Collective Brands predics growth
11/03/2010
Footwear retail group Collective Brands has announced a narrower-than-expected loss for the fourth quarter of 2009. The company said that strong margins had helped it achieve a better result than analysts had predicte. Its margin rose by 4.7% in the quarter, it said, because it managed to lower production and distribution costs, and suffered fewer markdowns.
"Our results were strong as we delivered fresh, innovative product throughout our portfolio of brands both domestically and internationally," said chief executive, Matthew Rubel. "This focus on the consumer led to improved gross margins that, combined with actions that lowered operating costs, drove an 11% increase in adjusted operating profit for the year. As a result, we produced record free cash flow, strengthened our capital structure, and positioned Collective Brands for further growth."
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