Retail Industry
Industry: Email Alert RSS FeedMADDEN POSTS STRONG 2006 UT GUIDES FLAT SALES.(Steven Madden Ltd. sees fall in shares despite good earnings)(Financial report)(Brief article)
Footwear News, March, 2007 by Derby, Meredith
Byline: Meredith Derby
NEW YORK - Shares of Steven Madden Ltd. fell last Thursday after the company issued a conservative first-quarter guidance, even after it posted record sales and earnings for the fourth quarter and full year.
The company guided first-quarter sales to be flat with the prior year, based on weaker-than-anticipated performance in retail and wholesale boots, sport fusion product in Steve Madden men's and Betsey Johnson handbags. First-quarter earnings per share are seen at 40 cents to 43 cents, below the Wall Street consensus at press time for 52 cents. That would compare with earnings of 49 cents in the first quarter of 2006.
The stock closed down 3.5 percent at $28.53 on Thursday. The shares are still up 37 percent...
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