Auriga: Expect Solid Q4 for Steven Madden
In a research report published earlier today, Auriga expects Steve Madden Ltd. (NASDAQ: SHOO) to report a solid Q4, and that the company will continue to generate strong revenue/earnings.
“Given what we believe was a strong fall/holiday season, we expect SHOO to report results inline or slightly better than expectations. We believe SHOO may have benefitted from the warm winter as consumers did not purchase outdoor/cold weather boots. Instead, consumers may have spent the incremental discretionary dollars on fashion boots. Our Q4 revenue estimate of $264mm is a 64% increase compared with the prior year. Excluding accounting shifts and acquisitions, we believe organic sales will increase 10%-11% in Q4,” Auriga commented in the report.
Auriga maintains its Buy rating and $45 PT on Steve Madden, which closed Friday at $40.05.
