Steve Madden withdraws fiscal 2020 revenue, earnings guidance on coronavirus
Steve Madden, the New York-based owner of brands including Steve Madden, Betsey Johnson, Brian Atwood and BB Dakota, has announced the withdrawal of its fiscal year 2020 revenue and earnings guidance, as the COVID-19 outbreak continues to cause uncertainty.
In a statement, the apparel, accessories and footwear company said the decision comes "as a result of the increasing uncertainty related to the potential impact of COVID-19 on the company’s global business operations."
The statement continued: "Steve Madden is not providing updated guidance at this time."
In late February, the company reported increases in fourth-quarter and full-year sales and earnings, as retail revenues continued to rise despite then-growing coronavirus headwinds.
“Looking ahead, while we are cautious on the near-term outlook due to additional headwinds from the coronavirus outbreak, China tariffs and the termination of the Kate Spade footwear license, we are confident that the strength of our brands and our business model will enable us to drive earnings growth and shareholder value creation over the long term,” Steve Madden Ltd. chairman and CEO, Edward Rosenfeld, said at the time of the report.
For the fourth quarter ended December 31, 2019, the footwear, accessories and apparel company reported revenue of $419.6 million, reflecting a slight increase of 0.7% from the sales of $416.8 million reported by the group in the same period in the previous year.
Wholesale revenues fell 1.1% to $313.8 million in the quarter, a slip pushed by a 3.6% dip in wholesale accessories and apparel revenue related primarily to declines in sales of private label handbags and cold weather accessories.
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