Piper Jaffray analyst, Erin Murphy, is maintaining her Overweight rating on Steven Madden (NASDAQ: SHOO) shares following the company's Q4 release this morning. No change to $37 PT but may be updated after the call. On the call, she will be listening for the following:

1) near-term Spring selling trends, particularly with slightly warmer weather for the past couple of weeks

2) promotional environment expectations and how SHOO is performing despite the broader environment

3) wholesale footwear vs. accessories expectations for the FY (we believe footwear will outperform accessories) expectations

4) how the company is approaching capital allocation

Steve Madden had pre-announced Q4 in early Jan for net sales of $344M and comps of +6.1% despite weather-related challenges with the boot category. EPS of $0.43 was in line and gross margins were up 180 bps--outperforming expectations for 80 bps.

Overall gross margin improved 180 bps Y/Y, to 36.1%. Operating margin came in at 11.2%. Inventory was up ~10% exiting Q4 compared to Q3's ending inventory up 20% Y/Y. Management was pleased by its ability to hold the line with promotions despite the overall environment. Going into FY16, management indicated it was pleased with its own fundamentals despite what is still a tepid environment.

Management provided initial FY16 guidance calling for net sales growth of +2% to +4%, which is below expectations for +5.0%. Longer term, management wants to get back to mid-teens operating margin. FY16 guidance excludes any potential buyback activity. Typically, the company executes in excess of $100M of its buyback each year.

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Shares of Steven Madden closed at $34.33 yesterday.