Collective Brands reports quarterly earnings growth

TOPEKA, Kan. Collective Brands reported that second-quarter 2010 net earnings attributable to Collective Brands were $21.1 million, or 32 cents per diluted share, compared with $18.7 million, or 29 cents per diluted share, in the second quarter of 2009.

Collective Brands' second-quarter 2010 net sales increased 0.6% to $841.3 million. This was driven by sales growth of 26.9% from the Performance + Lifestyle Group Wholesale segment offset by Collective Brands' 5% comparable-store sales.

"Our earnings increased driven by strong performance in our wholesale and international businesses, but overall results were dampened by our Payless domestic business," said Matthew Rubel, chairman, CEO and president of Collective Brands. "We anticipate continued strength in wholesale and international; and we are focused on fixing Payless controllables related to trend-right offerings, use of brands, and our breadth of assortment."