Steve Madden Puts 2014 Behind It; Shares Edge Up
Steve Madden Ltd. announced that profit for the quarter fell to $21 million, or 34 cents per diluted share, compared with $35.7 million, or 54 cents per share for year-ago period. Analysts had predicted 35 cents per share.
Net sales during the fourth quarter totaled $342.6 million, a slight decrease from the year-ago period of $342.9 million and a beat for the $340.8 million estimated by analysts.
Retail sales bumped up in the quarter, while wholesale sales dipped compared with the year ago period. Gross margins in the wholesale business fell to 27 percent, versus 31.8% a year ago, thanks in part to more markdowns, the impact from the Dolce Vita acquisition and higher air-freight costs incurred due to the West Coast port slowdown.
The company’s total 2014 net income was $111.9 million, or $1.76 per share, a slight miss compared with the analyst-predicted $1.77. Net sales for the fiscal year ticked up 1.6 percent, to $1.33 billion, compared with 2013 and were in line with analyst expectations.
Despite the challenging 2014 fiscal year, Madden stock was up as much as 6.5 percent on the game plan and guidance given for 2015. Madden expects net sales tp jump 7 to 9 percent over net sales in 2014. Diluted EPS for fiscal year 2015 is expected to be in the range of $1.85 to $1.95.
Macy’s Reports Profit & Modest Guidance for 2015
Macy’s Inc. reported that net income for the quarter fell to $793 million, compared with the year-ago period of $811 million. Earnings per share were $2.26, up slightly compared with last year’s $2.16 a share.
Net sales reached $9.4 billion for the quarter, compared with the year-ago period of $9.2 billion.
For fiscal year 2014, Macy’s sales rose to $28.1 billion, versus $27.9 billion in 2013. Earnings for 2014 were $4.22 per diluted share, or $4.40 per share accounting for merchandising and marketing restructuring, store and field adjustments, store closings and interest for early debt retirement.
The company’s share price edged down in trading after it released modest guidance for 2015. Macy’s expects total sales to rise 1 percent in 2015 and earnings per share to range from $4.70 to $4.80 per share. Most analysts expected earnings per share to come in around $4.84 for 2015.