Steve Madden said it expects net sales for the third quarter 2009 to be approximately $140 million. This compares to net sales of $128.1 million for the third quarter of 2008. Diluted EPS for the third quarter of 2009 is expected to be approximately 97 cents. This compares to diluted EPS of 62 cents in the third quarter of 2008.
Updated Full Year 2009 Guidance:
For fiscal 2009, the company now expects net sales to increase in the range of 7%-8% compared to net sales in 2008. Diluted EPS for 2009 is now expected to be in the range of $2.55 to $2.65. This compares to previous guidance of $2.05 to $2.15.
Edward Rosenfeld, Chairman and Chief Executive Officer commented, “We are very pleased with our preliminary results for the third quarter and now expect this to be a record sales and earnings period for Steve Madden. Boots have been the primary driver of footwear sales for the fall season, and Steve and his team have continued to do an outstanding job of capturing the latest trends with exciting product. At the same time our test and react strategy and speed to market have enabled us to optimize our assortments across various distribution channels and have provided us with a critical advantage versus our competitors.
Mr. Rosenfeld continued, “We believe that our results demonstrate both the design capability and operational strength of our Company. Our updated full-year guidance reflects our expectation for continued momentum in our business for the remainder of the year.”
