SHOO - Earnings call transcript Q1 2018

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Operator

Thank you for standing by. Good day, and welcome to the Steve Madden First Quarter 2018 Earnings Conference Call. Today's conference is being recorded. And at this time, I'd like to turn the call over to Jean Fontana of ICR. Please go ahead.

Jean Fontana

you. Thank everyone. morning, Good joining quarter for XXXX for Steve discussion Madden's first earnings us you the today of Thank results.

factors materially of that or Before remind we of differ uncertainties XXXX. results not the call Act These Litigation the the risks and the results statements uncertainties registration These the expressed you to actual facts earnings Company's constitute unknown that the statements are historical to of also forward-looking any that in or future information and to statements Private and actual statements begin, cause could made and implied statements that subject on meaning I'd under filed cause differ. release historical from facts like for the forward-looking with could Reform in involve forward-looking results as Securities risks this factors are other statements time-to-time to reports statements. described the from contained on SEC. herein Company's refer to Please

Finally, the McCoy, cannot Hosting and be Madden; CEO Danielle please as Steve on Corporate today's and that, Ed date. upon today's over forward-looking call any of current after Danielle. Investor it today the note Relations. to Chairman relied are and Rosenfeld, will and used Development With I Director call statements that turn

Danielle McCoy

Thanks, good and Jean, morning, everyone.

refer financial Please financial that Before noted. non-GAAP are I adjusted turn reconciliation the our to unless of Ed, results for presented a measures. otherwise the below to I'd call note over to press an GAAP basis, like Ed? release on to

Edward Rosenfeld

review year the while remains prior EPS of quarter first the of net results. comparisons we backdrop, with these in Steve In as retail of were which of results. from and pleased challenging X% a well XXXX growth everyone, thank with improved the first tough period, We very morning, quarter XX% and XXXX. good as for light XXXX to to compared you us Good diluted Danielle. to start joining growth Thanks, got sales off Madden's

outstanding X%, Wholesale in in We Our our the Steve and in growing Madden Branded our and sneakers including and increases us are his that to strong and performance net sales with businesses. we Steve flagship create outperform to enabling team recorded with In the business quarter, consumers assortments the where resonating both sandals. product categories, brand saw the Label of a across continue Footwear performance notably most competition. design remain first pleased quarter range with Private strength

directly We markets in outstanding increases in saw in international our in distributor also business. Europe Canada and in JV, strong Mexico, saw performance we owned We our the and had across where SM subsidiaries Board. the growth our

quarter, division last private drag Much about out were we up Overall, the balance period. performance, boot increasing sales how and resulting as ago on continues pleased the handbags Retail In roughly Boots good also we year. Label most our a to Private first but standouts, the year accelerated, quarter. were year, comparable were and Wholesale X% to quarter the compared double-digit Steve compared increased with feel over are sales we to each the challenging Madden's owned Madden down we economy. a Footwear overall to on drove our quarter Overall Our look of the the Accessories, point the in basis, basis the positioned. our retail the recording like were business sales in store in segment. net prior decreased XXX X.X%. decline. high-teens strong category label X%, XX% growth same-store be

Girl, it's as comparisons XXXX, on and board grow Steven, outperform, Madden Kids in in Men's, NYC. from year core and business First, Footwear Wholesale despite Madden in Women's, last Steve Madden across Madden and our tough Steve to to track continues the well the as

Second, Dolce our Vita trajectory. in And division Dolce into Footwear wholesale has upswing. was growth the performance a notably, The to Blondo's also in is now has quarter. where continued far is at for year-ago. strong been brand to it Vita that beginning Dolce very improved order Sell-through portfolio are react upward and is XXXX. the balance XXXX, an partners retail. of Most momentum the file the significantly so Wholesale expect on ahead Vita on return to this We to our of brand

this strong of the newest of addition our to as XXXX investment increased business excited is is this and the we over Steve International trend business last benefits And are due in continue the couple part business have the growth Fourth, and the our expect off. to to our was on years. brand we private Third, finally, momentum of for highlight about label. poised see our through the we handbag and Anne really strong in year taking Wholesale QX Accessories focus International the we Madden Klein. the portfolio solid division in of balance our

a beginning of with and business. a become stable, a fall reminder, Klein strong making our a defined that clearly XXXX January, point existing an is to other the brands complement in handbags with for footwear late Anne all As shipments. we signed Anne our great brand to it different licensee from in of agreement is view the Klein

