For the third quarter, Steve Madden net sales were 392.0 million US dollars, a 0.7% decrease compared to the same period in 2013. Net sales for the wholesale division were 343.3 million US dollars compared to 345.9 US dollars for similar period last year. Retail net sales were 48.7 million US dollars compared to 48.9 US dollars for the same period of 2013.

Edward Rosenfeld, Chairman and Chief Executive Officer, commented: “Our third quarter results were disappointing, coming in below our forecast due primarily to weaker than anticipated performance in our retail segment. Given the continued lack of significant fashion trends in the footwear space, our assumption that retail segment trends will remain difficult through the fourth quarter, and a reduced forecast for reorders in our wholesale segment, we are lowering our full year guidance. While our recent performance has been below our expectations, we remain confident in the strength of our business model, and we continue to take steps, including our recent acquisitions of Dolce Vita and our Mexican licensee, that will drive the business forward over the long term.”

Factoring in the recent acquisition of Dolce Vita and current expectations for the remainder of the year, for fiscal year 2014 Steve Madden now expects that net sales will increase 1% to 2% over net sales in 2013. Diluted EPS for fiscal year 2014 is now expected to be in the range of 1.81 US dollars to 1.86 US dollars.