Updates Fiscal Year 2014 EPS Guidance
LONG ISLAND CITY, N.Y.--(BUSINESS WIRE)--Jan. 9, 2015--
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, 2014 and updated its fiscal year 2014 EPS guidance.
For the fourth quarter, net sales were $342.6 million, approximately
flat to the same period of 2013. Net sales for the wholesale division
decreased 0.9% to $270.9 million. Retail net sales grew 3.2% to $71.7
million. Retail comparable store sales for the fourth quarter of 2014
declined 2.3%.
For fiscal year 2014, net sales were $1.3 billion, a 1.6% increase
compared to fiscal year 2013. Wholesale net sales grew 2.2% to $1.1
billion. Retail net sales decreased 1.7% to $206.0 million. Retail
comparable store sales for fiscal year 2014 declined 8.1%.
Diluted EPS for the fiscal year 2014 is now expected to be approximately
$1.75 – $1.76.
Edward Rosenfeld, Chairman and Chief Executive Officer, commented,
"Fourth quarter was a challenging period. Our financial performance was
below our expectations due primarily to (i) air freight incurred due to
the West Coast port slowdown; (ii) below plan performance in our newly
acquired Dolce Vita division as we moved aggressively to clear excess
inventory; and (iii) challenges caused by production delays on goods
from Mexico.
While 2014 was a difficult year at Steve Madden, we took a number of
important steps to position the Company for the future. We implemented a
new e-commerce platform, acquired two powerful footwear brands in Dolce
Vita and Brian Atwood, and moved to an ownership model in two important
international markets with the acquisition of our Mexican licensee and
the formation of a joint venture in South Africa. We are confident that
these initiatives will drive significant long-term earnings growth.”
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 17th Annual ICR XChange Conference
to be held at the Grand Lakes Hotel & Resort in Orlando, Florida on
Monday, January 12, 2015 at 1:30 PM Eastern 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®, Dolce
Vita®, DV by Dolce Vita®, Brian
Atwood®, B Brian Atwood®, 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
operated 160 retail stores (including the Company's four Internet
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. 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.
Source: Steve Madden
ICR, Inc.
Investor Relations
Jean Fontana/Megan Crudele,
203-682-8200
www.icrinc.com