(Corrects throughout headline and text to show that Steven
Madden's stock-split adjusted earnings were well ahead of Wall
Street estimates on the same basis. Prior story had consensus
EPS estimate that was unadjusted for the stock split)
* Q1 EPS $0.55 vs est $0.38
* Revenue up 23 pct at $131.6 mln vs est $125.1 mln
* Raises FY10 outlook
* Shares dip 7 pct
May 4 Steven Madden Ltd's (SHOO.O)
first-quarter earnings blew past Wall Street estimates, as the
shoemaker saw strong sales at its wholesale division and
significant margin gains at its retail segment.
Retail gross margins expanded about 9 percentage points to
56.7 percent due to reduced discounting, the maker of Candies,
Stevies and Steve Madden shoes and accessories said.
The company also said it is raising its fiscal 2010
earnings forecast to $2.30 to $2.40 a share from its prior view
of $2.07 to $2.20 a share, after adjusting both forecasts for a
3-for-2 stock split.
For the full-year period, Steven Madden now sees revenue
growth of 17 percent to 19 percent, up from its prior view of
an 11 percent to 13 percent increase.
Based on 2009 revenue of $503.6 million, this implies
full-year revenue of $589.2 million to $599.3 million.
Analysts on average were expecting the company to earn
$2.19 on an adjusted basis in the period, on revenue of $567.4
million, according to Thomson Reuters I/B/E/S.
For the first quarter ended March 31, the Long Island City,
New York-based company said net income was $15.4 million, or 55
cents a share, compared with $6.6 million, or 24 cents a share,
a year ago.
Revenue rose 23 percent to $131.6 million.
Analysts on average expected earnings of 38 cents per
share, on revenue of $125.1 million.
Steven Madden shares, which had risen 50 percent over the
past three months, were down 7 percent at $37.10 in morning
trade on Nasdaq.
(Reporting by Shobhana Chadha in Bangalore; Editing by Anne