Collective Brands Inc., which changed its name from Payless ShoeSource Inc. earlier this month, said Wednesday its fiscal second-quarter profit declined 23 percent from higher costs and lower sales.

The Topeka-based holding company reported earning $24.9 million, or 38 cents per share, during the quarter ended Aug. 4. By comparison, the company earned $32.5 million, or 48 cents per share, during the same period a year ago.

Sales during the quarter decreased about 1 percent from $706.1 million to $699.3 million.

Analysts surveyed by Thomson Financial had expected earnings of 43 cents per share on $715.8 million in revenue.

Payless, which operates almost 4,600 shoe stores throughout the western hemisphere, changed its corporate name to Collective Brands on Aug. 17, after completing its $900 million acquisition of Lexington, Mass.-based chain The Stride Rite Corp., which operates 300 stores.

The company said it recorded $1.8 million in pretax charges during the quarter for expenses tied to the Stride Rite acquisition and $3.6 million in charges tied to changes in its distribution system.

Sales in stores open for at least a year – a key barometer of retail health known as same-store sales – dipped 1.4 percent. The company blamed weak sandal sales and later back-to-school shopping seasons in some markets.

Collective Brands released its earnings after trading ended Wednesday. During trading, shares gained 99 cents to $24.85, but were down 61 cents to $24.24 in after-hours trading.