Collective Brands swings to loss in Q3, accelerates closures

Topeka, Kan. -- Collective Brands Inc., parent of Payless ShoeSource, reported Monday that it swung to a loss of $114.3 million in the quarter ended Oct. 29, compared with a profit of $47.6 million in the year-ago period. Excluding a tax-related charge, the retailer would have gained $37.1 million in the quarter. Revenue edged up 1.4% to $894.4 million, missing Wall Street’s expected $908.1 million in revenue. Sales were weighed down by Payless, where they fell 5.1%. Same-store sales in the United States dropped 3.7%, and the decline was 4.5% at Payless units. As announced previously, the company reiterated