UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 20, 2006
STEVEN MADDEN, LTD.
(Exact name of registrant as specified in its charter)
Delaware 000-23702 13-3588231
- --------------------------------------------------------------------------------
(State or other jurisdiction (Registration Number) (IRS Employer
of incorporation) Identification No.)
52-16 Barnett Avenue, Long Island City, New York 11104
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (718) 446-1800
--------------------------------------------------------------
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On April 20, 2006, Steven Madden, Ltd. (the "Company") issued a press release
regarding a pre-release of its financial results for the quarter ended March 31,
2006. A copy of the Company's press release announcing these financial results
is attached as Exhibit 99.1 hereto, and is incorporated by reference into this
report.
The information included in this Current Report on Form 8-K (including Exhibit
99.1 hereto) that is furnished pursuant to this Item 2.02 shall not be deemed to
be "filed" for the purposes of Section 18 of the Securities Exchange Act of
1934, as amended, or otherwise subject to the liabilities of that Section or
Sections 11 and 12(a) (2) of the Securities Act of 1933, as amended. The
information contained herein and in the accompanying exhibit shall not be
incorporated by reference into any filing of the Company, whether made before or
after the date hereof, regardless of any general incorporation language in such
filing, unless expressly incorporated by specific reference into such filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
99.1 Press Release dated April 20, 2006 regarding the Company's
announcement of its financial results as of and for the
quarter ended March 31, 2006.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
Steven Madden, Ltd. has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
STEVEN MADDEN, LTD.
By: /s/ JAMIESON A. KARSON
---------------------------------
Name: Jamieson A. Karson
Title: Chief Executive Officer
Date: April 20, 2006
EXHIBIT INDEX
DOC. NO. DOCUMENT DESCRIPTION
Exhibit 99.1 Press Release dated April 20, 2006 regarding the Company's
announcement of its financial results as of and for the
quarter ended March 31, 2006.
Exhibit 99.1
Company Contact: Ed Rosenfeld
Vice President, Strategic
Planning and Finance
Steven Madden, Ltd.
(718) 446-1800
Investor Relations/ Cara O'Brien/Melissa Myron
Press: Financial Dynamics
(212) 850-5600
FOR IMMEDIATE RELEASE
- ---------------------
STEVEN MADDEN, LTD. ANNOUNCES BETTER THAN ANTICIPATED
PRELIMINARY FIRST QUARTER RESULTS
~ Net Sales Expected to Increase Approximately 30% ~
~ Diluted EPS Expected to Range from $0.72 to $0.74 ~
LONG ISLAND CITY, N.Y. - April 20, 2006 - Steven Madden, Ltd. (NASDAQ: SHOO), a
leading designer, wholesaler and marketer of fashion footwear and accessories
for women, men and children, today announced preliminary results for the first
quarter.
Net sales are expected to increase approximately 30% over last year to
$108 million, driven by stronger than anticipated sales in the wholesale
segment. Wholesale net sales increased approximately 46%, including the
contribution from recently acquired Daniel M. Friedman & Associates. Total
retail sales decreased approximately 4%, while same store sales were down
approximately 8% versus a 5.5% increase last year. The year-over-year decline in
the retail business is primarily due to planned declines in the accessories and
men's categories as well as a reduction in promotional sales.
The Company's previously stated strategic initiatives to improve gross
margin are gaining traction at a faster pace than anticipated and delivered
strong tangible results during the quarter. As such, gross margins improved
across all divisions, and this was a key driver of the Company's solid and
better than planned first quarter performance. Operating expense leverage and an
increase in commission and licensing fee income from the Company's growing
private label business also contributed positively to the bottom line.
Due to the broad based strength in the business, the Company expects
first quarter earnings per diluted share will be in the range of $0.72 to $0.74
based on approximately 14.6 million diluted weighted shares outstanding. This
compares to earnings per diluted share of $0.07 on 13.8 million diluted weighted
shares outstanding in the first quarter of last year.
"We continued our strong and steady momentum during the first quarter
of 2006," said Jamieson Karson, Chairman and Chief Executive Officer. "Led by
Steve, our design team continued to deliver fresh, trend-right products to our
customers and this resulted in a very strong performance from our existing
brands. In addition, the first quarter reflects the contribution from new and
important additions to our business. Our new wholesale division, SM New York,
performed ahead of initial expectations, and recently acquired Daniel M.
Friedman posted solid initial results. At the same time, our operating
initiatives continue to gain traction and delivered greater than expected
results in the early part of the year. This broad based strength in the business
enabled us to generate record results, and we look forward to building on this
further as the year unfolds."
The Company plans to report final first quarter results and provide
detail on the outlook for 2006 on May 2, 2006. The Company will hold a
conference call the same day at 10 a.m. Eastern Time.
Steven Madden, Ltd. designs and markets fashion-forward footwear and
accessories for women, men and children. The shoes and accessories are sold
through company-owned retail stores, department stores, apparel and footwear
specialty stores, and on-line at www.stevemadden.com. The Company has several
licenses for the Steve Madden brand, including outerwear, eyewear, and hosiery
and owns and operates 99 retail stores, including its online store. The Company
is also the licensee for l.e.i. Footwear, Candie's Footwear and UNIONBAY Men's
Footwear.
Statements in this press release that are not statements of historical or
current fact constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other unknown
factors that could cause the actual results of the Company to be materially
different from the historical results or from any future results expressed or
implied by such forward-looking statements. In addition to statements which
explicitly describe such risks and uncertainties readers are urged to consider
statements labeled with the terms "believes", "belief", "expects", "intends",
"anticipates" or "plans" to be uncertain and forward-looking. The forward
looking statements contained herein are also subject generally to other risks
and uncertainties that are described from time to time in the Company's reports
and registration statements filed with the Securities and Exchange Commission.
###