Long/short equity, value, special situations, growth

Steve Madden Marching On To Higher Stock Prices

Steve Madden's (NASDAQ:SHOO) stock price is up 25% since I first wrote about the company in June (Bullish On Steven Madden: Hot Pair Of Booties To Match A Compelling Valuation). Despite a challenging retail environment and weak numbers in the retail segment, Steve Madden is executing well. Although the valuation is not as attractive as it was then, I am still bullish on the shares because of its long term growth opportunities and underleveraged balance sheet. In this article I will provide an updated look at the bullish case for Steve Madden.

Same Store Sales

Retail sales comprise ~15% of Steve Madden's revenue. In Q3, retail comparable store sales were down -3.5%. This was a disappointment...

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