The footwear and accessories company earned
The results were adjusted for a 3-for-2 stock split that went into effect in October.
Stripping out a one-time benefit from a legal settlement, the per-share earnings of
Revenue increased 9 percent to
Like other retailers, however, customers appeared unenthusiastic about shopping.
Comparable store sales tumbled 6.7 percent and margins slipped as the company shifted sales more toward private label products. The retailer also jacked up marketing in an attempt to lure people into stores.
But sales in the wholesale segment climbed 10.6 percent, driven by that private label business. There were also solid performances from Steve Madden women's and girl's footwear, and improvement in Steve Madden handbag sales.
"While our retail segment performance was below expectation, we recorded another strong quarter in our wholesale business," Chairman and CEO
Retail sales increased 1.7 percent. While the performance included the results from 12 new stores, that was mostly offset by a drop in same-store sales.
Analysts watch same-store sales closely because it removes results from stores that opened or closed in the past year. Those figures provide a better glimpse at a retailer's health as it removes the volatility associated with those locations.
For the year,
Adjusted earnings were
Annual revenue rose 7 percent to
The company projects 2014 earnings between
Analysts predict full-year earnings of
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