Collective Brands (NYSE:PSS) is a major player in the footwear and accessories market and owns such brands as Payless ShoeSource, Saucony, Sperry Top Sider, Stride
Nike Free Run 10o Aniversary Verde Gris Mujeres Precio Más Bajo Rite, and Keds. Each of PSS brands serves a targeted market and serves those markets well. The company primary target consumer is lower income but still fashion conscious
Nike Free Run Trainer 3.0 Negro Hombres Amarillo En Línea Con Descuento Grande y El Envío Rápido consumers.

Overall, PSS has fantastic management, in my opinion, and highly efficient
Nike Free Run 3.0 V5 Ext ciruelo mujeres rojas Outletonline Tienda Es La Opción Ideal Para Usted and effective processes. Combine these traits with a penchant for innovation and strong cash generation capabilities, even through the recession,
2012 Nike Free Run Tr Fit Azul Blanco Hombres Se Openning Para Usted En Nuestra Tienda Online
Nike Free Run 2 2 and you have the makings of a formidable company.

Opportunity Presented by Uncertainty We first analyzed
2012 Nike Free Run 2 Mujeres Gris Rosa 2015 Mujeres Zapatillas De Running En La Tienda Oficial this company last December but felt
Nike Free Run 10o Aniversary Verde Gris Mujeres Venga a Unirse a Nosotros Lo Más Pronto Posible at the time that the margin of safety at the then current stock price of
2012 Nike Free Run 2.0 Gris Púrpura Mujeres Ahorre Hasta Un 70% De Descuento roughly $20/share was not sufficient for us to enter the stock. Fortunately for us, the market general fear of near term uncertainty has worked in our favor. This stock fell 12% immediately following the Q1 fiscal year 2012 earnings release last week, and has declined
Nike Run Balanza gratuito 2014 Verde Mujeres Orange 100% De Garantía De Calidad y Entrega Rápida roughly 30% since we originally passed on the investment. The recent drop in stock price was caused by the Q1
Nike Free Run Powerlines Ii Negro Verde Hombres 2014 Nuevo Estilo fiscal year 2012 results, which were
Nike Free Run 3.0 Rose Gris Mujeres Ahorra Hasta Un 65% Al Hacer Compras En Nuestro Outlet Store viewed negatively by the market. Naturally, being long term investors, we sensed a great opportunity.

The fear that triggered the drop in stock price following the Q1 earnings release is centered mainly around the primary target consumer
2014 Nike Free Run Gimnasio Negro Verde Hombres Usted Recibirá Usted Quería Aquí I mentioned above. Q1 results were negatively affected by higher gas
Nike Run Balanza gratuito 2014 Gris Naranja Mujeres Ha Sido Amplia Popular Durante Muchos Años and food prices as well as bad weather. The
Nike Free Run 2014 gris rosa claro de la Mujer Factory Outlet Tienda Online Ahorre Hasta Un 60% vast majority of the sales decline was limited to the flagship Payless ShoeSource domestic business as the company continued to deliver on its initiatives throughout the rest of the business.

The drop in
Nike Run Balanza gratuito 2014 Verde Mujeres Orange Guardar Off50% -70% Q1 sales relative to Q1
Nike Free Run 3.0 V2 Negro Naranja Mujeres En Línea Con El Descuento Más Grande y El Envío Libre of last year can be traced primarily to the Easter holiday season. Easter normally serves as an earnings boost for Payless Domestic, as many
Nike Free Run Powerlines Ii Men Negro Verde Con Alta Calidad of its target consumers normally purchase shoes in droves. This year proved to be the perfect storm, unfortunately.
Nike Free Run Powerlines Ii Azul Rojo Hombres Usted Recibirá Usted Quería Aquí Easter was later this year than it had been in 70 years and happened to coincide with rising food and fuel prices as well as some nasty weather. Had Easter occurred earlier in the year, the company Q1 results likely would have looked a lot better.

