Collective Brands reported a net loss of $114.3m (£73.4m) in its third quarter. Net sales were $894.4m (£574.2m), up 1.4% compared with the previous year. At Payless in the US, like-for-likes declined 3.7% while quarterly operating profit was $15.4m (£9.9m) compared with $68.8m (£44.2m) in 2010. Payless International net sales rose 1.2% as seven new stores more than offset the impact of a 1.4% like-for-like sales decrease.

The retailer is moving forward with its plan to close about 475 underperforming and low volume, non-strategic stores within the next three years.