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Steve Madden sees FY16 EPS at higher end of guidance

By Prachi Singh

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Business

In its preliminary results announcement, Steve Madden said that for the fourth quarter, net sales were 336.4 million dollars, down 2.3 percent compared to the same period of 2015. For fiscal year 2016, net sales were 1.4 billion dollars, a 0.4 percent decrease compared to fiscal year 2015. The company said its expects diluted EPS for fiscal 2016 to be at the high end of the company’s previously provided guidance range of 1.98 dollars to 2.03 dollars.

“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,” said Edward Rosenfeld, Steve Madden’s Chairman and CEO in a statement.

Fourth quarter net sales for the wholesale division decreased 5.1 percent to 251.5 million dollars, while retail net sales increased 7.1 percent to 84.9 million dollars. Retail comparable store sales for the quarter increased 1.1 percent. Wholesale net sales in fiscal 2016 decreased 2.4 percent to 1.1 billion dollars but retail net sales increased 9.3 percent to 262.8 million dollars. Retail comparable store sales for fiscal year 2016 increased 4 percent.

Picture:Facebook/Steve Madden

Steve Madden