Posts Tagged ‘PSS’

Collective Brands Inc. (PSS) ponders options, stock rockets

Thursday, August 25th, 2011

Collective Brands Inc. (NYSE: PSS) shares rose 19.8% to $12.32 after the parent of Payless and Stride Rite shoe stores said it would explore strategic options. Volume for the stock surmounted 4.8 million shares, or more than double its full-day average.

A news release out August 24 reported that the company, based out of Topeka, Kansas, said that as part of its efforts to optimize the performance of its Payless and Stride Rite store fleet, it would close approximately 475 under-performing and low-volume, non-strategic stores in the next three years with more than 300 of those closings coming by the end of this fiscal year.

The Company estimated that the costs for lease terminations, severance, and other exit costs related to closing these stores could be in the range of $25 million to $35 million.

The release also quoted CEO Michael Massey as saying, “While the second quarter was challenging for the company, we are taking aggressive actions to improve the business.

“In Payless Domestic, we are gaining a much greater understanding of our customers and their needs and expectations. With this clarity, we are taking short term actions to improve our performance, accelerating key initiatives, and adjusting our longer term strategies. At the same time, we will continue to invest for growth and profitability in our Performance + Lifestyle Group and international businesses.”

In the same release, investors could also see that net sales for the quarter ending July 30 increased 4.9% to $882.4 million. The second quarter 2011 net loss attributable to Collective Brands, Inc. was $35.0 million or $0.58 per diluted share. Excluding certain impairment and severance charges, adjusted net earnings attributable to Collective Brands were $9.9 million, or $0.16 per diluted share.

PSS sparks on earnings news, MOT enjoys great volume, TRR trips

Thursday, December 2nd, 2010

Collective Brands Inc. (NYSE: PSS) improved 15.86 percent in price to close Thursday at $20.38. Volume of 7,659,229 shares was five times its normal full-day average volume. PSS announced Thursday it earned $47.6 million, or 75 cents a share, on the period, up from $36.9 million, or 57 cents a share, in the same quarter last year.

Motorola Inc. (NYSE: MOT) was among the volume leaders late Thursday afternoon, trading in 51,736,649 shares, very nearly doubling its full-day average. MOT shares went down on the day, however, by 0.44 percent to $7.97. Motorola Mobility, the communications subsidiary of Motorola, today said it is buying home networking specialist 4Home.

TRC Companies Inc. (NYSE: TRR) gave back 8.83 percent in price Thursday to $2.58, on volume of 19,585 shares, nosing out its full-day average of 14,556. The Lowell, Mass.-based TRR is a recognized leader in engineering, consulting, and construction management services to the energy, environmental, and infrastructure markets