LONG ISLAND CITY, N.Y. - (Business Wire) Steve Madden (Nasdaq: SHOO), a leading designer and marketer of fashion footwear and accessories for women, men and children, today announced preliminary sales and EPS results for the third quarter of 2009 and raised full year 2009 guidance. Third Quarter 2009 Preliminary Sales and EPS Results:
The company expects net sales for the third quarter 2009 to be approximately $140 million. This compares to net sales of $128.1 million for the third quarter of 2008. Diluted EPS for the third quarter of 2009 is expected to be approximately $0.97. This compares to diluted EPS of $0.62 in the third quarter of 2008.
Updated Full Year 2009 Guidance:
For fiscal 2009, the Company now expects net sales to increase in the range of 7%-8% compared to net sales in 2008. Diluted EPS for 2009 is now expected to be in the range of $2.55 to $2.65. This compares to previous guidance of $2.05 to $2.15.
Edward Rosenfeld, Chairman and Chief Executive Officer commented, “We are very pleased with our preliminary results for the third quarter and now expect this to be a record sales and earnings period for Steve Madden. Boots have been the primary driver of footwear sales for the fall season, and Steve and his team have continued to do an outstanding job of capturing the latest trends with exciting product. At the same time our test and react strategy and speed to market have enabled us to optimize our assortments across various distribution channels and have provided us with a critical advantage versus our competitors.
Mr. Rosenfeld continued, “We believe that our results demonstrate both the design capability and operational strength of our Company. Our updated full-year guidance reflects our expectation for continued momentum in our business for the remainder of the year.”
Conference Call Details
The Company will hold its third quarter 2009 earnings conference call on Tuesday, November 3, 2009 at 8:30 a.m. Eastern Time. A live web cast of the conference call will be available online at: http://www.stevemadden.com/ under the Investor Relations section and will remain available for 30 days following the live call. A replay will also be available two hours following the call through December 3, 2009, via telephone at 1-888-203-1112 (U.S.) and 1-719-457-0820 (international) by entering the replay pin 8357547.
About Steve Madden
Steve Madden designs and markets fashion-forward footwear and accessories for women, men and children. The shoes and accessories are sold through 91 company-owned or licensed retail stores (including the Company’s online store), department stores, and apparel, footwear, and accessories specialty stores. The Company has several licensees for its brands, including for outerwear, cold weather accessories, eyewear, hosiery, and bedding and bath products. The Company is the licensee for footwear, handbags and belts for Fabulosity, for footwear for Elizabeth and James and l.e.i. and for handbags and belts for Betsey Johnson and Daisy Fuentes.
Safe Harbor
This press release contains certain statements which are “forward-looking statements” as that term is defined in the federal securities laws. The events described in forward-looking statements contained in this press release may not occur. Generally these statements are based on current expectations and assumptions relating 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 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 for the year ended December 31, 2008. Any one or more of these uncertainties, risks and other influences could materially affect the Company's results of operations and whether forward-looking statements made by the Company ultimately prove to be accurate. The Company's actual results, performance and achievements could differ materially from those expressed or implied in these forward-looking statements.
All information in this release is as of October 20, 2009. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether from new information, future events or otherwise.
ICR, Inc.
Investor Relations
Jean Fontana or Joseph Teklits, 203-682-8200
www.icrinc.com
