Collective Brands swings to Q2 profit

Topeka, Kan. -- Collective Brands Inc. reported Friday that net income for the second quarter was $9.7 million, compared with a loss of $35 million last year when it booked nearly $84 million in one-time charges.



Sales for the owner of Payless ShoeSource and Stride Rite grew 6% to $886 million and same-store sales rose 2.9%.



The results were in spite of closing hundreds of stores and taking charges related to the pending sale of the company to a consortium made up of Blum Strategic Partners, Golden Gate Capital and Wolverine World Wide slated to close in the third or fourth quarter.