Steve Madden Ltd. (NASDAQ: SHOO) reported Tuesday that its profit more than doubled in the first quarter, citing an improvement in wholesale and retail sales, according to Associated Press.
However, the company offered full-year earnings guidance that fell short of expectations.
Madden earned $15.4 million, or 55 cents per share, for the three months ended March 31, up from $6.6 million, or 24 cents per share, a year ago. The year-ago earnings per share figure reflects a 3-for-2 stock split enacted in April.
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Analysts polled by Thomson Reuters, on average, expected a profit of 56 cents per share.
Revenue rose 23 percent to $131.6 million from $107.4 million last year. Analysts predicted lower revenue of $125 million.
Wholesale sales jumped 27 percent to $103.1 million, citing strong sales of its footwear plus its new Elizabeth and James brand and other acquisitions.
Retail sales rose 9 percent to $28.5 million.
For the full year, Steve Madden expects a profit of $2.30 to $2.40 per share, up from previous guidance of $2.07 to $2.20 per share, adjusted for the company's 3-for-2 stock split. It expects sales to rise 17 percent to 19 percent, implying sales of $589.2 million to $599.2 million.
Analysts expect higher earnings of $3.28 per share on revenue of $567.4 million.
Steve Madden enacted a 3-for-2 stock split distributed April 30 to shareholders of record as of April 20, where shareholders received one additional share of Steve Madden stock for every two shares held on that date.
As a result of the stock split, the number of outstanding shares rose to about 27.5 million shares from about 18.3 million shares outstanding before the split.
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