LONG ISLAND CITY, N.Y.--(BUSINESS WIRE)--
Steve Madden (Nasdaq: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 Company’s 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 year’s 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 Company's 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 the presentation.
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 Madden®, Dolce Vita®, Betsey Johnson®, Report®, Big Buddha®, Brian Atwood®, Cejon®, Blondo® and Mad Love®, Steve Madden is the licensee of various brands, including Superga® for footwear in North America. Steve Madden also designs and sources products under private label brand names for various retailers. Steve Madden's wholesale distribution includes department stores, specialty stores, luxury retailers, national chains and mass merchants. Steve Madden also operates 189 retail stores (including Steve Madden's 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, men’s and women’s boots, dress shoes, sandals and more, visit http://www.stevemadden.com/.
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