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.

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