Shoemaker Steven Madden Ltd's quarterly profit failed to surpass analysts' expectations for the first time in more than two years, as the expansion of its private-label business continued to weigh on margins.
Steven Madden -- which has beat analysts' estimates for the past nine quarters -- has seen its margins decline as it shuffles its product mix and offers more private-label items, which typically carry lower margins.
The company counts retailers including Target Corp among its private-label customers.
Last May, it bought Topline Corp and Cejon Inc, which make store-branded products that mostly sell at lower prices to name brands.
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