Higher Q3 sales at Collective Brands
Collective Brands has posted better sales results for its third quarter ended October 31.
Net sales were $867 million, up 0.5% compared with last year’s sales and up 2.9% on an adjusted basis. Comparable store sales increased 3.1%. Comparable store sales for Payless and the Performance + Lifestyle Group (PLG) were up 3.4% and down 0.7%, respectively, during the third quarter.
Third quarter net earnings were $36.9 million compared with $47.5 million in the prior-year period. However, taking adjustments into account, earnings were $39.4 million, up $13.4 million, or 51.5%.
"Our strong third-quarter operating results demonstrate the success of our strategy in the midst of a difficult economy," said Matthew Rubel, chairman, chief executive officer and president of Collective Brands, Inc. "Sales increased, operating margins improved and we generated substantially greater free cash flow.
“At Payless, we had strong children's results that produced a successful back-to-school season, and we had a strong boot performance as well. Saucony and Sperry Top-Sider also showed continued strength. Across Collective Brands, we delivered on our customer promise with innovative and fresh product, outstanding customer service, effective marketing, and efficient merchandise flow, all of which led to strong results."
