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Steven Madden 1Q profit tumbles on CEO-related charge

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May 1, 2008

LONG ISLAND CITY, N.Y.—Steven Madden Ltd. said Thursday its first-quarter profit plunged 78 percent, hurt by a one-time charge related to the resignation of former Chief Executive Jamieson Karson.

The footwear and accessories retailer reported earnings dropped to $2.1 million, or 10 cents per share, compared with $9.5 million, or 43 cents per share, in the prior year.

Excluding a one-time charge of $3 million, or 15 cents per share, related to the CEO's resignation, earnings were $5.1 million, or 25 cents per share.

Analysts surveyed by Thomson Financial expected net income of 29 cents per share.

The company announced Karson's resignation last month and named Edward Rosenfeld, executive vice president of strategic planning and finance, as interim CEO.

Karson had also served as chairman and was succeeded in that role by independent director Walter Yetnikoff.

For the period ended March 31, sales fell 6 percent to $100.5 million from $106.7 million, but the results still beat Wall Street's estimate of $98.9 million.

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