$XX Klein million to Anne believe half of the to back million the sales in in months half $XX the brand under XXXX net and first continue which can shipping, of We XXXX. the of encompasses first we do XX

what more and confident in are business that detail. With results our in the And on of positioned based of turn for and strength years together, this XXXX, remain we contribution this Danielle encouraged assumed that well to only the the breakeven us. year, model, business over drive our to it for about I'll profit not our come. have of brands are should growth earnings power we in our review that, and sales opportunities in it seeing to ahead to financial profitability but business we contribute are to all While Putting we is we XXXX.

Danielle McCoy

Ed. Thanks,

with We are to year. the pleased new good start fiscal a

of year million. net $XXX.X $XXX million sales consolidated sales to Our X.X% increased compared to net prior

our tough saw comparisons X.X% segment are private Footwear our in Retail well in increased million quarter. Wholesale label X.X% sales handbags increase as Madden despite sales our to footwear in strong business. In prior Madden the year. million. Wholesale sales international growth Accessories to $XX.X net core $XX.X $XXX.X of handbags markets growth net X% Steve double-digit drivers net million. In as Our private strong segment, increased in Wholesale brands to Steve label led increased by and the the growth

sales X.X%. Our decreased same-store

same-store which Excluding up. boots, sales declined as Ed significantly, were mentioned

one closing while and one outlet stores stores store full store and price U.S. we outlet quarter, first the full the opened in price three During two

one China, as e-commerce in Ended In addition, operated sites, one-store in we two concession. well and XX full operated concession. three outlets and store quarter as price and including Mexico opened stores, with XXX XX the six locations including retail company company

in points other in compared first year's $X.X to to commission XX million $X.X gross Consolidated income, Turning last royalty decreased XX.X% to first to margin income compared million $X.X year. quarter, compared $X.X prior licensing the XX.X% our the million prior private was while quarter a in net expenses to basis in decline last growth margin. million carries of cost wholesale modest gross for result the margin to business, in of in year compared lower year to was the strong margin quarter. compared to XX.X% label the gross the decreased The year. which last gross Wholesale XX.X% quarter was

XX.X% expenses of million compared of net net Operating the was sales. totaled was of gross $XX.X label, mix Steve operating to in margin by the products the sales, XX.X% caused wholesale up, or Madden Excluding for was Majority to Retail and decline the quarter million net in private of of sales performance in quarter same to by XX.X% $XX.X discounting year's million Operating brand. XX.X% expenses XX.X% period the or margin of compared year. to operating quarter income $XX.X slow boot driven XX.X% last net $XXX.X to category. shift gross last last first or the strong sales, for million the deep margin income year. of increased moving compared or

effective the Jobs Act. impact was Tax a Cuts the of to tax prior of year, XX.X%, in as quarter Our compared and the rate for result XX.X% the

million was Finally, million $X.XX the to diluted net for share or the XXXX. per or $XX.X $X.XX in diluted $XX share, compared per income first quarter quarter of

foundation Moving strong. sheet, financial our remains to the balance

driven XX, $XX.X March XXXX, have disciplines securities, that marketable million we & of had compared million, sharp in at acquired X.X% Schwartz Benjamin a in of the As we reduction totaled million stricter by cash at and a controlled inventory Inventory business. our of as implemented $XXX.X no decline $XX debt. prior year, inventory to and

$X.X was XX, March and the the XX times, consolidated Our million. quarter in ended turns for our last inventory was CapEx X.X months

acquired we During authorization. of settlement Last, Directors on quarter, shares on the remaining includes close be share $XXX.X the XX, June for XXXX declared through repurchase XXX,XXX record The a per as quarterly Board there stockholders net on dividend of million, the to first payable $X.XX million cash June the quarter, of of Company's dividend will share. the business At XX, of stock which employee of the XXXX. awards. approximately the was end $XX.X repurchased of shares

for XXXX, diluted X%. between sales Now and net for fiscal EPS $X.XX. range will EPS on be to Expect will turning and to $X.XX $X.XX to adjusted will we XXXX our range diluted be full-year a continue to basis X% GAAP the guidance, that of $X.XX growth expect year in a

operator to turn like it over I'd Operator? the questions. Now for to

Operator

go [Operator you. with to first Jaffray. Piper Thank Instructions] And Erinn Murphy we'll

Erinn Murphy

work on Great, and thanks. quarter. really morning Good nice the

Edward Rosenfeld

Thanks Erinn.

