Steve Madden preliminary Q3 sales show 0.7 percent drop

REPORT_ Steve Madden, announcing its preliminary financial results

for the third quarter ended September 30, 2014 said that for the third quarter, net sales were 392 million dollars, a 0.7 percent decrease compared to the same period of 2013. Net sales for the wholesale division were 343.3 million dollars compared to 345.9 million dollars last year. Company also updated its fiscal year 2014 EPS guidance.

Commenting on the preliminary figures, Edward Rosenfeld, Chairman and Chief Executive Officer, said, “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.”

Retail net sales were 48.7 million dollars compared to 48.9 million dollars for the same period of 2013. Retail comparable store sales for the third quarter of 2014 decreased 7.4 percent. The Company expects third quarter EPS to be approximately 0.61 dollars to 0.62 dollars 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 percent to 2 percent over net sales in 2013. Diluted EPS for fiscal year 2014 is now expected to be in the range of 1.81 dollars to 1.86 dollars.

The company intends to release third quarter fiscal 2014 financial results on October 30, 2014.