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Steven Madden declares Q3 preliminary results

Oct '05
Leading fashion footer marketer Steven Madden Ltd announced preliminary results for the third quarter.

Based on stronger than anticipated sales trends in both the wholesale and retail divisions throughout the quarter, the Company expects to report third quarter net sales in the range of approximately $99 million to $100 million, compared with $88.6 million in the same period of the prior year, an increase of approximately 12 percent to 13 percent. This reflects an increase in total retail sales of approximately 22 percent and a same-store sales increase of approximately 12 percent for the quarter. Net sales also include an approximate 9 percent increase in wholesale revenues.

The Company's overall gross margin for the quarter increased versus the comparable period last year as margin improvement in nearly all of the wholesale divisions was partially offset by a margin decline in the retail division. Further, SG&A as a percentage of sales declined versus the same period last year in both the wholesale and retail divisions, contributing to increased operating margin for the quarter.

As a result, the Company anticipates that third quarter earnings will be in the range of $0.36 to $0.39 per diluted share based on approximately 14 million diluted weighted average shares outstanding. This compares to earnings per diluted share of $0.26 on 14.2 million diluted weighted average shares outstanding in the third quarter last year.

The Company plans to report final third quarter results and provide its outlook for the fourth quarter on Thursday, November 3, 2005. The Company will hold a conference call the same day at 10 a.m. Eastern Time.

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