The market was already weary of the strength of PSS target consumer after the recession and continued high unemployment. Regardless, the poor short term results and near term uncertainty do not concern us because we feel confident that PSS will be a very successful company over the
Nike Free Run 3 Gris Verde 2012 Mujeres Aquí Se Puede Elegir Lo Que Quieras Al Precio Más Bajo long haul and will continue to generate solid cash
Nike Free Run 2 2 even during the bad times. The company began as
2012 Nike Free Run 2 Negro Rojo Blanco Mujeres Ahorra Hasta Un 65% De Descuento y Envío Gratis just Payless ShoeSource in 1956. It made no material
Nike Free Run Powerlines Ii Green Men Una Semana Llegue a Su Puerta y Super Servicio Al Cliente acquisitions until 2007, when it
Nike Free Run Trainer 3.0 Negro Hombres Tenemos Buena Reputación bought Collective Licensing in March and The Stride Rite Corporation in August of that year. Those two acquisitions gave them new brands and new brand development capabilities.

Collective Licensing is a brand development and licensing company that specializes in building, launching, licensing and growing brands focused on the youth lifestyle market, including Airwalk, Above the Rim, Vision Street
2013 Nike Free Run Powerlines 2012 Gris Azul Hombres Garden Fresh Produce Hasta 50% De Descuento Wear, Sims and Lamar. This new company is used to support
Nike Free Run Powerlines Ii Verde Negro Hombres Factory Outlet Tienda Online Ahorre Hasta Un 60% Payless ShoeSource and the other new
Nike Free Run 3.0 V3 2012 mujeres negras En Línea Con El Descuento Más Grande y El Envío Libre acquisition, Stride Rite. Stride Rite came with four premium brands: Saucony, Sperry Top Sider, Keds and Stride Rite. Stride Rite was reformed as the Performance Lifestyle Group. Stride Rite also came
Nike Free Run 4.0 Mujeres Negro Rosa Anti-pieles Venga a Unirse a Nosotros Lo Más Pronto Posible with a chain of retail stores also called Stride Rite that carried the four brands, as well as a wholesale business where the brands were sold
Nike Free Run 3.0 V5 Ext ciruelo mujeres rojas Venga a Unirse a Nosotros Lo Más Pronto Posible to other retailers.

So, to bring it all
Wmns Nike Free Run 3.0 V5 2014 Gris Naranja Mujeres Liquidación Online Haz Clic Aquí Para 40-75% together, after starting with Payless and then buying Stride Rite for its chain of stores, brand names, and wholesale business and buying Collective Licensing to support Payless and eventually Stride Rite, we have the company in its current form. It subsequently renamed itself Collective Brands and organized it into four segments, each of which is managed separately.

The four segments of the company are (including percent of total revenue over the trailing 12 months):

Payless Domestic (59.7%): Mature business but a cash cow that helps fund the growth of the
Nike Free Run Powerlines Ii Gris Hombres Aquí Se Puede Elegir Lo Que Quieras Al Precio Más Bajo rest of company as well
2014 Nike Free Run Gimnasio Blanco Azul Hombres Hasta 65% De Descuento En Las Tiendas o Tienda as contributing to other uses of capitalPayless International (13.6%): New to the company in terms of broader focus, relatively small compared to Domestic, and potentially a powerful growth engine. Payless DomesticPayless Domestic is a fully mature business. It is one of the largest footwear retailers in the Western Hemisphere and has over 4,000 stores nationwide. This segment also includes Collective
2014 Nike Free Run Gimnasio Blanco Negro Hombres Venga a Unirse a Nosotros Lo Más Pronto Posible Brands’ sourcing unit as well as Collective Licensing.

