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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.
Sears posts larger Q3 loss on weak sales
Sears Holdings (Nasdaq: SHLD) posted a quarterly loss, due mainly to hefty charges related to store closures and disappointing U.S. sales.
For the third quarter, Sears reported a net loss of $146 million, or $1.16 per diluted share compared with net income of $4 million, or $0.03 per diluted share, in the prior year. The loss was worse than had been expected and the company’s second quarterly loss in the past year.
Revenue dropped more than 8 percent to $10.66 billion from $11.62 billion as sales at established Sears department stores slid 10.6 percent in the United States. Same-store sales at Kmart, the company’s discount brand, slipped 7 percent. Total same-store sales sank 9 percent.
Sears also boosted its stock buyback plan by $500 million. The company had repurchased 1.4 million shares during the third quarter. The retailer had about 123.6 million shares outstanding as of Nov. 28.
Puma to buy stake in Dobotex
Puma AG said it will take a majority stake in Dutch company Dobotex starting next year.
The terms of the deal were not disclosed and subject to regulatory clearance. Puma already has a long-term licensing contract with Dobotex for socks and body wear.
French luxury goods company PPR took over Puma last year, acquiring more than 62 percent of the company’s shares, but Puma continues to report separately and keep its German stock market listing.
–Compiled by Wendy Geister
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