Erinn Murphy

the if that by guess that little trajectory fully some you private should gross just of headwind. first in curious a a start more Can starting side still around improvement just And guess if is how to help see I to the quarter, that bit just impacted wholesale think question us segment? and in on margin then business, QX the that just I of retail gross the but behind the us change was clearly cold of my margin. label is inflect? planning you're you're margin about boot

Edward Rosenfeld

still wholesale is call, should that to year. for the basically full-year, side on pretty we've what think the we're about the flat sure it the Yes, which talked last be about similarly I it thinking in for that

Erinn Murphy

Okay.

Edward Rosenfeld

on with points. the private that quite side performance we QX margin business actually the had to wholesale a particularly label the basis had and increase margin strong we impact in without gross a Payless this gross And - were XXX in pleased negative because

of actually brand. nice balance improvement by that a margins gross impact Madden in particularly very in absent Steve we So the the business the driven had strong very

be should awfully a pretty went we little deep on us the in that to your boots So the about behind of we And we retail, discounting hit bit in good point, QX, margin the but as side. a really wholesale feel gross now. took performance of some

Erinn Murphy

maybe then low Is And business small there the Okay. retail be any margin. broader, EBIT to little it's but it there you about bit really guys used today, years a contributor that's with a different, a just that on of can international your to two just anything back way just potential? brand just get the the to margin three else double-digit next help us think structurally or

Edward Rosenfeld

the a make that are Certainly challenging Yes. well operating the of now. a off There peak that model. is structurally lot more margin things

I cognizant fact. to of So we think have be that

If operating margins. you at slim have well - pretty we look

of If their you money. of and look stores them competitors most lots States, in United all losing shut have our now were at the

so So and clear model it be we to about is eyed have difficult that. a

over opportunities some improved profitability operating of time. improve got try to margin drive to the there and to operating place I We there. e-commerce we've are side think on can our initiatives that improve lot a in think margin we the

the margin I think time, help the us e-commerce and business. international we grow store increase over operating as footprint international can

in but be can pretty aspirational that think at we that see than I this the XX% what I think higher point. margin is U.S.,

Erinn Murphy

we just some news be stores all secondly, my the then some numbers? at the into other as guess there start wholesale and that liquidation Bon-Ton at fell additional And then of now first there partners Is some And point. there store impact out Okay. kind have that you are concerned last disruption your of coming where you I guess to I shutter? question these could any to

Edward Rosenfeld

So to guidance. with built Bon-Ton the respect specifically, we've into that

Bon-Ton the from impact additional no is there closures. So

you retailers terms As closures. basis an see that's a to look major any a a impact think other on then on impact in to our stores, don't - And Madden we profitability. impact us have the we based negative $X.XX about we reminder, annual we Bon-Ton own specifically that to Steve if of the in sell don't And Bon-Ton stores malls. at a

be to going there's damage collateral that of think a don't we lot So there.

Erinn Murphy

best. the All questions. my taking for Thanks Okay.

Edward Rosenfeld

Erinn. Thanks,

Operator

to go We'll Camilo next with Lyon Canaccord Genuity.

Camilo Lyon

Thanks. morning. Good

Edward Rosenfeld

morning. Good

Camilo Lyon

What's for Ed, have if take clear pleased time sandals, of been so pretty just those talked incremental separate that That that how Sneakers performing being out both the in market? some you trend kind sneakers category very could trends. calling is of good now the been you is separately. your and your about It's with you're business becoming about own bump now. makes that that again? quite in you product

