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Steve Madden Announces Fourth Quarter And Fiscal Year 2013 Sales Results

Steve Madden (Nasdaq:SHOO), a leading designer and marketer of fashion footwear and accessories for women, men and children, today announced sales results for the fourth quarter and fiscal year ended December 31, 2013, updated its fiscal year 2013 EPS guidance and provided initial fiscal year 2014 sales and EPS guidance.

For the fourth quarter, net sales were $342.6 million, an 8.6% increase over the same period of 2012. Net sales for the wholesale division grew 10.5% to $273.1 million. Retail net sales rose 1.7% to $69.5 million. Retail comparable store sales for the fourth quarter of 2013 decreased 6.7%.

For fiscal year 2013, net sales were $1.314 billion, a 7.1% increase compared to fiscal year 2012. Wholesale net sales grew 6.6% to $1.104 billion. Retail net sales rose 9.6% to $209.6 million. Retail comparable store sales for the fiscal year 2013 decreased 2.1%.

Diluted EPS for the fiscal year 2013 is now expected to be approximately $1.97, the low end of the previously provided guidance range of $1.97 – $2.03.

For fiscal year 2014, the Company expects that net sales will increase 5 – 7% over net sales in 2013. Diluted EPS is expected to be in the range of $2.05 – $2.15. This guidance range includes the impact of a higher projected tax rate in 2014, which negatively impacts diluted EPS by approximately $0.03.

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “Our wholesale business met expectations during the fourth quarter, but our retail segment was below plan primarily due to softer-than-anticipated performance in December. We believe our product assortment remained on-trend, as evidenced by our continued strong performance in the wholesale segment, but traffic in our own retail stores was disappointing. Looking ahead, while we are confident that we can maintain solid momentum in our wholesale business, we are cautious on the near-term outlook for our retail segment given the recent softness in traffic and sales trends.”

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