Collective Brands Q1 profits surge
Collective Brands (NYSE: PSS), parent of Saucony and Hind, said its first-quarter profits jumped 93 percent despite lower sales.
For the quarter ended May 2, earning were $38 million, or $0.59 per share, compared to $19.7 million, or $0.30 per share, during the same period a year ago. The year-ago period included $33.5 million in litigation and accounting charges.
Revenue fell 7.4 percent to $862.9 million. Same-store sales declined by 4.8 percent.
--Compiled by Wendy Geister
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