Shoe retailer Collective Brands Inc. on Tuesday said its third-quarter profit dropped almost 12 percent on costs tied to its acquisition of the Stride Rite chain in June.

The Topeka-based company, which changed its name earlier this year from Payless ShoeSource Inc., reported earning $25.5 million, or 39 cents a share, for the three months ended Nov. 3, down from $28.9 million, or 43 cents a share, during the same period a year ago.

Not including the effect of $28.6 million in purchase accounting, the company said it earned $33.3 million, or 51 cents per share.

Analysts surveyed by Thomson Financial, who typically ignore one-time expenses, expected earnings of 32 cents a share.

Company officials said they expected to record $5 million in cost savings from the Stride Rite acquisition in 2008, which would increase to up to $30 million in 2010. They added that they didn’t expect the acquisition to add to company profits in 2008.

Also Tuesday, the company said it had signed a deal with the Greenwich, Conn.-based Camuto Group for the Stride Rite Children’s Group to design, develop, manufacture and distribute a line of footwear for actress Jessica Simpson’s brand, aimed at the so-called Tween market.

Collective Brands issued its earnings report after trading ended Tuesday. During trading, the company’s shares lost 25 cents to close at $15.09.