NEW YORK, United States — Steven Madden's stock fell in Monday premarket trading as the footwear and accessories company announced third-quarter revenue that missed analysts' expectations and gave a profit outlook for the period below Wall Street's view. It also cut its fiscal 2014 forecast.
The company blamed weakness at retail, caused in part by a lack of significant new shoe trends.
Steven Madden Ltd. said its quarterly revenue totalled $392 million. That's below the $414.3 million that analysts polled by FactSet predicted. The company anticipates earnings between about 61 cents and 62 cents per share. Wall Street is calling for 67 cents per share.
Steven Madden said retail sales at stores open at least a year declined 7.4 percent for the quarter ended Sept. 30. This figure is a key gauge of a retailer's health because it excludes results from stores recently opened or closed.
For the full year, the company now foresees earnings in a range of $1.81 to $1.86 per share. Revenue is expected to rise 1 percent to 2 percent from the previous year. Its prior guidance was for earnings between $2 and $2.10 per share, with revenue predicted to climb 2 percent to 4 percent.
Analysts expect full-year earnings of $2.02 per share.
Shares of Steven Madden dropped $3.34, or 10.5 percent, to $28.60 before the market open.