(By Balaseshan) Collective Brands Inc. (NYSE:PSS), which engages in the wholesale and retail of footwear and related accessories, swung to a quarterly profit helped by strong performance of the Performance + Lifestyle Group and the same store sales growth.
Earnings for the second quarter were $9.7 million or $0.16 per share, compared to a loss of $35.0 million or $0.58 per share last year. Adjusted earnings for the latest quarter was $21.3 million or $0.34 per share.
Sales rose to $886 million from $882.4 million, driven by its 2.9% comparable store sales growth and sales growth of 6.1% in the Performance + Lifestyle Group Wholesale segment, offset in part by operating 375 fewer stores.
Analysts, on average, polled by Thomson Reuters had expected a profit of $0.22 per share on revenue of $901.17 million.
Sales from Payless Domestic declined 3.5% to $477.0 million, while Payless International sales rose 1.9% to $119.4 million. Sales from Performance + Lifestyle Group wholesale increased 6.1% to $231.0 million, while Performance + Lifestyle Group retail sales grew 10.6% to $58.6 million.
Additionally, the company still anticipates the sale of Collective Brands to a consortium made up of Blum Strategic Partners IV L.P., Golden Gate Capital Opportunity Fund L.P. and Wolverine World Wide Inc. to close late in the third calendar quarter or early in the fourth quarter.
PSS closed Friday's regular trading down 0.09% at $21.64. The stock has been trading between $11.38 and $21.68 for the past 52 weeks.