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Steven Madden

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announced on Tuesday that it tripled its first-quarter profit and reiterated guidance -- but despite the good news the company's shares were in the red in morning trading.

Shares of the company were down 2% to $29.57.

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During the quarter, the footwear and accessories maker earned $6.6 million, or 37 cents a share, compared with $2.1 million, or 10 cents, a year ago. Analysts expected earnings of 36 cents a share.

Sales grew 7% to $107.4 million from $100.5 million.

"We are particularly pleased with the performance of our Steve Madden Women's and Madden Girl wholesale businesses, as well as the strong initial results of l.e.i at Wal-Mart," Chairman and CEO Edward Rosenfeld said in a statement.

The company reaffirmed full-year earnings in the range of $1.85 to $1.95 a share.

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