LOS ANGELES (Reuters) - Shoe maker Steven Madden Ltd (SHOO) cut its full-year earnings and sales outlook below estimates on Monday, citing a "challenging" third-quarter sales environment due to few strong footwear trends.

The company now projects full-year sales falling between 9 percent to 11 percent, while earnings will range between $1.60 and $1.70. On an adjusted basis, earnings are expected to range between $1.50 and $1.60. Analysts, on average, had expected adjusted earnings of $1.72 on sales of $440.97 million, a 7 percent decrease from the prior year, according to Reuters Estimates. Steven Madden said in August that 2007 sales were expected to decline 2 percent, with earnings between $2 and $2.10 per share. In a statement, the company said a "lack of strong direction in footwear fashion trends as well as generally softer retail trends" hurt third-quarter wholesale and retail sales. Steven Madden expects third-quarter net sales to fall 8 percent to $113 million from $123.2 million a year earlier. Sales at stores open at least a year, a key measure of financial health, are expected to fall 15 percent. Third-quarter earnings are expected to range between 50 cents and 52 cents per share, including a one-time gain from tax savings. On an adjusted basis, earnings are expected to range between 40 cents and 42 cents. Analysts, on average, expected third-quarter adjusted earnings of 44 cents on revenue of $115.23 million, according to Reuters Estimates. Shares of Steven Madden, which is expected to report third-quarter results on November 1, closed at $17.68, up 1 percent, on Nasdaq. (Reporting by Alexandria Sage, editing by Jeffrey Benkoe)

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