Zeev's Turnips Patch-No Politics (ZEEV)

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Got SHOO 31.25 +.66 on upped guidance: Steven Madden Lifts Earnings Outlook
Tuesday January 31, 8:00 am ET
Steven Madden Raises Full-Year Earnings Guidance on Improved Gross Margins


LONG ISLAND CITY, N.Y. (AP) -- Footwear designer Steven Madden Ltd. said Tuesday its fourth-quarter results will be better than expected on strong wholesale revenue.
For the December quarter, preliminary earnings are pegged at 49 cents to 51 cents per share, yielding full-year income of $1.35 to $1.38 per share. The company previously anticipated earning $1.20 to $1.22 per share for the year.

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In the year-ago periods, Steven Madden reported per-share earnings of 3 cents in the fourth quarter and 86 cents for the year.

According to a Thomson Financial survey, analysts expect the shoe maker to earn 34 cents per share in the fourth quarter and $1.19 per share for the year.

Quarterly sales are expected to increase up to 8 percent from last year to between $90 million and $91 million, versus the Thomson estimate of $94.5 million. Wholesale sale rose 14 percent, offset by a 1.6 percent decline in retail sales.

Same-store sales, or sales in stores open a year, decreased about 6.5 percent, primarily due to the phase out of previous accessory items and fewer promotional sales.

The company, which makes shoes for men, women and children, credited significant improvements in gross margins with increases in all of the wholesale divisions. Gross margin also improved in the retail division, primarily due to less promotional selling versus the prior-year period. In addition, the company said it effectively managed expenses which contributed to improved operating margin.

The company plans to report final results in March.