Collective Brands earnings, comp down in Q1
Topeka, Kan. — Collective Brands reported that first-quarter 2011 net earnings were $26.4 million, or 42 cents per share, compared with $54.2 million, or 83 cents per share, in the first quarter of 2010.
The company reported that net sales decreased 1.1% to $869 million. Same-store sales were down 7.4%.
"We had a challenging first quarter driven by increasingly unfavorable economic conditions affecting mass market consumers as well as unseasonably cold weather. These factors unfavorably affected Payless stores in North America leading to lower customer traffic and sales. We are taking actions to provide better value to customers in light of these economic conditions. As a result, the second quarter is off to a better start," said Matthew Rubel, chairman, CEO and president of Collective Brands. "Other components of our hybrid business model continued to deliver strong results in the first quarter including PLG Wholesale, Payless Latin America, and franchising operations."
PacSun gets back to a positive comp
Anaheim, Calif. — Pacific Sunwear of California announced that net sales for the first quarter of fiscal 2011 were $186 million, a decrease of 2% from net sales of $190 million for the first quarter of fiscal 2010. Total company same-store sales increased 1% during the first quarter of fiscal 2011.
The company reported a net loss of $31 million, or 48 cents per share, for the first quarter of fiscal 2011 compared to a net loss of $31 million, or 47 cents per share, for the first quarter of fiscal 2010.
"Getting back to a positive comp is certainly an important step in the turnaround of our business," said Gary Schoenfeld, president and CEO. "As our new team comes together, we have initiated a number of important changes in merchandising, marketing and in-store experience that customers are beginning to respond to."
For the second quarter of 2011, the company expects a net loss on a GAAP basis of 36 cents to 46 cents.
Bobby Flay to cook up more exclusives for Kohl’s
MENOMONEE FALLS, Wis. — Kohl’s Department Stores announced a long-term license agreement with Bobby Flay to renew the chef’s exclusive line of home and grill products, which will be available in Kohl’s stores nationwide and Kohls.com beginning February 2012.
“We are pleased to announce the renewal of our partnership with Bobby Flay and expand the Bobby Flay collection, said Don Brennan, Kohl’s chief merchandising officer. “The line has been a strong performer in the home category and continues to deliver on our commitment to offer world-class brands at an incredible value and differentiate Kohl’s in the marketplace.”
The Bobby Flay collection, which initially launched in 2008, will continue to carry the same product categories as before but will increase the volume of merchandise available under the brand, including a variety of housewares, such as dinnerware and serveware; flatware; drinkware; kitchen gadgets and utensils; grilling tools and cutlery; cookware and bakeware; food storage; kitchen textiles and table linens.