Edward Rosenfeld

we category. see we've just of reach sneakers is in sneakers category. of Yes. sneakers new just good. highs a got us that we about sales Slip-ons I terms trend good. The continue we and We've a of working. are mean percentage things in lot that different see working and We in things higher wedge dad that Women's time are QX. gotten got wholesale to It's that continue - in XX% Oxfords but and talked are ever than for new lot we high call, we so be business in even we've Madden of excitement Steve a in first last the to hit of a nice just to in on, a expect that different hits the QX. lot

slowing that's no down. category signs just So that a shows of

Camilo Lyon

same luxury seeing now to a houses pricing fashion of for athletic the the an And on that's our a you had who's from that helping well perspective sneaker trend in lead shift seems as Are more there's incremental been like because price component it it where from there role velocity to a too opportunity that. of add fashion, unit Is terms that seems the the gone driving you. thing? as taking

Edward Rosenfeld

I first command newness a the think their sort other is categories of I AUR. when mean very seeing you season, have like higher one things we're fashion-forward looks of you have are that and those in that

$XXX And customer as wants we've north price fashion-forward so some that for no getting resistance these and the and we dad who call of really instance, got them fashion. the sneakers latest from are greatest just of

Camilo Lyon

general of then the channel colder anybody you northeast that we've certainly if the guess the and into wanted can the part of inventory kind sandals the lot view second I just had for longer given think the And that maybe has here Great. weather in question or tie than in expected? a that piece much of was I

Edward Rosenfeld

not are very think bit in feel good things sales, sneakers stacked are performing point, Platforms I mean that Yes, your been going sandal category, respect I strong. a while bit inventory there is some about seeing good good working good in a And get category We've few reads we little little place that speaking, so Flat but might particularly what there been very healthy. has was are good. inventory a may the that Sure. heels feel channel quite inventory northeast bit, a we have to in sandals, sandal there's that good we early weather, a there. have to for like - do about us. on like are we some in was backed forward. we're very and With that's of retailers. most choppy key cool the when March in pretty have levels feel is some channel, sandals to able weather a different up of pretty generally the the beneficial of got and overall for and our month

Camilo Lyon

or been share on greater And side, on for question, acquisitions? on Does competitors, your then via filing seems perhaps that? branded even more gains provide like just for that just What's you, opportunity my more competition there's final it either bankruptcy. weakening, review the

Edward Rosenfeld

you pretty but can and looking see than sure in we others we we're we're that, struggle, that we to look things on space perspective, obviously profitably. assets right that capitalize of that make on many now, really And grow bit we to anything really in think to active if grow Certainly about that we time. to get we're an as sense, we're it, the better competitors on the at and also will and all Obviously, From that something comment Yes. and share. that act a take continue makes prepared quite doing can't acquisition know there. want disciplined

Camilo Lyon

great. Good luck. sounds It Thanks Ed.

Edward Rosenfeld

Thanks Camilo.

Operator

Capital to KeyBanc Yruma Ed with go We'll Markets. next

Edward Yruma

good should program? in think my Hey, first label I you for for the Amazon's in label, upside about Thanks morning. participating taking private year? in on label private guess how platform, questions. and the of the bring opportunity we you balance are other retailers Can and private other

Edward Rosenfeld

of think But seeing side. partners about new Amazon not in it's partners. label balance private we're right new label what's customers. And the driving growth existing in with label with Yes. private participating really customers, not the our growth always now right it's growing is We're existing you are if label the The on that year, our now. for private the we for private looking really

Edward Yruma

second then if should there's this season. so trends are that guess, that or winter Thanks obviously business that that see you much. either boot I allow was And innovation are it. comp starting signs Got very I to past to The weak may. favorably? you changing

Edward Rosenfeld

I seen category. that in boot mean that some for we've fall think us positive the I Yes. signs hope give

past boots Some leading newness category, a indicator. were Europe and a Europe sometimes better they bit in in in can the fall be this U.S., the than little were

did ready category and to ground is in think let's So certainly inflect year. better put say boot we I to this we're feel going it but that the stake about a nevertheless a say we than year-ago, the not

about really look as think ago. to flattish sort we're I we're - you a at of year if So it our forecast, thinking

Edward Yruma

much. so thanks Great,

Edward Rosenfeld

Thanks Ed.

