Steven Madden 2nd-quarter profit falls 3.3 percent, misses forecast

Steven Madden Ltd. on Thursday reported earnings that decreased by 3.3 percent in its second quarter, and missed analysts' expectations.

The Long Island City, New York-based company said profit fell to $28 million, or 44 cents per share, from $29 million, or 43 cents per share, in the same quarter a year ago. The average per-share estimate of analysts surveyed by Zacks Investment Research was for earnings of 45 cents.

The company posted revenue of $295.7 million compared with $297.6 million in the same quarter a year earlier, and missed Wall Street estimates. Analysts expected $315.3 million, according to Zacks.

Steven Madden shares have dropped $2.44, or 6.7 percent, to $34.15 since the beginning of the year. The stock has declined 13 cents, or 0.4 percent, in the last 12 months.