F.E.E.T. has decided to stop working with Riccardo Weiss, its recently appointed Italian agent for the Steve Madden footwear line, for which it has the exclusive distribution in Europe, with the exception of the UK. In a profit warning, Steve Madden says it expects to report flat sales for 2003, with a slight increase in retail revenues offset by a moderate decline at the wholesale level, as a 15-17 percent drop in wholesale revenues in the 4th quarter, caused by heavy price cutting, led to a drop in total sales to about $69-71 million for the period. The gross margin declined by about 120 basis points. Full-year net earnings should still range between $20.2 million and $20.5 million, up from $19.9 million the year before, with very little debt.