Retail Industry
Industry: Email Alert RSS FeedMADDEN NET FALLS; OUTLOOK CAUTIOUS.
Footwear News, May, 2007
Byline: Lindsay E. Sammon
NEW YORK - Due in part to poor boot sales and the discontinuation of the Rule and l.e.i. lines, Steven Madden Ltd. reported a decline in net sales and net income for the first quarter ended March 31.
Net earnings fell to $9.5 million, or 43 cents a diluted share, which was above analysts' estimates of 41 cents. That compared with a profit of $10.9 million, or 50 cents, during the same period a year prior.
According to Jeff Van Sinderen, senior analyst at B. Riley & Co., the drop in earnings was largely anticipated; investors, too, shrugged off the results, pushing shares of the Long Island City, N.Y.-based firm up 6 percent in trading last Tuesday, the day of the earnings report, to close at $31.50.
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