To: Brett Fleischman who wrote (21299 ) 12/3/1998 11:22:00 AM From: flyboy Respond to of 119973
SHOO down looks cheap here... gapped up sold off rising now in @ 8 11/16 Thursday December 3, 7:02 am Eastern Time Company Press Release Steven Madden Ltd. Announces the Expansion of its e-commerce Efforts LONG ISLAND CITY, N.Y.--(BUSINESS WIRE)--Dec. 3, 1998--Steven Madden Ltd. (NASDAQ: SHOO - news), a leading designer, wholesaler and marketer of fashion footwear for women, announced that it has been aggressively expanding its e-commerce business. Steven Madden Ltd. reported that on-line sales of its branded Steve Madden products have more than tripled, with over 1.5 million hits per month. Since the Company increased its offering from a few styles of shoes to a comprehensive line of footwear and selected items in apparel, outerwear and accessories, internet sales are up more than 500%. Most recently, the Company centralized all of its e-commerce business and hired an experienced management team, in an effort to better manage and grow its internet business. Additionally, SHOO has expanded onto an internet-based Christmas gift guide, with a select line of footwear and intimates and is testing other licensed product. Steve Madden shoes have also been featured in editorials in Yahoo Internet Life, a magazine dedicated to the on-line experience and lifestyle. Rhonda J. Brown, Chief Operating Officer commented, ''We are very pleased with the recent success of our internet business, as it continues to perform above expectations. Although it still represents only a small part of our overall revenue base, we believe it could be significant over the next few years given industry estimates of more than 200% growth in the online retail business annually. We will continue to aggressively pursue these types of sales and marketing initiatives on a strategic basis into the future.'' Chairman, President and Chief Executive Officer, Steve Madden concluded, ''We are extremely happy with the explosive growth we have witnessed with regard to our e-commerce business in a short period of time, and feel we have only scratched the surface. Our short-term plan is for the internet to be our largest store by 2000, and our longer-term strategic goal is to be the dominant e-commerce player in the footwear industry. In our view, we are already ahead of most of our peers with regard to internet presence and on-line sales and because our target customer represents the cyber generation, we believe we are in a great position. Our dedication to growing our internet business, which offers unlimited opportunities, coupled with our widely recognized brand name, ideally positions us for growth in the new millenium.'' Steven Madden Ltd. designs and markets fashion-forward footwear for women. The shoes are sold through Steve Madden Retail Stores, Department Stores, Apparel and Footwear Specialty Stores, and on-line @ www.stevemadden.com. The company has several licensees -- including sportswear and jeans, outerwear, intimate apparel, eyewear, hosiery, jewelry and handbags -- owns and operates a retail store under its David Aaron brand, and is the licensee for l.e.i. Footwear. Statements in this press release that are not statements of historical or current fact constitute ''forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties readers are urged to consider statements labeled with the terms ''believes'', ''belief'', ''expects'', ''intends'', ''anticipates'' or ''plans'' to be uncertain and forward-looking. The forward looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission. -------------------------------------------------------------------------------- Contact: Steven Madden, Ltd. Rhonda J. Brown Chief Operating Officer (718) 446-1800 C I A O