Steven Madden 2Q profit drops 3.3 percent

Steven Madden 2nd-quarter profit falls 3.3 percent, misses forecast

Associated Press

LONG ISLAND CITY, N.Y. (AP) -- Steven Madden Ltd. on Thursday reported earnings that decreased by 3.3 percent in its second quarter, and missed analysts' expectations.

The Long Island City, New York-based company said profit fell to $28 million, or 44 cents per share, from $29 million, or 43 cents per share, in the same quarter a year ago. The average per-share estimate of analysts surveyed by Zacks Investment Research was for earnings of 45 cents.

The company posted revenue of $295.7 million compared with $297.6 million in the same quarter a year earlier, and missed Wall Street estimates. Analysts expected $315.3 million, according to Zacks.

Steven Madden shares have dropped $2.44, or 6.7 percent, to $34.15 since the beginning of the year. The stock has declined 13 cents, or 0.4 percent, in the last 12 months.

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