $1.3 billion, or 5.0% to $1.2 billion excluding
results from Schwartz & Benjamin. Retail net sales increased
3.6% to $272.2 million. Retail comparable store sales for fiscal
year 2017 decreased 3.2%.
Diluted EPS for fiscal year 2017 is now expected to be at the
high end of the Company’s previously provided guidance range.
Edward Rosenfeld, Chairman and Chief Executive Officer,
commented, “We are pleased with our fourth quarter results, with
earnings per share expected to be at the high end of our guidance
range. Solid performance in our wholesale business was offset by
softness, as expected, in our retail segment driven by weakness in
the boot category. Overall, 2017 was a strong year for Steve
Madden. We delivered robust sales and earnings growth driven by the
outstanding performance of our flagship Steve Madden brand in the
wholesale channel. We also took a number of steps to position the
Company for future growth, including the acquisition of Schwartz
& Benjamin and the formation of new joint ventures in China and
Taiwan. As we look ahead, we are confident that our strong brands
and increasingly diversified business model position us to continue
to drive top- and bottom-line gains for years to come.”
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 20th Annual ICR Conference
held at the JW Marriott Orlando Grande Lakes in Orlando, FL, on
Monday, January 8, 2018, at 4:00 pm 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®, Blondo®, Big
Buddha®, Brian Atwood®, Cejon®, and Mad Love®, Steve Madden is a
licensee of various brands, including Kate Spade®, Superga® and
Avec Les Filles®. 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 205 retail stores (including
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, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20180108005512/en/
ICR, Inc.Investor RelationsJean Fontana/Megan
Crudele203-682-8200www.icrinc.com
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