Shares of Collective Brands Inc. (PSS) fell as much as 10 percent to $19.22 in trading Wednesday, the lowest intraday price since Feb. 8. The owner of Payless ShoeSource stores posted mixed first-quarter results late Tuesday reporting earnings of $54.2 million, or $0.83 per diluted share, compared to $38.0 million, or $0.59 per diluted share y/y, beating estimates of 75 cents per share.
“We had strong earnings growth globally as we connected with consumers by offering compelling and innovative product,” said Matthew E. Rubel, Chairman, Chief Executive Officer and President of Collective Brands, Inc.
Revenue of $878.8 million fell short of the expected $888.23 million however, sending shares down.
Collective Brands shed $1.90, or 8.82 percent, to $19.65 in recent action.