Fashion in footwear is hard to find

Fashion footwear brand Steve Madden cited a curious lack of significant fashion trends when it lowered its full year financial outlook after reporting a third quarter sales decline.



The company, which is known to be a trend-setting in the footwear world, said sales for the period ended Sept. 30 declined 0.7% to $392 million and indicated full year sales were likely to increase 1% to 2%.



“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,” said Edward Rosenfeld, chairman and CEO of Steve Madden. “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.”