USA: Stride Rite Posts 15 Per Cent Q2 Profit Jump
Leading footwear marketer Stride Rite Corp on Tuesday posted a 15 per cent jump in second quarter net profit to $11.6 million compared to the year-ago period when it was hit by certain executive termination benefit costs.
Stride Rite said sales for the period climbed two per cent to $156.5m, with comparable retail store sales in company-owned outlets down 4.4 per cent due to lower sales in its Children's Group, early Easter holiday and unseasonal weather.
David Chamberlain, Stride Rite chairman and CEO , said he was pleased with the "results given the difficult retail environment", and reaffirmed the company's full-year earnings per share outlook of 53-58 cents.
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