Outdoor financials: Collective Brands’ Q3 profit falls, plus Hanesbrands, Luxottica - SNEWS

Outdoor financials: Collective Brands’ Q3 profit falls, plus Hanesbrands, Luxottica

Collective Brands, parent of Hind and Saucony, said its Q3 profit fell, Duofold's parent, Hanesbrands, looked to secure $1.65 billion in new credit,and Oakley's parent, Luxottica, reported on a share buyback program.
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Collective Brands’ Q3 profit falls

Collective Brands (NYSE: PSS), parent of Hind and Saucony, said its third-quarter profit dropped on adjustments related to the settlement of certain litigation and severance.

For the quarter ended Oct. 31, net earnings were $36.9 million, or $0.57 per diluted share, compared to $47.5 million, or $0.74 per diluted share.

Taking adjustments into account, the company said third quarter 2009 net earnings were $39.4 million, or $0.61 per diluted share, up $13.4 million, or 51.5 percent, versus the third quarter of 2008.

Net sales raised 0.5 percent to $867.0 million from $862.7 million last year.



Duofold parent looks to secure $1.65 billion in new credit


Hanesbrands (NYSE: HBI), parent of Duofold, said it plans to sell $500 million in senior notes in a public offering and change an existing senior secured credit facility to allow for $1.15 billion in new credit.

The company plans to use the proceeds from both transactions to refinance and repay outstanding debt as well as pay related fees.

Hanesbrands said the timing of the refinancing has not yet been determined but depends on factors including market conditions.

JPMorgan Securities, Banc of America Securities, HSBC Securities and Goldman Sachs & Co. are joint book-running managers of the notes offering. Barclays Capital, RBC Capital Markets and BB&T Capital Markets are co-managers.

Luxottica reports on share buyback program

Luxottica Group (NYSE: LUX), parent of Oakley, said it purchased 670,000 treasury shares on the Milan Stock Exchange under its buyback program during the month of November.

It paid an average unit price of EUR 16.91 (USD $25.44), totaling EUR 11.3 million (USD $17.0 million).

In parallel, Luxottica Group's subsidiary, Arnette Optics Illusions, sold during the same period on the MTA an aggregate amount of 650,000 treasury shares, at an average unit price of EUR 17.06 (USD $25.67), for an aggregate amount of EUR 11.0 million (USD $16.5 million).

(Conversion of Euros into U.S. dollars is for information only, is not necessarily relative to earnings, and is based on the currency rate as of Nov. 1.)

--Compiled by Wendy Geister

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