A better second quarter for Collective Brands
04/09/2009
Footwear retail group Collective Brands has reported financial results for its second quarter, which ended August 1, 2009.
Net earnings for the quarter were $18.7 million, compared to $8.1 million in the second quarter of 2008, when the company was hit by litigation expenses and the final year of the Tommy Hilfiger adult footwear licence.
“While the retail environment remains challenging, I am pleased that our largest brands—Payless, Stride Rite, Saucony, and Sperry Top-Sider—continued to gain share at the retail level,” said chief executive, Matthew Rubel. “We remain focused on driving innovation for consumers while investing in key growth opportunities. During the second quarter, we also lowered operating costs, reduced inventories, and generated stronger cash flows.”
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