Long Island City, NY—Steve Madden Ltd. reported Friday its fourth quarter sales that missed analysts’ expectations and gave a weak forecast for the coming year.
The footwear and accessories company said quarterly sales were up about 9% to $342.6 million, missing analysts’ average estimate for $346.1 million in sales.
In its wholesale division, Steve Madden posted a 10.5% increase to $273.1 million. And while its retail sales rose 1.7% to $69.5 million, its comparable store sales declined 6.7%.
For its 2013 full year totals, the company said revenue was up 7.1% to $1.31 billion, with wholesale sales up 6.6% to $1.1 billion. Analysts’ estimate was for $1.32 billion in sales. Retail sales increased 9.6% to $209.6 million, with comparable store sales down 2.1%.
While CEO Edward Rosenfeld said wholesale business met expectations during the fourth quarter, the retail segment was below plan primarily due to a soft performance in December.
“We believe our product assortment remained on-trend, as evidenced by our continued strong performance in the wholesale segment, but traffic in our own retail stores was disappointing,” Rosenfeld said, adding that the company was cautious in its outlook due to slower traffic and sales trends at retail.
The company now projects its 2013 earnings will hit $1.97 a share compared with its previous estimate for $1.97 to $2.03 a share. Analysts’ consensus expects $1.99.
As for its fiscal 2014, Steven Madden forecast per share earnings between $2.05 and $2.15 a share with sales expected to rise 5% to 7% to about $1.38 billion to $1.4 billion.
That estimate, however, was below what analysts expect: full year earnings of $2.28 a share on sales of $1.43 billion.
Analysts expect full-year earnings of $2.28 per share on revenue of $1.43 billion.
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