Steven Madden sees Q1 above Street, raises '09 EPS view
April 23 (Reuters) - Steven Madden Ltd (SHOO.O) raised its 2009 profit outlook and the shoe maker expects to report first-quarter results above market estimates, driven by the performance of the Steve Madden Womens and Madden Girl brands.
Steve Madden Spring 2009
Although a bleak spending environment has hit profits at many retailers and forced them to slash prices, Steven Madden's keen sense for fashion has helped the shoe maker post strong results.
The company, whose lines include flagship brand Steve Madden and Candies, expects 2009 earnings of $1.85 to $1.95 a share, above its prior view of $1.40 to $1.55 a share.
Steven Madden expects first-quarter profit in the range of 35 cents to 37 cents a share and net sales of $106 million to $107 million.
Analysts were looking for a profit of 24 cents a share, on revenue of $97 million, according to Reuters Estimates.
Shares of the Long Island City, New York-based company closed at $23.66 Wednesday on Nasdaq. (Reporting by Mihir Dalal in Bangalore; Editing by Ratul Ray Chaudhuri)