Its concept
Nike Free Run 2 2 has always been to provide a unique need in the
Nike Run Balanza gratuito 2014 Mujeres Gris Naranja 100% De Garantía De Calidad y El Envío Libre marketplace. The segment offers
Nike Free Run Powerlines Ii Naranja Hombres Compre Más Ahorre Más products that look really expensive but are not. This is mostly important to what it calls its "Expressive" consumer, particularly women. Expressive consumers
2012 Nike Free Run 2.0 Gris Azul Blanco Mujeres 2014 Con La Entrega Rápida y Servicio Post-Venta want affordable fashion, which to PSS are shoes
2012 Nike Free Run 3.0 Piel Gris Blanco Mujeres Usted Puede Disfrutar Del Envío Rápido Gratuito that look
Nike Free Run Powerlines Ii Negro Oro Hombres Con Alta Calidad like they come from Dillards (NYSE:DDS) or Steve Madden but cost as
Nike Run Balanza gratuito 2014 Mujeres Gris Naranja Con Precio Más Barato y De Calidad Superior though they come from Wal Mart (NYSE:WMT).

The company goal is
Nike Free Run Trainer 3.0 Negro Hombres 2015 Mujeres Zapatillas De Running En La Tienda Oficial to get trendy fashion to its stores at the same time as the more expensive stores and before mass market discount retailers. It appears to be succeeding in this goal, based on the make up of the company typical consumer. For example, according to the company, while 26%
Nike Run Balanza gratuito 2014 Mujeres Verde Naranja Convertido En Una Parte Esencial De Moda of all women in the
Nike Free Run Powerlines arco iris púrpura Hombres Los Productos Destacados Son Primero Llegado United States value
Nike Free Run 3.0 V7 ​​Gris oscuro mujeres rojas Usted Puede Disfrutar Del Envío Rápido Gratuito more fashion over less and value price over quality, 37% of Payless female shoppers
Nike Free Run Powerlines Ii Negro Hombres Luna Usted Recibirá Usted Quería Aquí fall into this
Nike Free Run 2 2012 Luz azul púrpura Mujeres Usted Encontrará Las Últimas Estilos category.

Payless also measures well on quality. Women who value quality over price while still valuing fashion make up 37% of all women while comprising 39% of Payless
2012 Nike Free Run 3.0 Blanco Gris mujeres rojas Envío Libre y Vuelve Con Devolución De 30 Días female shoppers. Conversely, the company tends to lose the shoppers who do not
Nike Free Run Powerlines Ii Verde Blanco Hombres Envío Libre y Vuelve Con Devolución De 30 Días value fashion, according to the statistics provided by the company. To
Nike Free Run 3 Gris Verde Púrpura Mujeres En Línea Con El Descuento Más Grande y El Envío Libre give you a further idea of its customer
2012 Nike Free Run 2.0 Gris Pinke Azul Mujeres 2014 Con La Entrega Rápida y Servicio Post-Venta
2012 Nike Free Run Tr Fit Azul Hombres Amarillo Factory Outlet Tienda Online Ahorre Hasta Un 60% base, 55% of Payless’ shoppers have household incomes of less than $50K and 51% of its shoppers have households of four or more.

Payless fits the need of
2012 Nike Free Run Tr Fit gris azul de los hombres Los Productos Destacados Son Primero Llegado a certain demographic very well a demographic that is very large. As
Nike Run Balanza gratuito 2014 Gris Rosa Mujeres Usted Puede Disfrutar Del Envío Rápido Gratuito you might imagine, this demographic was hurt more by the recession, thus hurting recent sales for Payless. The continued weakness of this customer through
2012 Nike Free Run 3.0 Piel Gris Blanco Mujeres Venga a Unirse a Nosotros Lo Más Pronto Posible the first part of this year
Nike Run Balanza gratuito 2014 Gris Naranja Mujeres Con El Envío Gratis Para Todos Los Pedidos has spooked the market as discussed above, thus providing
Nike Free Run Powerlines Ii Verde Blanco Hombres Venga a Unirse a Nosotros Lo Más Pronto Posible a buying opportunity for long term minded investors. The reduction in the unemployment rate therefore serves as a future catalyst for the company.

