Oct 20, 2009
Steve Madden sees higher third quarter profit, raises year view
Oct 20, 2009
Oct 20 (Reuters) - Shoe maker Steve Madden Ltd (SHOO.O) forecast strong third-quarter results and raised its full-year profit view to top market expectations, citing strong boot sales in the fall.
Steve Madden Spring 2009
"Our updated full-year guidance reflects our expectation for continued momentum in our business for the remainder of the year," Chief Executive Edward Rosenfeld said in a statement.
The company, whose lines include flagship brand Steve Madden, Stevies and Candies, expects to post a 56 percent jump in third-quarter profit to 97 cents a share and sees net sales of about $140 million, compared with $128.1 million in the year-ago quarter.
Analysts were looking for a third-quarter profit of 64 cents a share on revenue of $130.10 million, according to Thomson Reuters I/B/E/S.
Steve Madden, based in Long Island City, New York, raised its 2009 profit view for a second time, saying it now sees a full-year profit between $2.55 and $2.65 a share, up from an earlier forecast of $2.05 to $2.15.
It also expects full-year net sales to grow by 7 percent to 8 percent. Analysts were looking for a full-year profit of $2.11 a share on revenue of $471.07 million.
The company plans to report its third-quarter results on Nov. 3.
Steve Madden shares, which have risen 75 percent in the last six months, closed at $40.00 Monday 19 October on Nasdaq.
For the alerts, double-click (Reporting by Shradhha Sharma in Bangalore; Editing by Mike Miller)
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