Steven Madden provides outlook for 2008

20 Feb '08

3 min read

Retail revenues increased 4.6% to $39.3 million compared to $37.5 million in the fourth quarter of the prior year, due to sales from new stores. Same store sales decreased 0.1% versus an 11.8% increase in the fourth quarter of 2006, an improvement relative to the first three quarters of 2007 which was driven by a solid response to the Company's boot offering as well as increased promotional activity.

Retail gross margin decreased to 55.9% from 59.9% in the comparable period of the prior year due to the increased promotions. During the fourth quarter of 2007, the Company opened two new Steve Madden retail stores and one Steven store and closed two Steve Madden stores.

For the full year fiscal 2007, net sales were $431.1 million compared to $475.2 million in fiscal 2006. Net income totaled $35.7 million, or $1.68 per diluted share, for the year, which includes a one-time benefit of $2.9 million, or $0.13 per diluted share, resulting from tax savings related to prior periods, partially offset by a one-time charge for prior-year customs duties of $1.2 million pre-tax, or $0.03 per diluted share, both of which were recorded in the third quarter of fiscal 2007.

Excluding both one-time items, net income in 2007 totaled $33.6 million, or $1.58 per diluted share, compared to $46.3 million, or $2.09 per diluted share, in fiscal 2006. The Company opened seven stores and closed two stores during 2007, ending the year with 101 retail locations, includingthe Internet store.

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