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 (NYSE: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.
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