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September 2, 2010

US: Collective Brands improves Q2 profit

Footwear business Collective Brands reported a healthy increase in second quarter profit, despite basically static sales figures.

Footwear business Collective Brands reported a healthy increase in second quarter profit, despite basically static sales figures.

The US company said its results had been driven by a 26.9% sales hike from its performance and lifestyle group wholesale segment, offset by a 5% decline in Collective Brands comparable store sales.

“Our earnings increased, driven by strong performance in our wholesale and international businesses, but overall results were dampened by our Payless domestic business,” said Matthew Rubel, chairman, CEO and president.

“We anticipate continued strength in wholesale and international; and we are focused on fixing Payless controllables related to trend-right offerings, use of brands and our breadth of assortment.”

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