Fitness financials: Forzani Group swings to adjusted Q1 profit

Forzani Group, Canada’s largest sporting goods retailer, rebounded to a first-quarter adjusted profit thanks to sales of Vancouver 2010 Winter Olympics licensed products and sales of spring categories.
Author:
Updated:
Original:

Forzani Group swings to adjusted Q1 profit

Sales of Vancouver 2010 Winter Olympics licensed products and spring categories allowed the Forzani Group (TSX: FGL), Canada’s largest sporting goods retailer, to rebound to a first-quarter adjusted profit from a loss.

Forzani posted a net loss of CDN $691,000 (USD $652,145), or CDN $0.02 (USD $0.018) a share, compared with a year-ago loss of CDN $1.1 million (USD $1.03 million), or CDN $0.04 (USD $0.03) a share.

Excluding one-time marketing costs and the higher stock-based compensation expense, the company said it earned CDN $0.07 (USD $0.06) a share in the latest quarter, compared with a loss of CDN $0.04 (USD $0.03) a share a year ago.

In addition to the boost from the Vancouver Olympics licensed apparel sales, the company said seasonable weather upped sales in all of its spring categories, such as outerwear, athletic clothing, footwear and hockey equipment.

Revenue grew 7 percent to CDN $328.9 million (USD $310.4 million) versus CDN $307.7 million (USD $290.3 million) last year. Same-store retail sales increased 9.8 percent. Gross margins edged up to 34.8 percent from 32.4 percent last year.

Also, the company declared a dividend of CDN $0.075 per Class "A" share, payable on August 2 to shareholders of record on July 19.

(Conversion of Canadian dollars into U.S. dollars is for information only, is not necessarily relative to earnings, and is based on the currency rate as of June 8.)

--Compiled by Wendy Geister

For more information about any public company on this page or its financial reports, as well as to view stock prices updated every 15 minutes, visit the SNEWS® Stock Market Updates. Click on: www.snewsnet.com/cgi-bin/snews/stock_report.html.

Related

Outdoor financials: Wolverine signs credit deal, plus Forzani

Wolverine signs credit deal Wolverine World Wide (NYSE: WWW) said it signed an agreement with JPMorgan Chase Bank NA for an initial revolving credit facility of up to $150 million. Wolverine is the parent of Merrell and licensee of Patagonia Footwear. It said the agreement gives ...read more

Fitness financials: Better margins boost Forzani’s Q4 profit

Better margins boost Forzani’s Q4 profit Forzani Group (TSX: FGL), Canada’s largest sporting goods retailer, posted a better-than-expected profit for the fourth quarter, helped by healthier margins. Its retail brands include Sport Chek, Coast Mountain Sports, Atmosphere and The ...read more

Fitness financials: Forzani narrows Q1 loss, plus Iconix

Forzani narrows Q1 loss; shareholders vote on board nominees Canadian sporting goods dealer Forzani Group (TSX: FGL) said it posted a smaller first-quarter loss as it dealt with weak consumer confidence. Its shareholders also voted all of Forzani's board candidates in. For the ...read more

Fitness financials: Forzani Group's Q2 profit rises, plus Finish Line, Crocs, Dick's, Costco, Wal-Mart

Forzani Group's Q2 profit rises Forzani Group Ltd. (TSX: FGL), Canada's largest sporting goods retailer whose banners include Sport Chek, Sports Experts and Coast Mountain Sports, reported a higher second-quarter profit. Forzani also owns specialty fitness retailer Fitness ...read more

Fitness financials: Forzani posts Q1 loss, plus Under Armour

Forzani posts Q1 loss Forzani Group (TSX: FGL), Canada's largest sporting goods retailer, posted a first-quarter loss, saying inventory was depleted by a strong fourth quarter, when cold weather spurred demand. Its retail banners include Fitness Source, Sport Chek, Sports Experts ...read more

Outdoor financials: Better margins boost Forzani’s Q4 profit

Better margins boost Forzani’s Q4 profit Forzani Group (TSX: FGL), Canada’s largest sporting goods retailer, posted a better-than-expected profit for the fourth quarter, helped by healthier margins. Its retail brands include Sport Chek, Coast Mountain Sports, Atmosphere and The ...read more

Outdoor financials: Kellwood Q1 profit drops 20 percent, plus Sport Chalet, Quiksilver, Forzani Group, Eddie Bauer, Wellman, Dick's

Kellwood Q1 profit drops 20 percentFirst-quarter profit for Kellwood Co. sunk 20 percent, as the company encountered weak demand for certain clothing lines, and acquisitions pushed its operating expenses higher. Kellwood is parent to Kelty, Sierra Designs, Slumberjack and Wenzel. ...read more

Fitness financials: Q1 retail sales up 15 percent for Forzani Group, plus Dick's, Life Time Fitness, Crocs, Town Sports

Q1 retail sales up 15 percent for Forzani Group Canada's Forzani Group (TSX: FGL), parent of the National Sports, Coast Mountain Sports, Sport Chek and Fitness Source retail chains, said its profit is in the black benefiting from better sales in the first quarter. For the ...read more

Outdoor financials: Q1 retail sales up 15 percent for Forzani Group, plus Quiksilver, Dick's, Crocs

Q1 retail sales up 15 percent for Forzani Group Canada's Forzani Group (TSX: FGL), parent of the National Sports, Coast Mountain Sports and Sport Chek retail chains, said its profit is in the black benefiting from better sales in the first quarter. For the quarter, it earned CDN ...read more