Steve Madden Announces Fourth Quarter and Fiscal Year 2016 Sales Results
Monday, January 09, 2017 4:05:00 PM ET
Steve Madden (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, 2016, and updated its fiscal year 2016 EPS guidance.
For the fourth quarter, net sales were $336.4 million, down 2.3%
compared to the same period of 2015. Net sales for the wholesale
division decreased 5.1% to $251.5 million. Retail net sales increased
7.1% to $84.9 million. Retail comparable store sales for the fourth
quarter of 2016 increased 1.1%.
For fiscal year 2016, net sales were $1.4 billion, a 0.4% decrease
compared to fiscal year 2015. Wholesale net sales decreased 2.4% to $1.1
billion. Retail net sales increased 9.3% to $262.8 million. Retail
comparable store sales for fiscal year 2016 increased 4.0%.
Diluted EPS for fiscal year 2016 is now expected to be at the high end
of the Companys previously provided guidance range of $1.98 to $2.03.
Edward Rosenfeld, Chairman and Chief Executive Officer, commented, "We
are pleased with our fourth quarter performance, with earnings per share
expected to be at the high end of our guidance range despite the
challenging retail environment. Sales were lower than anticipated, due
largely to softness in cold weather accessories as well as our decision
to wind down our relationship with our distributor in Asia as we plan to
transition to a new business model in the region in 2017. However, the
sales shortfall was offset by better-than-anticipated gross margin, with
both our wholesale footwear and wholesale accessories segments expected
to show strong gross margin improvement compared to last years fourth
quarter. We also expect our tax rate to be lower than forecast due to
the income tax benefit from stock option activity during the quarter."
Reported results are preliminary and remain subject to adjustment until
the filing of the Companys Annual Report on Form 10-K with the SEC.
The Company will be presenting at the 19th Annual ICR Conference held at
the JW Marriott Orlando Grande Lakes in Orlando, FL, on Wednesday,
January 11, 2017, at 9:30 am 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
About Steve Madden
Steve Madden designs, sources and markets fashion-forward footwear and
accessories for women, men and children. In addition to marketing
products under its own brands including Steve
Love(R), Steve Madden is the licensee of various brands, including Superga(R)
for footwear in North America. Steve Madden also designs and sources
products under private label brand names for various retailers. Steve
Maddens wholesale distribution includes department stores, specialty
stores, luxury retailers, national chains and mass merchants. Steve
Madden also operates 189 retail stores (including Steve Maddens four
Internet stores). Steve Madden licenses certain of its brands to third
parties for the marketing and sale of certain products, including for
ready-to-wear, outerwear, intimate apparel, hosiery, jewelry, luggage
and bedding and bath products. For local store information and the
latest Steve Madden booties, pumps, mens and womens boots, dress
shoes, sandals and more, visit http://www.stevemadden.com/ .
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SOURCE: Steve Madden
Jean Fontana/Megan Crudele