Looking to put its best foot forward, shoe designer Steven Madden Ltd. has joined forces with Bear, Stearns & Co. to explore strategic alternatives. The stock closed at $7.38 on November 30 on Nasdaq, barely above the low point in a 52-week range of $5.50 to $22.69. Long Island City, NY.-based Madden is a $110 million-market-cap designer and retailer of women’s shoes, focusing on style-conscious consumers. The company operates more than 40 Steve Madden retail stores, distributing its products through more than 3,000 department and specialty stores. In a statement, Charles Koppelman, acting chairman of Madden, said that the company has posted 16 consecutive quarters of revenue and profit growth, and the growth of its retail businesses has yet to be reflected in its stock price. But it is going to take a couple quarters of continued standout results before there is any comfort in the long-term prospects of the company, noted analyst Joseph Teklitis of Ferris Baker Watts. Indeed, last June, founder Steven Madden was charged with stock manipulation of 22 initial public offerings, including his company, in 1993. Madden subsequently stepped down as chairman and appointed Koppelman to run the show. For the second quarter, the company posted earnings of $3.7 million on revenue of $48 million compared with year-earlier gains of $2.4 million on revenue of $38 million.
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