LONG ISLAND CITY, N.Y.--(BUSINESS WIRE)--Oct. 20, 2014--
Steve Madden (Nasdaq:SHOO), a leading designer and marketer of fashion
footwear and accessories for women, men and children, today announced
preliminary financial results for the third quarter ended September 30,
2014, and updated its fiscal year 2014 EPS guidance.
For the third quarter, net sales were $392.0 million, a 0.7% decrease
compared to the same period of 2013. Net sales for the wholesale
division were $343.3 million compared to $345.9 for the same period of
2013. Retail net sales were $48.7 million compared to $48.9 for the same
period of 2013. Retail comparable store sales for the third quarter of
2014 decreased 7.4%. The Company expects third quarter EPS to be
approximately $0.61 to $0.62 per diluted share.
Factoring in the recent acquisition of Dolce Vita and current
expectations for the remainder of the year, for fiscal year 2014, the
Company now expects that net sales will increase 1% to 2% over net sales
in 2013. Diluted EPS for fiscal year 2014 is now expected to be in the
range of $1.81 to $1.86.
Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “Our
third quarter results were disappointing, coming in below our forecast
due primarily to weaker than anticipated performance in our retail
segment. Given the continued lack of significant fashion trends in the
footwear space, our assumption that retail segment trends will remain
difficult through the fourth quarter, and a reduced forecast for
reorders in our wholesale segment, we are lowering our full year
guidance. While our recent performance has been below our expectations,
we remain confident in the strength of our business model, and we
continue to take steps, including our recent acquisitions of Dolce Vita
and our Mexican licensee, that will drive the business forward over the
long term.”
The Company intends to release third quarter fiscal 2014 financial
results on October 30, 2014 and will host a conference call at 8:30 A.M.
Eastern Time that same day.
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 operates 128 retail stores
(including the Company's three 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.
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