Feb 24, 2009
Steven Madden Q4 profit in line with Street
Feb 24, 2009
* Q4 EPS $0.40 in line with Street
* Rev tops estimates by $5 mln
* Sees 2009 EPS below consensus Feb 24 (Reuters) - Shoe maker Steven Madden Ltd (SHOO.O) reported quarterly profit in line with market estimates, as its trendy shoes and attractive pricing drew in customers even during a recession.
A bleak spending environment has hit profits at many retailers and forced them to slash prices, but Steven Madden's keen sense for fashion has helped the shoe maker post strong results through the 2008 financial year.
The company reported fourth-quarter net income of $7.2 million, or 40 cents a share, compared with $4.7 million, or 23 cents a share, a year earlier.
Net sales at the company, whose lines include flagship brand Steve Madden, Stevies, and Candies, rose 16 percent to $119.1 million.
The company expects 2009 earnings of $1.40 to $1.55 a share, and sales to decline 6 percent to 8 percent. Excluding a change in accounting for the Candies business, sales are expected to fall 3 percent to 5 percent.
In 2008, net sales were $457.0 million.
Analysts on average are looking for earnings of $1.65 a share, before special items, on revenue of $451.6 million, according to Reuters Estimates.
Steven Madden, which plans to open two to three stores and close eight to 13 stores, expects capital expenditures to be under $5 million in 2009.
Shares of the Long Island City, New York-based company closed at $17.05 Monday on Nasdaq. (Reporting by Anne Pallivathuckal in Bangalore; Editing by Pratish Narayanan)
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