Steven Madden Eyes Acquisitions
NEW YORK (TheStreet) -- Steven Madden (SHOO) is eying some acquisitions; the shoe retailer announced as it reported a 61% surge in its third-quarter profit.
Currently, Steven Madden is looking at companies to buy that are smaller than $30 to $40 million, CEO Edward Rosenfeld said on a conference call -- although he noted that it is possible for management to acquire something for as much as $100 million. The company is also interested in picking up a fashion athletic brand, he said.
Rosenfeld said he already sent a letter of intent to one possible company, and expects the deal to be complete by the end of the year.
But shares of Steven Madden are still tumbling 5.4% to $38.53 in afternoon trading, as the stock has already run up 87% in over the past 12 months.
During the third quarter the company earned $17.8 million, or 97 cents a share, compared with $11.1 million, or 62 cents, in the year-ago period. Steven Madden sales grew 9% to $140.1 million from $128.1 million last year, while same-store sales Looking ahead, the company expects to earn between $2.55 and $2.65 a share. -- Reported by Jeanine Poggi in New York Follow TheStreet.com on Twitter and become a fan on Facebook.Select the service that is right for you!
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