Collective Brands gives its full-year figures
11/03/2008
Footwear retail group Collective Brands has reported its financial results for the fourth quarter and fiscal year 2007.
Net sales for the quarter $776.8 million, up 12.1% compared to the 14-week fourth quarter of 2006, as a result of the acquisition of Stride Rite. Net sales were up 18.4% after adjusting for a comparable 13-week period. The fourth quarter 2007 net loss was $46.6 million.
For the full year 2007, Collective Brands sales were $3.04 billion, up 8.5% versus the prior year due to the addition of Stride Rite. Comparable store sales (which include only results of its other chain, Payless) declined 1.9% in 2007. Net earnings for 2007 were $42.7 million.
“The results in the fourth quarter of 2007 reflected a difficult domestic economic environment,” said Matthew Rubel, the group’s chief executive officer and president. “In response to this, we have been prudently adjusting inventory and expenses. Our inventory levels are below last year at Payless and we are prepared with fresh product for the spring season.”
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