Forzani Group narrows loss as sales rise
Despite a sales gain and a narrower loss in the second quarter, Forzani Group (FGL.TO) said weak consumer confidence was holding back business at its retail stores. Among its retail banners in Canada are Sport Chek, Atmosphere and The Fitness Source
For the 13 weeks ended Aug. 1, the company reported a loss of CDN $1.8 million (USD $1.73 million), or CDN 0.06 a share (USD $0.05), compared with a year-ago loss of CDN $4.4 million (USD $4.24 million), or 0.14 per share (USD $0.13).
Retail sales for the period rose 5.5 percent to $228.3 million (USD $220.3 million), while total sales rose 6.5 percent at $315.8 million (USD $304.7 million). Same-store sales rose 4.4 percent.
During the quarter, Forzani Group said it incurred expenses as it continued to rebrand its Coast Mountain Sports stores under the Atmosphere banner. It also opened 11 new GNC outlets and eight new Nevada Golf specialists within its Sport Chek stores.
(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 Sept. 7.)
--Compiled by Wendy Geister
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