Wow. Got one
Down a couple bucks plus PM
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UPDATE 1-Steve Madden Q1 profit lags; raises 2010 revenue view
Tue May 4, 2010 8:17am EDT
Stocks
Steven Madden, Ltd.
SHOO.O
$40.08
+1.43+3.69%
12:00am EDT
* Q1 EPS $0.55 vs est $0.56
* Revenue up 23 pct at $131.6 mln vs est $125.1 mln
* Sees FY10 revenue growth of 17 pct to 19 pct
* Shares dip 3 pct pre-market
May 4 (Reuters) - Steven Madden Ltd (SHOO.O) posted a quarterly profit that narrowly missed Wall Street estimates, hurt by higher costs, but the shoe maker raised its outlook for full-year revenue.
In fiscal 2010, the company now sees revenue growth of 17 percent to 19 percent, up from its prior view of an 11 percent to 13 percent increase.
Based on 2009 revenue of $503.6 million, this implies full-year revenue of $589.2 million to $599.3 million.
Analysts on average were expecting 2010 revenue of $567.4 million, according to Thomson Reuters I/B/E/S.
For the first quarter ended March 31, the company said net income was $15.4 million, or 55 cents a share, compared with $6.6 million, or 24 cents a share, a year ago.
Revenue at the company, whose lines include flagship brand Steve Madden, Stevies, and Candies, rose 23 percent to $131.6 million.
Analysts on average were expecting earnings 56 cents per share, on revenue of $125.1 million.
Operating expenses rose 14 percent to $41.3 million.
Shares of the Long Island City, New York-based company were down 3 percent at $39.00 in pre-market trade. They closed at $40.08 Monday on Nasdaq. (Reporting by Shobhana Chadha in Bangalore; Editing by Anne Pallivathuckal)
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