Steven Madden (SHOO) Is Looking Strong At Current LevelsSteven Madden, Ltd.(NASDAQ:SHOO) shares have been showing very smooth run up so far this year with the stock spiking up over 23% till date and touched a an all-time high of $45.70 on March 01, 2012.In January, the stock soared over 20% on increased volume after the Shoemaker announced to buy its privately held Canadian licensee, SM Canada, for $29 million in cash to expand its presence in the region.In February, the stock had moved within a narrow range. On February 21, 2012, the company reported a better than estimated fourth-quarter results, but projected lower profit for FY2012, citing new acquisitions.The company earned $23.8 million, or 55 cents a share, compared to a year ago profit of $17.6 million, or 41 cents a share, last year.
Revenue during the quarter grew 74% year-over-year to $279.8 million. Analysts were expecting the company to report 54 cents a share, on revenue of $266.2 million.Gross margin during the period trimmed to 35.505 from 43.2% a year ago.Going forward, the company projects to earn $2.60 to $2.70 a share in FY2012, missing analysts’ estimates of $2.69 a share.The stock is taking off from its life time high with the broader markets. But the stock is looking strong at current levels considering it is trading well above 50-Day Moving Average and 200-Day Moving Average of $41.36 and $36.14 respectively.Steven Madden, Ltd. designs, sources, markets and sells footwear for women, men and children. The company also designs, sources, markets and sells name brand and private label fashion handbags and accessories.
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