Updates Fiscal Year 2013 EPS Guidance and Provides Initial Fiscal
Year 2014 Sales and EPS Guidance
LONG ISLAND CITY, N.Y.--(BUSINESS WIRE)--Jan. 10, 2014--
Steve Madden (Nasdaq:SHOO), a leading designer and marketer of fashion
footwear and accessories for women, men and children, today announced
sales results for the fourth quarter and fiscal year ended December 31,
2013, updated its fiscal year 2013 EPS guidance and provided initial
fiscal year 2014 sales and EPS guidance.
For the fourth quarter, net sales were $342.6 million, an 8.6% increase
over the same period of 2012. Net sales for the wholesale division grew
10.5% to $273.1 million. Retail net sales rose 1.7% to $69.5 million.
Retail comparable store sales for the fourth quarter of 2013 decreased
6.7%.
For fiscal year 2013, net sales were $1.314 billion, a 7.1% increase
compared to fiscal year 2012. Wholesale net sales grew 6.6% to $1.104
billion. Retail net sales rose 9.6% to $209.6 million. Retail comparable
store sales for the fiscal year 2013 decreased 2.1%.
Diluted EPS for the fiscal year 2013 is now expected to be approximately
$1.97, the low end of the previously provided guidance range of $1.97 –
$2.03.
For fiscal year 2014, the Company expects that net sales will increase 5
– 7% over net sales in 2013. Diluted EPS is expected to be in the range
of $2.05 – $2.15. This guidance range includes the impact of a higher
projected tax rate in 2014, which negatively impacts diluted EPS by
approximately $0.03.
Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “Our
wholesale business met expectations during the fourth quarter, but our
retail segment was below plan primarily due to softer-than-anticipated
performance in December. We believe our product assortment remained
on-trend, as evidenced by our continued strong performance in the
wholesale segment, but traffic in our own retail stores was
disappointing. Looking ahead, while we are confident that we can
maintain solid momentum in our wholesale business, we are cautious on
the near-term outlook for our retail segment given the recent softness
in traffic and sales trends.”
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 16th Annual ICR XChange Conference
to be held at the Grand Lakes Hotel & Resort in Orlando, Florida on
Monday, January 16, 2014 at 1:30 PM Eastern Standard 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,
Betseyville, 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 operates
121 retail stores (including the Company's four online 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.
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.
Source: Steve Madden
ICR, Inc.
Investor Relations
Jean Fontana/Megan Crudele,
203-682-8200
www.icrinc.com