Collective Brands' Q2 sales down 8 percent
Despite a doubling of its earnings, Collective Brands (NYSE: PSS), parent of Saucony and Hind, said its second-quarter sales dropped 8 percent.
Earning were $18.7 million, or $0.29 per share, for the quarter ended Aug. 1. By comparison, the company earned $8.1 million, or $0.13 per share, during the year-earlier period.
Not including one-time items, Collective Brands said last year's second-quarter profits would have been $0.50 per share.
Revenue during the quarter decreased 8 percent from a year ago to $836.3 million from $911.7 million.
Amer Sports prepares for share offering; considers Mavic sale
In an effort to improve its balance sheet, Amer Sports said its board of directors has decided to undertake a share offering to raise net proceeds of EUR 150 million (USD $214.6 million) through an underwritten discounted issue of new ordinary shares with pre-emptive rights for existing shareholders.
The company said the proceeds from the offering will be used to strengthen Amer Sports' financial position and to improve its operational and strategic flexibility. The offering is subject to shareholder approval at an Extraordinary General Meeting scheduled for Sept. 23.
J.P. Morgan and Pohjola are acting as joint global coordinators, joint lead managers and joint bookrunners for the contemplated offering.
In other company news, Amer Sports said it is considering strategic alternatives to focus its business portfolio more toward categories where it believes it has the best long-term opportunities. It is exploring alternatives for its Mavic cycling business, which may include a sale of the brand.
--Compiled by Wendy Geister
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