Steve Madden Ltd.’s third-quarter earnings came in as expected on Thursday.
Lagging trends in the women’s and juniors’ markets, soft traffic and expenses from the Dolce Vita acquisition added up to a challenging quarter for the Long Island City, N.Y.-based firm.
Net income was $39.2 million, or 62 cents diluted earnings per share. It was a 10.8 percent decline from the third quarter of 2013, when the firm reported net income of $44 million, or 66 diluted EPS.
Analysts expected EPS of 61 cents. Revenue was $392 million, a decrease of less than a percent compared with the year-ago period, when the firm reported $394.8 million in sales.
The firm also adjusted full-year guidance. Steve Madden now expects net sales to increase 1 to 2 percent over 2013, and diluted EPS to range from $1.81 to $1.86 for fiscal 2014. It was a significant adjustment down, since the firm initially expected net sales to grow 2 to 4 percent over 2013 and diluted EPS to range from $2 to $2.10.