COLLECTIVE BRANDS (PSS, Financial) filed Quarterly Report for the period ended 2010-10-30.
Collective Brands has a market cap of $1.13 billion; its shares were traded at around $17.59 with a P/E ratio of 11.1 and P/S ratio of 0.3. PSS is in the portfolios of Richard Blum of Blum Capital Partners, Robert Olstein of Olstein Financial Alert Fund, PRIMECAP Management, Chuck Royce of Royce& Associates, Kenneth Fisher of Fisher Asset Management, LLC, Mario Gabelli of GAMCO Investors, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC.
Net earnings attributable to Collective Brands, Inc. for the first nine months of 2010 was $122.9 million, or $1.90 per diluted share versus the first nine months of 2009 results of $93.6 million, or $1.46 per diluted share. The increase in net earnings attributable to Collective Brands, Inc. was primarily driven by higher net sales and improved gross margins, partially offset by increased selling, general and administrative expenses.
Cost of sales was $552.6 million in the third quarter of 2010, down 0.5% from $555.2 million in the 2009 third quarter. The decrease in cost of sales from 2009 to 2010 is primarily due to lower occupancy costs in 2010 compared to 2009.
Cost of sales was $1,646.9 million in the first nine months of 2010, down 1.3% from $1,668.9 million in the first nine months of 2009. The decrease in cost of sales from 2009 to 2010 is primarily due to the impact of lower product costs in China in the first half of the year and lower occupancy costs in 2010 compared to 2009.
Selling, general and administrative (SG&A) expenses were $260.4 million in the third quarter of 2010, an increase of 3.8% from $250.8 million in the third quarter of 2009. SG&A expenses were $767.9 million in the first nine months of 2010, an increase of 3.3% from $743.5 million in the first nine months of 2009. The increase in SG&A expenses for both the third quarter and first nine months of 2010 compared to 2009 is primarily due to greater marketing and brand-building investments across the business to support wholesale and international expansion.
We have unrecognized tax benefits, inclusive of related interest and penalties, of $59.7 million and $66.7 million as of October 30, 2010 and October 31, 2009, respectively. The portion of the unrecognized tax benefits that would impact the effective income tax rate if recognized are $24.3 million and $40.6 million, respectively.
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Collective Brands has a market cap of $1.13 billion; its shares were traded at around $17.59 with a P/E ratio of 11.1 and P/S ratio of 0.3. PSS is in the portfolios of Richard Blum of Blum Capital Partners, Robert Olstein of Olstein Financial Alert Fund, PRIMECAP Management, Chuck Royce of Royce& Associates, Kenneth Fisher of Fisher Asset Management, LLC, Mario Gabelli of GAMCO Investors, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC.
Highlight of Business Operations:
Third quarter 2010 net earnings attributable to Collective Brands, Inc. was $47.6 million, or $0.75 per diluted share versus third quarter 2009 results of $36.9 million, or $0.57 per diluted share. The increase in net earnings attributable to Collective Brands, Inc. was primarily driven by higher net sales and improved gross margins, partially offset by increased selling, general and administrative expenses.Net earnings attributable to Collective Brands, Inc. for the first nine months of 2010 was $122.9 million, or $1.90 per diluted share versus the first nine months of 2009 results of $93.6 million, or $1.46 per diluted share. The increase in net earnings attributable to Collective Brands, Inc. was primarily driven by higher net sales and improved gross margins, partially offset by increased selling, general and administrative expenses.
Cost of sales was $552.6 million in the third quarter of 2010, down 0.5% from $555.2 million in the 2009 third quarter. The decrease in cost of sales from 2009 to 2010 is primarily due to lower occupancy costs in 2010 compared to 2009.
Cost of sales was $1,646.9 million in the first nine months of 2010, down 1.3% from $1,668.9 million in the first nine months of 2009. The decrease in cost of sales from 2009 to 2010 is primarily due to the impact of lower product costs in China in the first half of the year and lower occupancy costs in 2010 compared to 2009.
Selling, general and administrative (SG&A) expenses were $260.4 million in the third quarter of 2010, an increase of 3.8% from $250.8 million in the third quarter of 2009. SG&A expenses were $767.9 million in the first nine months of 2010, an increase of 3.3% from $743.5 million in the first nine months of 2009. The increase in SG&A expenses for both the third quarter and first nine months of 2010 compared to 2009 is primarily due to greater marketing and brand-building investments across the business to support wholesale and international expansion.
We have unrecognized tax benefits, inclusive of related interest and penalties, of $59.7 million and $66.7 million as of October 30, 2010 and October 31, 2009, respectively. The portion of the unrecognized tax benefits that would impact the effective income tax rate if recognized are $24.3 million and $40.6 million, respectively.
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