Operator

we'll Nikic Fargo. with Tom next to Wells go And

Tom Nikic

was the I wondering question. Hey. Good kind for on morning, Danielle. margins. Thanks morning, gross just Ed. taking my Good of

guess QX. you noise down I the Payless guess label margin for with that you three I business, I - I full-year for would were balance around the year. the of the months would flattish for in gross still higher assume were ago be penetration year-over-year private think calling and less

So gross I kind margins going be maybe gross mean being how down basis about just forward? should think should margins of mean kind a on think or Thanks. of I full-year about we

Edward Rosenfeld

Hi. Yes, and planned the be in modestly they in actually had we anticipated. QX for by Payless right, continue fact less were we increase driven that this down down they full-year Tom, gross we and QX be than should you're to the margins margin - well gross to in in was for believe down flat were

running thought we'd of margin So little be ahead of this where a terms year. in far bit we we're gross so actually

Tom Nikic

you spoke Got you it. strong, think, you your also actually And international I outstanding growth. I'm about sorry missed much quantify it. said really I up? international Did was business how if

Edward Rosenfeld

up was quarter. It in about XX% the

Tom Nikic

right. and the All of Thanks luck rest of best It sounds good. the year.

Edward Rosenfeld

Tom. Thanks

Operator

go Sinderen FBR. to next Jeff B. with Van We'll Riley

Jeff Van Sinderen

morning, Hi, good everyone.

on the you Ed. see Just international, what a expect driving guess can there give driving follow-up to see for the acceleration and - there terms in year Anything you international? what's remainder in the what you I us of of

Edward Rosenfeld

Yes, on markets around positive story it's doing way I all owned international. pretty well. the are a very mean The

that's are and Canada for top and Mexico both and both performing So us bottom line.

Our profitable and Europe SM rapidly very also is already. growing very JV is

not SM We're Italy, feel our Middle there. about which - Europe JV. not good in the as of And we a distributor which with is India also growing. as then we our seeing growing is very So growing. business growing still distributor, part do We're East. is we're with what

And on expect to happening So small a forward. going then a contributor of SM the that larger quarter, course contributor this business a good be front. was of we that Asia lot but we've got very things

Jeff Van Sinderen

sandals. categories, outside back you. more Okay, good. sneakers you be for fuel that other the you of Do emerging to amazing can growth other know year? if are business has just And we trends I sneakers you think this categories see circle been And then might to mentioned in able of obviously, your

Edward Rosenfeld

now. looking Look it's of hits you about of the things two talked look sort then if there. - we're that, boots. And those mixed. I I at There it category kind would for and what are would right say at some the dress big misses say we are

I pretty little pick much would as that casuals, think that say So we bit casual some the well. that's categories. there's also the covers main a in category up can QX

Jeff Van Sinderen

the QX. of best good. very much Okay, Thanks of for luck rest and

Edward Rosenfeld

Jeff. Thanks,

Operator

We'll go next with to Jefferies. Janine Stichter

Janine Stichter

think morning. can losing Okay, anything into the of ahead. easier nice category, Can and I you thanks. just see the there was some you for think you're really how doing more about you saw the that dig you're Wholesale And to then resurgence talk differently if bit a growth hoping should rest of we Good little year? cadence comparisons there? Accessories the about I

Edward Rosenfeld

I really then think and would two that the label two and business private highlight are Madden Yes, the business. Steve we things one that handbag

a nice So digits momentum. and Steve It in front, handbag QX. in Madden some XXXX, up growth we've on that's the strong business double had had double-digit where was nice number a

price of Just volume both there. price fashion-forward feel at We've growth product as regular very expansion that very off the good nice the products, but real about instance. channels also in assortment We've for really a well nice seen us. channels. got for really can And product the balance core the Macy's as some nice drive also seeing

Madden also So should very about is say good also I then Girl we diffusion handbags, are handbags Madden feel that and growing. line Steve

the driving And now. seeing on label and big business right very also business. on the side numbers Wal-Mart our of is just particularly story a really the private it's at then that strong positive So growth side handbag

Janine Stichter

there business. terms then and long-term growth you in, like inning kind And can path? also just feel in Okay. of anything of the seeing you you on What are Men's what share you're the

Edward Rosenfeld

Yes.

know So we us. another growth a has XXXX. year for business strong solid in that Recently, have to as expect you in Men's of very grower been

And based the QX that about in you very that as business. not But as it's to feel relative overall bit up think on We out down business, we just We make mature. are QX. actually in point will timing. Women's a little good

in runway in a we the U.S. So and international there still both quite of of feel course have bit we markets. the

we're maybe really know but about I fourth what the don't we inning, there. doing feel and what good to - As

been more continue I product that. assortment also and we've and to there strengthened do we're said, As marketing we've the going to in investing

Janine Stichter

you. Thank Great.

