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To: Johnny Canuck who wrote (36895)	5/1/2002 12:33:28 PM
From: Johnny Canuck	Respond to of 68420

Steven Madden's Earnings Rise Wednesday May 1, 10:23 am Eastern Time Reuters Business BOSTON (Reuters) - Steven Madden Ltd. (NasdaqNM:SHOO - news), the designer of trendy clunky shoes, on Wednesday said first-quarter net income rose 12 percent as the company cut expenses and recorded an upswing in spring sales because of mild weather in the Northeast and an earlier Easter holiday. ADVERTISEMENT Steven Madden also boosted its full-year earnings per diluted share estimate to a range of $1.28 to $1.33, compared with a previous forecast of $1.25 to $1.30. The company earned 94 cents a diluted share last year. Before the market opened, Steven Madden said it earned $4.09 million, or 30 cents a diluted share, in the first quarter, up from $3.65 million, or 29 cents a diluted share, in the year-ago period. Two analysts polled by Thomson Financial/First Call were looking for the company to earn 27 cents a share. Net sales increased to $66.6 million, up from $53.4 million in the year-earlier period. Retail revenue increased 24.4 percent in the quarter, and the company plans to bolster its presence in that market by opening 10 new stores this year. The majority of the company's revenue came from its wholesale business, where revenue increased 25 percent in the quarter. "Our top line strength was driven primarily by our ability to deliver early spring merchandise and react to key items in season, coupled with mild weather in the Northeast and earlier Easter holiday period," Richard Olicker, chief executive of the company, said in a statement. Operating expenses, as a percentage of sales, fell 120 basis points, but the company said it did pay higher air freight charges to boost sales and keep inventory levels down. Last month, the company's founder, Steven Madden, was sentenced to 41 months in prison and ordered to pay $3.1 million in restitution for his role in schemes to manipulate the prices of initial public offerings. Shares of Steven Madden closed up 53 cents, or 2.79 percent, to $19.53 Tuesday on Nasdaq trade. The stock is up nearly 39 percent this year.