Topeka-based Payless ShoeSource Inc. on Thursday said second-quarter profit ballooned from a year-ago quarter that included losses from now-discontinued operations.
Net income advanced to $19.9 million, or 29 cents per share, from $3.8 million, or 5 cents per share, in the prior-year quarter. Excluding losses from discontinued operations, Payless posted earnings of $21.8 million, or 32 cents per share, compared with $19.8 million, or 29 cents per share, a year earlier.
The latest results include $5 million, or 8 cents per share, in expenses related to its management transition. In July, the company hired Matthew E. Rubel as president and chief executive officer to replace CEO Steven J. Douglass, who resigned. Year-ago results also include a restructuring charge of $13.7 million.
Payless shares climbed 96 cents or 5.7 percent, to $17.94 Thursday on the New York Stock Exchange.
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