Nov 6, 2008
Steven Madden Q3 beats Street; raises 2008 outlook
Nov 6, 2008
* Q3 EPS $0.62 beats estimate by $0.09
* Madden Girl and Daniel M. Friedman brands boost sales
* Q3 sales $128.1 mln, beats estimates by $9.5 mln
* Raises 2008 outlook
Nov 6 (Reuters) - Shoe maker Steven Madden Ltd posted better-than-expected quarterly results, helped by strong sales in its Madden Girl and Daniel M. Friedman brands, and raised its 2008 outlook.
However, the company said it remained cautiously optimistic about the fourth quarter and full year, adding that it was maintaining a "conservative approach to managing the business through this volatile period in the retail industry."
For the third quarter, the company posted net income of $11.1 million, compared with $10.9 million a year earlier. Same-store sales increased 7.8 percent.
For 2008, Steven Madden, known for its fashionable shoes and accessories, sees earnings of $1.65 to $1.70 a share, up from its prior view of $1.55 to $1.65 a share, both excluding a one-time charge.
The company now expects sales growth of 5 percent to 6 percent for the year, up from its earlier outlook of a flat to 2 percent increase.
Steven Madden shares closed at $19.36 Wednesday on Nasdaq.
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For the alerts, double-click (Reporting by Dilipp S Nag in Bangalore; Editing by Himani Sarkar)
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