Shoe News: Collective Brands, Brown Shoe Thursday, August 25, 12:47 PM ET
Shares of Payless ShoeSource parent Collective Brands (
PSS) are surging today after the company posted second quarter results, and announced store closings, after the close of trading yesterday.
The shoe retailer said it swung to a loss of $35 million, or $0.58 per share, compared to a profit of $21 million, or $0.32 per share, in last yearís second quarter.
Adjusted earnings of $0.16 per share exceeded analyst estimates, however, as did a 4.9% increase in revenue, to $882.4 million.
The company also said it plans to close 475 underperforming stores within three years.
Famous Footwear parent Brown Shoe (
BWS) released second quarter results today, posting a loss of $4.6 million, or $0.11 per share, compared to a gain of $5.3 million, or $0.12 per share, last year.
The companyís adjusted loss was $0.06 per share, below analyst expectations.
Net sales rose 7.2%, to $628.1 million.
Brown Shoe also said today it is planning on selling its AND 1 brand for $55 million in cash, and it is looking for 2011 full year earnings of $0.85 to $0.97 per share.
For MarketNewsVideo.com, Iím Kristin Bianco.
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Shoe News: Collective Brands, Brown Shoe
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