Updates Fiscal Year 2017 EPS Guidance
NEW YORK--(BUSINESS WIRE)--Jan. 8, 2018--
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180108005512/en/
Source: Steve Madden
ICR, Inc.
Investor Relations
Jean Fontana/Megan Crudele
203-682-8200
www.icrinc.com