Collective Brands Inc. posted on Tuesday a narrower fourth-quarter loss on a 1 percent increase in sales.
The company said at the close of the stock market that its net loss totaled $10.9 million, or 17 cents a diluted share, which compared with a loss of $144 million, or $2.28, the prior year.
Net sales in the quarter rose to $741.7 million from $735.2 million.
For the year, the firm earned $82.7 million, or $1.28, versus a net loss of $68.7 million, or $1.09, the prior year. Net sales slipped to $3.31 billion from $3.44 billion a year ago.
“Our results were strong as we delivered fresh, innovative product throughout our portfolio of brands, both domestically and internationally,” Matthew Rubel, chairman, president and CEO of Collective Brands, said in a written statement. “This focus on the consumer led to improved gross margins that, combined with actions that lowered operating costs, drove an 11 percent increase in adjusted operating profit for the year.”