Forzani swings to black in ‘back to school’ period
The Forzani Group (TSX: FGL) reported a consolidated same-store sales increase of 5.8 percent for the “back to school” period, compared to the same period last year.
The Forzani Group is Canada's largest national retailer of sporting goods, and its retail banners include, among others: Sport Chek, Sport Mart, Atmosphere and The Fitness Source.
"While the improvement in corporate same-store sales in the first five weeks was against negative same-store sales in the prior year, the improvement in the final two weeks came on top of a 7.1-percent, same-store sales increase in the final two weeks of back to school a year ago,” said Bob Sartor, Forzani’s CEO, in a statement. “Franchise results improved in the final two weeks, to finish essentially flat against the prior year's same-store increase of 3.8 percent overall."
The company noted that its corporate same-store sales results reflected strength in all key categories of the business. For the first time this year, sales were roughly equivalent on an east-west basis, which, it added, “bodes well for the upcoming winter and holiday seasons.”
--Compiled by Wendy Geister
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