Steven Madden sinks to 20-mth low after maintaining FY outlook

Steven Madden

27/07/2022 18:39

** Shares of footwear maker Steven Madden  SHOO.O  down as
much as 7.3% at $31.06, their lowest since Nov. 2020 
    ** Stock last down ~3%, set to decline for second
consecutive day
    ** SHOO reiterates FY forecasts even as Q2 results beat
expectations; says macro pressures have increased, making
near-term outlook more uncertain
    ** Co saw consumer demand and sales trends moderate
beginning in June, which has continued into July, CEO Edward
Rosenfeld says on earnings call
    ** SHOO reports Q2 net sales of $532.7 mln, above Refinitiv
estimates of $487.7 mln, while adjusted profit of 63 cents per
share tops est. of 60 cents/shr
    ** Maintains its fiscal 2022 forecast for adj. EPS to be
between $2.90 and $3.00, while analysts expect $2.98
    ** YTD, stock is down ~30%

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))