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Collective Brands profits drop in first quarter

07
Jun '08
Collective Brands Inc reported financial results for the first quarter ended May 3, 2008. First quarter 2008 net earnings were $19.7 million, or $0.31 per diluted share including a $30 million pre-tax charge, or $0.36 per share, related to loss contingencies associated with litigation. Excluding the litigation charge, Collective Brands' first quarter 2008 net earnings were $42.2 million, or $0.67 per diluted share.

Excluding the litigation charge and $3.5 million pre-tax, or $0.04 per diluted share, for the flow through of inventory recorded at fair value (i.e. purchase accounting inventory step-up), net earnings for the first quarter of 2008 were $44.7 million, or $0.71 per diluted share. In the first quarter of 2007, the Company reported net earnings of $38.9 million or $0.59 per diluted share.

Collective Brands' first quarter 2008 net sales were $932.4 million, up 28.0%, and include the addition of Stride Rite. Net sales for Payless and Stride Rite were $692.8 million and $239.6 million, respectively, for the first quarter of 2008. Comparable store sales declined 6.5% due primarily to lower traffic as a result of a slowdown in consumer spending linked to the economic environment combined with an earlier Easter.

"Our operating results in the first quarter of 2008 demonstrate the strength of the Collective Brands new business model, which offers diversity in price points, brands, selling channels and geographies," said Matthew E. Rubel, Chairman, Chief Executive Officer and President.


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