However, the company is not sitting idly by waiting for the
Nike Free Run Powerlines Ii Negro Oro Hombres Deseo Usted Tiene Buenas Compras Del Tiempo Aquí economy to improve. On the sales side, Payless
2012 Nike Free Run 2 Negro Rojo Blanco Mujeres Tack Pasemos a La Acción y Satisfacer a Su Favor
Nike Roshe Run 2014 mujeres rojas Ant-piel Venta Zapatos Auténticos has rolled out accessories, which
2014 Nike Free Run Gimnasio Negro Rojo Hombres Guardar Descuento Grande are doing
Nike Free Run Powerlines Ii Negro Hombres Luna Con El Envío Libre El 70% De Descuento very well. Accessories as a percentage of total segment sales
Nike Free Run 3.0 V4 Gris Mujeres Tienda Está Especializada En La Venta De Todo Tipo De Zapatos have increased from 7% in 2008 to 10% in 2010. The company has also continued to develop its existing brands while also rolling out new brands, aided significantly
2013 Nike Free Run Powerlines Ejército reverdecido Hombres Comercio Al Por Mayor Tienda Online by its new subsidiary,
2013 Nike Free Run Powerlines Gris Verde Hombres Versión Adecuado Para Usted Collective Licensing.

Payless
2014 Nike Free Run Gimnasio Blanco Rojo Hombres Envío Libre y Vuelve Con Devolución De 30 Días is also focused on a very effective marketing strategy through both the traditional channels and newer channels,
Nike Free Run Powerlines Ii Negro Rojo Hombres A La Venta Con El Envío y El Descuento Más Grande such as social media. In addition, the company is remodeling select stores with its new "Hot Zones"
Nike Free Run 2014 gris rosa claro de la Mujer A La Venta Con El Envío y El Descuento Más Grande model, which makes the front of the store more appealing, primarily
2012 Nike Free Run 3.0 Piel de café amarillas Mujeres Venta Outlet Para Mujer Para Hombre 2015 with accessories.

So far, the company has
Nike Free Run Trainer 3.0 Negro Hombres Amarillo Venta 2015 Con Alta Calidad y Envío Libre Ahora rolled it out to less than 20% of total stores, as its strategy is to take everything slowly and manage it carefully. The company has also rolled out a new focus on children’s shoes, including
Nike Free Run 10o Aniversary azul claro púrpura Mujeres Con La Mejor Calidad a partnership with Disney (NYSE:DIS). Finally, the company has rolled out a
Nike Free Run Powerlines Ii Negro Oro Hombres Factory Outlet Tienda Online Ahorre Hasta Un 60% new customer service
Nike Free Run 3.0 V7 ​​Cielo Azul Naranja mujeres negras Venta training program called SMILES. The goal is to increase the enjoyment of
2014 Nike Free Run Gimnasio Negro Blanco Hombres Ahorre Un 80% the shopping experience and customer conversion. An enhanced focus on customer service is rarely a bad thing. Since
Nike Free Run Powerlines Ii Negro Rojo Hombres Deseo Usted Tiene Buenas Compras Del Tiempo Aquí the roll out, customer service related statistics have increased across the board.

On the cost side, Payless
Nike Free Run 3.0 V7 ​​Azul Negro Mujeres Comprar Zapatos Con Estilo y Cómodo En Nuestra Tienda has started putting store managers over multiple stores, which has been a good cost saver without sacrificing operational quality. Also, the company has made the
Nike Free Run 3.0 grises azules claros Mujeres Venta 2015 Con Alta Calidad y Envío Libre Ahora stores more energy efficient, thereby reducing energy related costs by 30%. Finally, the company has started aggressively renegotiating leases.
2012 Nike Free Run 3.0 Luz Gris Verde Naranja Mujeres Adicional 50% De Descuento En Liquidación Every year, 20% of leases come up for renewal, and the company has taken advantage of the current economic situation to aggressively force its lessors to reduce rates. This strategy has been successful so far as the company continues to implement it.

The company has also rolled out new price
2012 Nike Free Run 2 Gris Azul Rosa Mujeres Hombres y Mujeres optimization software and improved its Global Sourcing to further improve sales while reducing costs. This is universal to all segments, though, so I will discuss this only at
Nike Free Run 3 grises amarillentas Mujeres Cada Compra Que Realice the end after I have discussed each segment.

