US: Steve Madden Q4 sales up but lowers FY guidance
Footwear business Steve Madden has booked an increase in fourth-quarter sales but lowered its earnings guidance for the full year, on the back of soft retail traffic and sales trends.
In the three months to the end of December, sales reached US$342.6m, an 8.6% increase on the prior year period.
In the group's wholesale division, revenues grew 10.5% to $273.1m, while retail sales rose 1.7% to $69.5m. Retail comparable store sales, however, dropped 6.7%.
For its fiscal 2013 year, net sales reached $1.314bn, a 7.1% increase on fiscal 2012.
For the full year, Steve Madden said it now expects diluted EPS to be around $1.97, at the lower end of its guidance range of $1.97 to $2.03.
For fiscal year 2014, the company expects that net sales will increase 5% to 7% over net sales in 2013. Diluted EPS is expected to be in the range of $2.05 to $2.15.
"Our wholesale business met expectations during the fourth quarter, but our retail segment was below plan primarily due to softer-than-anticipated performance in December," said CEO Edward Rosenfeld.
"Looking ahead, while we are confident that we can maintain solid momentum in our wholesale business, we are cautious on the near-term outlook for our retail segment given the recent softness in traffic and sales trends."
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