Steve Madden boosts full-year guidance

LONG ISLAND CITY, N.Y. - Shoemaker Steve Madden on Thursday raised its profit and revenue guidance for the full fiscal year after posting better-than-expected third-quarter results.

The company said it now expects to earn between $1.49 and $1.54 per share for the year, up from a previously anticipated range of $1.39 to $1.49. The 2008 earning guidance includes a $3 million charge in the first quarter tied to the resignation of the company's former chief executive officer.

Excluding this charge, the company expects to earn between $1.65 and $1.70 per share — up from a previously anticipated range of $1.55 to $1.65 per share.

Analysts polled by Thomson Reuters expect the company to earn $1.62 per share for the year. Analyst expectations typically exclude one-time items.

The company now expects its annual net sales will increase 5 percent to 6 percent, up from its prior prediction of flat sales to a 2 percent rise over 2007. That implies sales of $452.6 million to $456.9 million, ahead of Wall Street's target of $437.8 million in annual sales.

"We are encouraged by our recent performance and believe that Steve Madden is well positioned to continue capitalizing on current and emerging footwear trends," Edward Rosenfeld, chairman and chief executive officer said in a statement.

He said the company is keeping a close watch on the economy but remains cautiously optimistic.

The company also reported Thursday that its third-quarter net income rose to $11.1 million, or 62 cents per share, beating analyst expectations of 53 cents per share.

Shares of the company rose $1.15, or 5.9 percent, to $21.23 in morning trading.

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