Revenue for this segment has declined 2% to 6% annually in the past couple of years using trailing 12 month numbers, while operating margins have fluctuated between 1.5%
2012 Nike Free Run 3.0 Piel de café amarillas Mujeres Convertido En Una Parte Esencial De Moda and 5.0%. The company believes that the decline has leveled off and expects relatively flat sales going forward. I assume a continued decline
2014 Nike Free Run Gimnasio Negro fluoresceína Hombres Para Barato Pero El Real in sales and operating margins in this segment for at least one more year before leveling off.

Payless International This segment
2013 Nike Free Run Powerlines Negro Rojo Hombres llegada Venta is relatively
Nike Free Run 10o Aniversary Verde Gris Mujeres Tienda Es El Mejor Lugar Para Que Usted Compre small and surprisingly a new focus for the company. By far
2012 Nike Free Run 3.0 V2 Negro Gris Moda En Línea Con El Descuento Más Grande y El Envío Libre the largest base is in Canada,
Nike Free Run 3.0 V4 Gris Mujeres A La Venta Con El Envío Libre. El Precio Bajo where the company has 300 stores and where it receives 42% of this segment’s revenue. Since 2005, annualized growth has been 5% despite the economic recession, and there is still
2012 Nike Free Run 3.0 Negro Azul Mujeres Aquí Se Puede Elegir Lo Que Quieras Al Precio Más Bajo a lot of opportunity on the horizon, particularly in the form of franchising. The company
Nike Free Run 3.0 V2 Blanco Rosa Mujeres Hasta 50% De Descuento. Envío Gratis Para Todo El Mundo has an established base in Puerto Rico and Central America (outside Mexico) as well
2012 Nike Free Run Tr Fit Azul Hombres Amarillo 2014 Nuevo Estilo as two countries in South America. Canada and Puerto Rico,
2012 Nike Free Run 3.0 V2 Negro Gris Moda Hasta 60% De Descuento No Hay Impuestos! Envío Gratis similar to the US, represent mature markets with strong cash flow. For these two areas, the company is focused primarily on maintaining sales with moderate growth while driving down costs to improve margins.

Payless International has materially higher operating margins compared to US Domestic,
Nike Free Run 2 Gris Rosa Mujeres Ahorrar Hasta Un 79% partially due to lower costs in Latin America as well as the fact that some of the sales are from Franchising and JVs, a growing portion of sales. The strategy for Latin America is focusing on high brand awareness while filling the same role as the company fills in the US. These areas are very open to US brands and the niche customer the company serves abound in these areas. For example, in Colombia, the company
Nike Run Balanza gratuito 2014 Plum mujeres rojas Hasta 65% De Descuento En Las Tiendas o Tienda opened its first store in 2008 and already has 63% brand
2012 Nike Free Run 2 Negro Rojo Blanco Mujeres 2015 Nueva Llegada Del Envío Libre awareness and 64 stores there.

Management is rolling out Payless in other areas of the world judiciously. Instead of making significant
2014 Nike Free Run Gimnasio Blanco Azul Hombres 2014 Nuevo Estilo capital investments, the company is using
2012 Nike Free Run Tr Fit Azul Hombres Amarillo Venta En Línea Con El Precio Barato franchises and JVs with
2013 Nike Free Run Líneas Azul Hombres Una Semana Llegue a Su Puerta y Super Servicio Al Cliente local partners. The company only recently signed franchise agreements for the
2014 Nike Free Run Gimnasio Negro Blanco Hombres En Línea Con Descuento Grande y El Envío Rápido Middle East, Russia, Turkey, Israel,
2012 Nike Free Run 3.0 Azul Plata Mujeres Hasta 60% De Descuento No Hay Impuestos! Envío Gratis Singapore, Malaysia, Philippines,
Nike Free Run 4.0 2012 Azul Verde Mujeres Compre Más Ahorre Más Indonesia, and Mexico. Management notes that there is an opportunity for
Nike Free Run OG 2014 mujeres rojas de piel Anti- Liquidación De 2014. Obtenga 64% De Descuento over
Nike Free Run Powerlines Ii Azul Rojo Hombres Venta Online 700 franchised stores within five years. The company already has 80 stores set to open in 2011 and a
Nike Free Run Powerlines Ii Azul Plata Hombres Excelente Calidad total of 1,235 possible stores
Nike Free Run Powerlines Ii Azul Negro Hombres Venta 2015 Con Alta Calidad y Envío Libre Ahora under existing agreements. The market in these areas is largely
Nike Run Balanza gratuito 2014 Plum mujeres rojas Hasta 65% De Descuento En Las Tiendas o Tienda fragmented, undeveloped competition that has lower local costs. And consumers in these areas still value fashion and price,
2012 Nike Free Run Tr Fit Negro Azul Hombres Con Alta Calidad y Precio De Descuento Para Usted Payless’ specialty.

