• Q3 profit down 10.9% to $39.2m
  • Sales slip 0.7% to $392m
  • Wholesale sales fall 0.8% to $343.3m

US fashion footwear and accessories specialist Steve Madden has posted softer than expected results in the third quarter, weighed down by lower sales and a "lack of fashion footwear trends."

Net income amounted to US$39.2m for the three months to 30 September, compared to $44m in the same period of the prior year.

Net sales edged down 0.7% to $392m from $394.8m last year. Retail sales dropped 0.4% to $48.7m from $48.9m, while same store sales fell 7.4%. Wholesale sales slipped 0.8% to $343.3m from $345.9m.

Gross margin dropped to 34.7% from 35.4%.

"As previously reported, business during the third quarter was softer than we anticipated, particularly in our retail segment, as we continue to be impacted by a lack of significant fashion footwear trends on which to capitalise," said chairman and CEO Edward Rosenfeld.

Earlier this month, the company lowered its full-year sales guidance to a 1-2% increase, down from its earlier forecast of 2-4%. Diluted earnings per share are predicted to range from $1.81 to $1.86, down from its previous expectations of $2-2.10.