Profits up, comps down at Collective Brands

Collective Brands reported that first quarter 2009 net earnings were $38 million, or 59 cents per diluted share, compared to $19.7 million, or 30 cents per diluted share, in the first quarter of 2008.

First quarter 2009 net sales were $862.9 million which were negatively impacted by $15 million due to foreign currency fluctuations. Collective Brands comparable-store sales declined 4.8%.

"Our team continues to successfully execute our strategy in the current challenging economic environment. During the first quarter, we increased our market share, we lowered our operating cost structure, and we generated stronger cash flows," said Matthew Rubel, chairman, CEO and president of Collective Brands. "We achieved growth in our children's retail businesses, and we continue to see strong growth at the consumer level led by Saucony and Sperry."