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."
US fashion footwear and accessories specialist Steve Madden has revealed flat sales in its fourth-quarter, below expectations, and lowered its EPS guidance for the full year....
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."...
US footwear and accessories specialist Steve Madden has lowered its full-year outlook on the back of "disappointing" third-quarter results....
- Yuan devaluation impact mixed for garment firms
- Will Vietnam struggle with impending trade deals?
- The new age of disruption on apparel production
- Gap bullish on China growth opportunities
- China devaluation: what’s the big deal?
- US Q2 in brief: J Crew, Aeropostale, Bebe Stores
- Luen Thai to continue investment in Vietnam
- Adidas seeking to resolve shoe supplier dispute
- China market woes could hit consumer spending
- Adidas files trademark suit against Forever 21
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, and Contact Details
- Ethiopia – the emerging textile and clothing industry
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Global market review of lingerie - forecasts to 2020
- Global market review of swimwear - forecasts to 2019