Collective Brands reports sales and earnings
13/03/2009
Collective Brands has reported financial results for full year 2008.
The company generated earnings of $296.6 million for the year on sales of $3.4 billion. These figures represent increases of 16.6% and 13.3% respectively, although results for the last quarter were much less positive.
"We strengthened the company in 2008 as we maintained market share in a highly promotional domestic retail environment and delivered strong cash flows," said the group's chief executive, Matthew Rubel, on announcing the results. "We accomplished this by providing record customer satisfaction at Payless and growing Saucony and Sperry Top-Sider. Internationally, we achieved strong growth in Payless Latin America and Stride Rite Europe."
He said Collective Brands would continue to "manage costs aggressively" in the current economic climate, and manage inventories effectively to make sure "fresh, on-trend product is flowing to stores".
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