Steven Madden Ltd. on Thursday reported a first-quarter loss of $17.5 million, after reporting a profit in the same period a year earlier.
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The Long Island City, New York-based company said it had a loss of 22 cents per share. Earnings, adjusted for asset impairment costs and non-recurring costs, were 16 cents per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 19 cents per share.
The footwear and accessories retailer posted revenue of $359.2 million in the period, surpassing Street forecasts. Five analysts surveyed by Zacks expected $353.9 million.
Steven Madden shares have dropped 40% since the beginning of the year. The stock has dropped 15% in the last 12 months.