Shares of Steven Madden Ltd. fell in pre-market trading after the company posted third quarter results that reflected a miss on Wall Street’s revenue estimate.

The shares were down 1.31 percent to $32.41.

“As anticipated, the third quarter was challenging, driven largely by the impact of new tariffs on goods imported into the United States,” Madden’s chairman and CEO Edward Rosenfeld said in a statement.

He noted that consumers responded favorably to the firm’s fall assortments, particularly in its flagship Steve Madden brand.

“The improved trend in Steve Madden, together with our tariff mitigation strategies and the contribution from our recent acquisition Kurt Geiger, position us to deliver stronger financial results beginning in the fourth quarter,” Rosenfeld added.

The company closed on its $360 million deal for the Kurt Geiger brand in May. Wall Street sees growth opportunities for the Kurt Geiger brand in the U.S., which would provide upside to Madden’s earnings power.

For the three months ended Sept. 30, net income was down 62.9 percent to $20.5 million, or 29 cents a diluted share, versus net income of $55.3 million, or 77 cents, in the same year-ago quarter. On an adjusted basis diluted earnings per share (EPS) was 43 cents. Total revenue was up 6.9 percent to $667.9 million from $624.7 million, which included a 6.9 percent gain in net sales to $664.2 million from $621.2 million and a 4.9 uptick in licensing fee income to $3.7 million from $3.5 million.

Wall Street was expecting adjusted diluted EPS of 44 cents on revenue of $698.8 million.

Revenue for the wholesale business fell 10.7 percent to $442.7 million. Excluding the recently acquired Kurt Geiger brand, wholesale revenue was down 19.0 percent. Wholesale footwear revenue decreased 10.9 percent, or 16.7 percent when excluding the Kurt Geiger brand. Wholesale accessories/apparel revenue decreased 10.3 percent, or 22.5 percent excluding Kurt Geiger.

Direct-to-consumer revenue for the quarter rose 76.6 percent to $221.5 million from year-ago levels. Excluding Kurt Geiger, the increase was 1.5 percent.

The company said operating expenses as a percentage of revenue were 36.8 percent versus 28.6 percent in the same year-ago quarter.

For the nine months, net income was $21.5 million, or 30 cents a diluted share, compared with net income of $134.6 million, or $1.87, in the same year-ago period. Total revenue grew 4.7 percent to $1.78 billion from $1.70 billion. Included in revenue was a 4.6 percent gain in net sales to $1.77 billion from $1.69 billion and a 22 percent rise in licensing fee income to $8.7 million from $7.2 million.

For the fourth quarter, the company guided adjusted diluted EPS to the range of 41 cents to 46 cents. The company said it expects revenue to rise 27 percent to 30 percent from year-ago levels.

The company ended the quarter with 397 company-operated brick-and-mortar retail stores, including 99 outlets. It also operates seven e-commerce websites and 133 company-operated concessions in international markets.

Jefferies analyst Corey Tarlowe has a “Hold” rating on Madden. He described third quarter results as “solid,” noting that they were supported by “strong performance” at the Kurt Geiger brand.

“We believe [Steven Madden Ltd.] is benefitting from improving underlying trends, with a shift toward more formal footwear likely providing an additional tailwind,” the analyst said.

Tarlowe also noted the firm’s fourth quarter EPS guidance of 41 cents to 46 cents versus Wall Street’s estimates of 29 cents.