(RTTNews) - Tuesday, footwear retailer Steven Madden, Ltd. (SHOO: News ), said it expects an increase in sales and earnings per share for the third quarter, while raising its full year guidance.

For the third quarter, Steve Madden now expects earnings of $0.97 per share, compared with $0.62 per share a year earlier. Net sales is expected to be approximately $140 million, up from $128.1 million in the prior year period.

On average, four analysts polled by Thomson Reuters currently expect the company to report earnings of $0.64 per share for the third quarter. Analysts' estimates typically exclude special items. Wall Street analysts currently expect revenues of $130.10 million for the third quarter.

Edward Rosenfeld, Chairman and Chief Executive Officer said, "We are very pleased with our preliminary results for the third quarter and now expect this to be a record sales and earnings period for Steve Madden."

Long Island City, New York-based Steven Madden raised its full year earnings guidance to a range of $2.55 to $2.65, from its prior guidance range of $2.05 to $2.15. The company also raised its net sales expectations and now expects net sales to increase year-over-year in the range of 7%-8%. The company had earlier expected net sales to range from flat to a decline of 2%.
On average, five analysts polled by Thomson Reuters currently expect the company to report earnings of $2.11 per share for the full year, on revenues of 471.07 million. Analysts' estimates typically exclude special items.

Looking forward, Rosenfeld said, "We believe that our results demonstrate both the design capability and operational strength of our Company. Our updated full-year guidance reflects our expectation for continued momentum in our business for the remainder of the year."

SHOO, opended higher at $44.00 and reached 52-week high of $45.48 during early trade and is currently trading at $42.50, up $2.50 or 6.25% on volumes of 465.90 thousand on Nasdaq.

To receive FREE breaking news email alerts for Steven Madden Ltd and others in your portfolio

by RTT Staff Writer

For comments and feedback: contact editorial@rttnews.com