Weak trends affect Steven Madden
Footwear and accessories designer Steven Madden Ltd. has reported that it is expecting weaker third quarter results because of a more challenging selling environment. The company has also reduced its full year guidance.
Third quarter net sales are now estimated at $113 million compared with $123.2 million in the prior-year quarter. The weaker sales figure includes a 6% decline in wholesale revenues, a 13% drop in total retail sales and a same-store sales decrease of approximately 15% compared with last year.
Chairman and chief executive officer, Jamieson Karson, said: "We experienced a more challenging than expected sales environment during the third quarter due in part to an absence of big footwear fashion trends in the marketplace."
The company now anticipates total annual sales to decrease by 9-11% compared with last year’s sales. It had previously anticipated a decline of just 2-4%.
