Steven Madden (SHOO) Prelim. Q4 Comps Decline 5.1%, Revenue Tops Views

Steve Madden (Nasdaq: SHOO), a leading designer and marketer of fashion footwear and accessories for women, men and children, today announced preliminary sales results for the fourth quarter and fiscal year ended December 31, 2017 and updated its fiscal year 2017 EPS guidance.

For the fourth quarter, net sales were $364.4 million, up 8.3% compared to the same period of 2016. Net sales for the wholesale division increased 10.6% to $278.2 million, or 2.5% to $257.9 million excluding results from Schwartz & Benjamin. Retail net sales increased 1.5% to $86.2 million. Retail comparable store sales for the fourth quarter of 2017 decreased 5.1%.

(Street sees Q4 sales of $360.3 million)

For fiscal year 2017, net sales were $1.5 billion, a 10.5% increase compared to fiscal year 2016. Wholesale net sales increased 12.1% to $1.3 billion, or 5.0% to $1.2 billion excluding results from Schwartz & Benjamin. Retail net sales increased 3.6% to $272.2 million. Retail comparable store sales for fiscal year 2017 decreased 3.2%.

Diluted EPS for fiscal year 2017 is now expected to be at the high end of the Company’s previously provided guidance range.

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We are pleased with our fourth quarter results, with earnings per share expected to be at the high end of our guidance range. Solid performance in our wholesale business was offset by softness, as expected, in our retail segment driven by weakness in the boot category. Overall, 2017 was a strong year for Steve Madden. We delivered robust sales and earnings growth driven by the outstanding performance of our flagship Steve Madden brand in the wholesale channel. We also took a number of steps to position the Company for future growth, including the acquisition of Schwartz & Benjamin and the formation of new joint ventures in China and Taiwan. As we look ahead, we are confident that our strong brands and increasingly diversified business model position us to continue to drive top- and bottom-line gains for years to come.”

Reported results are preliminary and remain subject to adjustment until the filing of the Company's Annual Report on Form 10-K with the SEC.

The Company will be presenting at the 20th Annual ICR Conference held at the JW Marriott Orlando Grande Lakes in Orlando, FL, on Monday, January 8, 2018, at 4:00 pm Eastern Time. The audio portion of the presentation will be webcast live over the internet and can be accessed through the Investor Relations section at http://www.stevemadden.com. An online archive will be available for a period of 90 days following the presentation.

You May Also Be Interested In

• Cizzle Brands files SEC Form F-10, plans U.S. exchange listing
• Cosmos Health posts 29% revenue rise in Q2 but net loss widens
• Allied Gold appoints Joanna Pearson to its board of directors