Steve Madden Net Sales Flat

(RTTNews) - Steve Madden Ltd. (SHOO), a designer and marketer of fashion footwear and accessories, Friday announced a flat fourth quarter net sales of $342.6 million, compared to the prior year. Wall Street analysts were looking for $339.94 million.

The company said the West Coast port slowdown and below plan performance of newly acquired Dolce Vita division and challenges in production delay in goods from Mexico affected the results.

Net sales for the wholesale division is down 0.9 percent at $270.9 million, while retail sales increased 32. percent to $71.7 million. The company recorded a 2.3 percent decline in retail comparable sales for the quarter.

For the fiscal 2014, the company reported net sales increase of 1.6 percent at 1.3 billion from the year ago period. Wholesale net sales was up 2.2 percent at $1.1 billion and retail net sales declined 1.7 percent at $206 million. Comps for the fiscal period plunged 8.1 percent.

For the Fiscal 2014, the company expects earnings per share to be $1.75 to $1.76, while analysts expect $1.84 per share.