Outdoor financials: Collective Brands' Q3 profit jumps 86 percent, plus Garmin - SNEWS

Outdoor financials: Collective Brands' Q3 profit jumps 86 percent, plus Garmin

Collective Brands' Q3 profit jumped 86 percent, and Garmin completed the acquisition of its Swedish distributor.
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Collective Brands' Q3 profit jumps 86 percent

Collective Brands (NYSE: PSS) said its third-quarter profits rose 86 percent, mostly on slightly higher sales.

The company, which owns Saucony and Hind, reported earning $47.5 million, or $0.75 per share, during the quarter that ended Nov. 1. By comparison, the company earned $25.5 million, or $0.39 per share, during the same period a year ago.

Not including insurance and tax gains tied to a pair of trademark infringement cases, the company said it would have earned $0.42 per share.

Revenues rose almost 4 percent to $862.7 million. Same-store sales fell 3.2 percent.

Garmin completes acquisition of Swedish distributor

Garmin (Nasdaq: GRMN) reported that it has completed the acquisition of Sportmanship International AB, the distributor of Garmin’s consumer products in Sweden. The company is expected to be renamed Garmin Sweden AB and will retain its management, sales, marketing and supporting staff, consisting of approximately 28 people.

Financial terms of the transaction were not released.

--Compiled by Wendy Geister



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