Operator

And go with we'll Group. Advisory next Telsey to Telsey Dana

Dana Telsey

Nice the and you're also anything and morning. Thank there? you how a seeing developing? the shift about you. Klein how of results. Hi, business, progress on good and the Can that's little Payless that's transitioning on progress And talk bit Anne

Edward Rosenfeld

Sure.

emerged back Payless they after from base So of of attempted bankruptcy, like strong prior few that and business it key of where so and we one business and on - and has was come have vendor very they've increase really vendors is and their so in in fact shrink it focus we're going a them, running nice in and had a sort bankrupt, very that ahead looks to to QX.

QX up agreement be to then what on you're asking based And think with them. I back well. the expect new a half about We in is agency significantly buying in as

will for We we that changing it how account be business, will moving. so be

accounting and We of income change net And doesn't that's will that anything licensing into the for fee line just commission will profitability an recognize that us. the topline longer move and expenses. sales change, really no about

fall so for getting Klein, in of our for speaking making that progress we've retailers. but think team half to in different. be We've place I prepared And got all will as on again back And will up the well, And basis XXXX then launch. and Anne there. been hard the apples-for-apples the be we're working it business the accounting

our business. the that and capability Klein can involvement and particularly how to I market Anne excited to about pretty speed our we think bring they're

that started getting excited about So brand. with very

Dana Telsey

you. Thank

Edward Rosenfeld

Thanks Dana.

Operator

We'll go Chris next with to Svezia Wedbush.

Christopher Svezia

for first Did a job Thanks my the taking curious little just I growth quarter, Good quarter. nice morning. on revenue did over you in questions. X% the guess

X% X% year. Your is to the guidance for

stronger a the guidance half. revenues still the you or should it a acceleration had as go balance should we of of about in we we felt little bit you've cadence QX. year initially strong else incremental or had now see I growth more balanced you be Anything through strong Obviously, is total you that such in when in back a QX. the would think the be gave terms thinking

Edward Rosenfeld

QX that Well, with balanced. Keep business growth drove the I guess mind it Label should fairly part of was the Payless. Private that in what in be growth

is obviously margin. lower So that

mostly we think were about the I were earnings. when we So before, talking talking seasonality about

And sales, should so really guess yes, consistent the relatively it the year. I throughout be respective

Christopher Svezia

Retail retail, easier. give Company-owned puts X%, the segment and that Retail we took Is I don't or think business, of comp, you I'm there curious should comp in anything for year? any could your that business, think up roughly you would to that regard I out terms as the in but comp is On think be if general we Okay. reason in know takes the with it the comparisons about boot different about

Edward Rosenfeld

QX mean one I also Well, in an out favorable I earlier guess will the XXX from fairness, we is in point point that impact about basis thing Easter. I have did

that's that So as we look at QX, a headwind.

in QX. about XXX impact negative nor'easters On from the other a basis hand, we about the negative point also had

we from long start at probably puts going takes. the certainly game for But a with headwind least about QX, and point time play basis with eastern. a XXX do this can probably So back, we

Christopher Svezia

are Madden numbers in, any curious Okay. it's just color update stores that? and And then just around finally your just of that? performing, How any on what's Kohl's,

Edward Rosenfeld

continues year-ago. We doors We quite be launched selected that took well. XXX selected took Yes, to going in - doors XXX styles we this to spring.

We happy that be opportunity. doors XX testing going plan we spring. for and are fall a very be that beating this We're about performance. with the in NYC well, Kids seems goes significant think Madden could Kohl's to if

very we're there. what pleased seeing we're So with

Christopher Svezia

thank best, the All good. sounds it you. Great,

Edward Rosenfeld

Chris. Thanks,

Operator

Poser next with go Susquehanna. to Sam We'll

Samuel Poser

you sort a an of question. well. perform reemerging taking styles, with trend some see this we've Historically, for Do for reemerging with some have or Thanks you trend to heritage I clunky of seen emerging chunky, a of believe kind system morning. Good you it? my the and old lack better of that starting as looks

