Home / Knowledge / News / Fashion / FGL Q1 sales hampered by poor spring weather
FGL Q1 sales hampered by poor spring weather
Jun '08
The Forzani Group Ltd, Canada's largest retailer of sporting goods, reported fiscal 2009 first quarter results for the 13 weeks ended May 4, 2008.

Earnings (Loss) and Earnings (Loss) Per Share:
Net loss for the first quarter was $2.9 million, or $0.09 per share, inclusive of a loss from the operation of Athletes World, of $1.3 million, or $0.04 per share.

Retail system sales for the quarter were $334.0 million, an increase of $25.6 million, or 8.3% from the comparable 13-week sales of $308.4 million. The increase was due to the impact of prior year acquisitions, most notably Athletes World, ($24.7 million), and new store openings which offset declines in same store corporate sales of 5.2%. Franchise same store results increased 3.1%.

Corporate sales were negatively impacted in a number of areas. The strength of 4th quarter fiscal 2008 sales of winter categories depleted inventories to an extent that hampered 1st quarter, fiscal 2009 clearance events. This, coupled with unseasonable spring weather across the country, delayed the sale of spring categories which, though improved over the prior year, were below expectations.

The introduction of a new statutory holiday in Ontario, the country's largest market, further dampened sales. The Athletes World sales contribution was below expectations as spring inventories had been impacted by cancelled orders while the company operated under the protection of the Companies' Creditor Arrangement Act ("CCAA").

Revenue, consisting of corporate store sales, wholesale sales, service income, equipment rentals, franchise fees and franchise royalties, was $307.5 million, up $12.9 million, or 4.4% over the comparable period last year. Wholesale revenues were down as a result of the timing of receipts by franchise operations. This shortfall will be recouped in the 2nd quarter.

Must ReadView All

Courtesy: ITMA 2015

Textiles | On 21st Jun 2018

Italy to host textile machinery fair ITMA in 2023

ITMA, the trendsetting textile and garment technology platform, will...

Courtesy: Connor Group

Textiles | On 21st Jun 2018

Protectionism top threat to textile sourcing: William Connor

Protectionism is the biggest political factor and threat affecting...

NRF urges US Congress to step in, stop trade war

Apparel/Garments | On 21st Jun 2018

NRF urges US Congress to step in, stop trade war

The National Retail Federation (NRF) recently urged the US Congress...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Awen Delaval

'Natural fibres are appreciated for traditional authenticity'

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Karan Behal

Karan Behal, founder and chief executive of top-selling brand...

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Rupa Sood and Sharan Apparao

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category

Related Categories:

Advanced Search