CALGARY, ALBERTA - (Marketwire) - The Forzani Group Ltd. (TSX:FGL) (the "Company"), Canada's largest retailer of sporting goods, today announced same-store sales results for the "Back to School" period.
Consolidated same-store store sales increased 5.8% for the period, compared to the same period last year.
Corporate Franchise Consolidated
5 Weeks Ending Sept 5, 2010 7.4 % (0.4 %) 4.8 %
2 Weeks Ending Sept 19, 2010 12.1 % (0.1 %) 8.1 %
7 Weeks Ending Sept 19, 2010 8.9 % (0.2 %) 5.8 %
"As we noted in our second quarter conference call, same-store sales were improving as we moved through the back to school period," commented Bob Sartor, Chief Executive Officer of the Company. "While the improvement in corporate same-store sales in the first 5 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% same-store sales increase in the final two weeks of back to school a year ago. Franchise results improved in the final two weeks, to finish essentially flat against the prior year's same-store increase of 3.8% overall."
"We are also pleased that our corporate same-store sales results reflect strength in all key categories of the business, and for the first time this year, are roughly equivalent on an east-west basis, which bodes well for the upcoming winter and holiday seasons. The continued strength in corporate retail same-store sales, at gross margins slightly ahead of last year, is a clear sign of the impact our corporate store initiatives are having on the business."
The Forzani Group Ltd. is Canada's largest national retailer of sporting goods, offering a comprehensive assortment of brand-name and private-brand products, operating stores from coast to coast, under the following corporate and franchise banners: Sport Chek, Sport Mart, National Sports, Athletes World, Sports Experts, Intersport, Econosports, Atmosphere, Tech Shop, Pegasus, Nevada Bob's Golf, Hockey Experts, S3 and The Fitness Source.
This news release contains certain statements that may constitute forward-looking information within the meaning of applicable securities laws. This forward-looking information relates to, among other things, management's opinion on the strength of the Company's business, including the success of the stated initiatives, and in respect to the expectations for the upcoming winter and holiday seasons. This forward-looking information can generally be identified by the use of such words as "may", "will", "expect", "believe", "plan", "intend", "are confident" and other similar terminology, including statements concerning possible or assumed future results. Certain material factors or assumptions are applied in making statements regarding forward-looking information, and actual results may differ materially from those expressed or implied in such information. The forward-looking information in this news release is based upon material factors and assumptions that management believes are reasonable as of the date of this news release, including the successful execution of the initiatives described herein; however, the Company cannot assure actual results will be consistent with this forward-looking information. Information about material factors that could cause actual results to differ materially from expectations include, but are not limited to, the factors discussed in the Company's Management Discussion and Analysis and Annual Information Form filed with the securities regulatory authorities in Canada, available at www.sedar.com.
When relying on the forward-looking information to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors, although we strongly caution that the foregoing list of factors is not exhaustive and other factors could adversely affect our performance. Investors and other readers are encouraged to consider the foregoing risks and other factors carefully when evaluating the forward-looking information and are cautioned not to place undue reliance upon such information when making investment decisions. The forward-looking information in this press release is current to the date hereof, and is subject to change following such date. While the Company may elect to do so, unless required by applicable law, it undertakes no obligation to update this information to reflect new information or circumstances at any particular time.