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FGL declares comp store sales gains 7.8 % for Q1 fiscal 2007

Jun '06
Canada's largest retailer of sporting goods The Forzani Group Ltd reported fiscal 2007 first quarter results for the 13 weeks ended April 30, 2006.

Earnings and Earnings Per Share:
Net earnings for the first quarter were $0.3 million, or $0.01 per share, compared to a loss in the prior year's first quarter of $7.4 million, or $0.23 per share.

Retail system sales for the quarter were $299.1 million, an increase of $39.3 million, or 15.1 percent from the comparable 13-week sales of $259.8 million. The increase was due to strong contributions from franchise and corporate stores and the addition, on January 31, 2006, of The Fitness Source Inc. ("Fitness Source"). Exclusive of the acquisition of Fitness Source, retail system sales increased $33.2 million, or 12.8 percent.

Same store sales in corporate locations were up 12.2 percent and, in franchise, up 6.0 percent over the fiscal 2006 first quarter for an overall same store sales increase of 10.0 percent

Revenue, consisting of corporate store sales, wholesale sales, service income, equipment rentals, franchise fees and franchise royalties, was $280.4 million, up $42.2 million, or 17.7 percent over the comparable period last year.

Gross Margins:
Combined gross margin for the 13 weeks ended April 30, 2006 was 32.1 percent of revenue, or $90.1 million, compared to 29.0 percent, or $69.1 million in the previous year. The margin rate and dollar improvements were driven bya combination of continued, solid franchise results, and improved corporate store results. All categories performed well, in particular hockey, team sports and ski hardgoods lines, athletic, casual and licensed clothing, and footwear.

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