Edward Rosenfeld

plays seeing obviously think it's that that of your and I to one our strength. to things Yes, certainly that we're the point

Samuel Poser

say I August a And I that at time? that of actually see when in emerging. onward, mean and Steve you thinking on we're of at the now. how you're right guess that thinking fall the order I much this how business Madden, look - when the let's about mean is Madden as Boot don't placed giving orders, flat - are percent

Edward Rosenfeld

Well as we season. to you close worked know very

about know So as - know percentage much of a as the we don't that lot what lot there's that - don't of a timeframe but of our is, nearly probably work to peers. chop. most I

Samuel Poser

on. you so where Men's us of I in Right, because be at you written of lot mean Girl, this of lot still in mean a - what you're now, guidance orders I written? have look can would so places - you're do the to you in would telling of your to which orders order and I when the react, private much sort see orders, there's be and a label, are still I - guess you assume Madden is but you be how

Edward Rosenfeld

know about heck a Yes. to know We lot Yes, a about of QX. we still lot of But do work QX. is for something QX. there

Samuel Poser

the assuming I much you've been I acquisitions mean be And a look to would the you - smaller acquisitive, good Okay. guess value. it's - have then size over question you that would value? I How years mean big a go, is willing good generally to at company for? done you what how

Edward Rosenfeld

and really transaction the it and the mean I company all valuation Look, the et on cetera. individual depends

we've to wherewithal So that much do the have we anything than are to-date. certainly deals larger done

say deal it. found right but transformational? probably that's at look at never, that's transaction, we'd are to looking if never think a Would I'll them. We but truly $X the the I do we open exactly unlikely, billion you

Samuel Poser

thing on. - do about about your you how Klein thing And mean or overall where think of like you name, what not - mean of What as type think brands I giving about category stable for? but your was you Anne fit necessarily as out you a when good niche so sort talk and addition without anything within a of you opportunity have I so far round business, on? another brand do it feel type to

Edward Rosenfeld

of that call of I categories think trendy on of do certain brands There traditional we that and don't are of comfort a We've focus or I business tremendous still meaning a of that but young market part would a could more with which plenty footwear. where sort comfort Blondo complimentary. the Steve mature some less instance. brand. There's we parts have for has the boot in true Waterproof We maybe in categories or for the category, what can success don't more - product customer. in sophisticated Women's business, and that comfort functionality, the that more we lot Madden have also be had

So me very we'd hard a it's there things speculate. but different of to look look lot to at, is

Samuel Poser

much. Thanks very

Edward Rosenfeld

Thanks Sam.

Operator

next We with will C.L. & Associates. to Marotta Steve King go

Steven Marotta

match one pressure competitive that then you due follow-up morning, question may Danielle. was competitively margin anything seen channel? a much believe ago all I standpoint was Good up promotions to the Have appear second the inventories gross warmer weather that Ed, to that a had - think have backing I weather relatively that. quarter that could lead Ed affected a that regarding under that fill stable within at promotional earlier bit question it we've how you and Remember, from just second in the to line. a essentially in seen where weather quarter similar or asked and or of the be fashion patterns you it currently was colder cadence little the materially commented channel the in, came you a years increased from quarter. and is first negatively within within to to relatively couple

Edward Rosenfeld

not seeing promotional Now anything at unusual this from standpoint. point a we're

Steven Marotta

EPS. question to had other the I And it relates as

and call, from beat on about the an given in EPS split year mentioned, was what your but the operable memory, me, that for working quarter? you so it was forgive standpoint I'm an was first think the think XX%, Is XX%. EPS I last still I from

Edward Rosenfeld

I you're To a in and we've calculation, haven't you still be close. that but the right, bit by we It's beat little mean year, that XX%, XX%. in so done maybe range. it's it's QX maintained honest,

Steven Marotta

very That's terrific. Thank you much.

Operator

No turn any additional questions remaining. to for Mr. call comments I'd closing remarks. the like Rosenfeld back or to

Edward Rosenfeld

call. the on and call Have day. with us joining look morning all on forward a for earnings great this much you we quarter speaking to very thanks the second Well Great.

Operator

does sir. for Thank conference. you, that participation. Again, Thank today's conclude you your

You may time. at disconnect this

Steven Madden (SHOO) 20 Apr 182018 Q1 Earnings call transcript