An Okay Quarter And Low Expectations
Of course, a "solid quarter" is a relative concept. Collective Brands' third quarter results were not all that strong in and of themselves, but they were a fair bit better than analysts were expecting. Total sales rose almost 2%, while comparable store sales were down 2.7%. That is admittedly not strong, but still better than some Wall Street expectations.
Within those numbers, the domestic Payless business was clearly soft; revenue was down 5% on a 4.6% decrease in comps. Payless international was stronger, though, as sales were up 8%.
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