Collective Brands earnings jump in Q1

Topeka, Kan. Footwear retailer Collective Brands reported that its net earnings for the first quarter were $38.0 million, compared with $19.7 million in the same period last year. The prior-year period's adjusted net earnings were $42.1 million.

First quarter net sales in 2009 were $862.9 million, which were negatively impacted by $15.0 million due to foreign currency fluctuations. Collective Brands’ same-store sales declined 4.8%.

Without the unfavorable impact of foreign currency rates, Collective Brands’ same-store sales declined 3.2%. Same-store sales for Payless and Stride Rite declined 5.2% and 0.5%, respectively.