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Stride Rite Profits Leap

LEXINGTON, MA-The footwear company ends the quarter by taking in a new company, Saucony Inc., and posts a 24% increase in profit.

By Jennifer D. Duell | Updated on September 28, 2005

LEXINGTON, MA-Just days after completing the acquisition of Saucony Inc., the Stride Rite Corp. said its profit and sales for the third quarter fiscal 2005 increased. Net sales increased 4% to $146.2 million compared to $140.4 million for the same period last year. Net earnings totaled $7.7 million or 21 cents per diluted share, an increase of 24% compared to $6.2 million or 16 cents per diluted share in the third quarter 2004.

The company’s earnings will take a hit during the fourth quarter as a result of the Saucony acquisition, according to Stride Rite chairman and CEO David M. Chamberlain. The acquisition is expected to be dilutive to earnings by approximately 4 cents pershare, but will add to the company’s bottom line in 2006.

“Saucony expands Stride Rite’s portfolio of nationally recognized footwear brands,” Chamberlain said in an earnings release. The company markets such brands as Keds, Sperry Top-Sider, Tommy Hilfiger, Saucony, Grasshoppers, Munchkin, Spotbilt and Hind.

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