Sales in this segment are expected to grow in the mid single digits, but, due to the franchising model, earnings
2014 Nike Free Run Gimnasio Negro Verde Hombres Hasta 65% De Descuento En Las Tiendas o Tienda should
Nike Free Run 3.0 Rose Gris Mujeres Zapatos Para Usted Con El Envío Rápido y Gratuito a Su Hogar grow even faster. Sales increases have been in the 3% to 5% range each of the past two
Nike Free Run 2 Pinke Blanco Mujeres Son Venta Caliente. Bienvenido a 2015 Zapatos Outlet Store years, while operating margins have been
Nike Run Balanza gratuito 2014 Gris Rosa Mujeres Tienda Es El Mejor Lugar Para Que Usted Compre solid at 9.0% to
2012 Nike Free Run 3.0 Blanco Gris mujeres rojas Tienda Es El Mejor Lugar Para Que Usted Compre over 11.0%. I expect revenue to continue increasing at a steady pace of roughly 5% and for operating margins to remain consistently above 9.0%.

Performance Lifestyle Group (P P and Retail
Nike Free Run Powerlines Ii Negro Verde Hombres Usted Puede Disfrutar Del Envío Rápido Gratuito segments are discussed as
Wmns Nike Free Run 3.0 V5 2014 Orange Mujeres Usted Recibirá Usted Quería Aquí one because the key here is brand development. P has four primary brands:
Nike Free Run Powerlines Ii Azul Verde Hombres Venga a Unirse a Nosotros Lo Más Pronto Posible Saucony, Keds, Sperry Top Sider, and Stride Rite. Each
2012 Nike Free Run Tr Fit gris azul de los hombres Es Una Buena Opción Para Usted of these brands has its own president, its own vision and mission statement, and its own unique, carefully tailored strategy.

The keys here are fashion, marketing,
Nike Free Run Powerlines arco iris púrpura Hombres Garden Fresh Produce Hasta 50% De Descuento uniqueness via technology (Saucony and Sperry Top Sider)
Nike Free Run 2 2 or other (kids shoes up to size 6 instead of industry standard 4 and 1/2), product category expansion
Nike Free Run Powerlines Rainbow amarillas Hombres Siempre Se Puede Encontrar Fuera Su Favorita or contraction, key partnerships, geographical focus, appropriate price points, and appropriate distribution channels. These may sound like normal items every similar company should
Nike Free Run 3 2012 Negro Rosa Mujeres Aquí Se Puede Elegir Lo Que Quieras Al Precio Más Bajo consider, but Collective Brands takes it to the next level. The company thinks very carefully
Nike Free Run Powerlines Ii Azul Verde Hombres Usted Recibirá Usted Quería Aquí about every single aspect
2014 Nike Free Run Gimnasio Negro Rojo Hombres Venta 2015 Con Alta Calidad y Envío Libre Ahora of every brand, and every action is driven by the company core values (discussed below).

The proof is in the pudding. When it took over this business and these brands, which have
Nike Free Run Powerlines Ii Negro Rojo Hombres A La Venta Con El Envío y El Descuento Más Grande each been around for a long time (one since 1916), the company was told that the brands were fully matured, that there was no growth left. So far, the company has proved the naysayers wrong. Since 2008 (first full year with new brands), the company has grown some brands and at a minimum made the others stronger.

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