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FGL declares comp store sales gains 7.8 % for Q1 fiscal 2007
08 Jun '06
4 min read
Expenses:
Store operating expenses, as a percent of corporate store revenue, were 29.5 percent against the prior year of 30.9 percent. Same store operating costs were 28.2 percent of corporate store revenue, 29.6 percent in the prior year. Same store costs, in absolute dollars, increased $3.3 million or 7.1 percent. The overall store operating expense increase reflects the opening, in the past year, of 2 corporate stores (net of closings) and the addition of 9 Fitness Source stores.
General and administrative expenses were 7.0 percent of total revenue versus the prior year's 7.3 percent. The absolute dollar increase of $2.1 million was a combination of standard year over year increases, the addition of the Fitness Source infrastructure and accruals for anticipated, year-end, performance-based compensation.
Store Activity:
During the quarter, the Company opened 1 Sport Chek store, acquired 9 Fitness Source stores and closed 5 Sport Mart stores, 1 Sport Chek store, and 1 corporately owned franchise location. In the franchise division, 8 stores were opened (6 Nevada Bob's Golf, 1 Hockey Experts and 1 Atmosphere), and 4 stores were closed (3 Intersport and 1 Nevada Bob's Golf). As a result, at the end of the first quarter, the Company had 263 corporate stores and 208 franchise locations. This was a net increase of 20,328 square feet of retail selling space, a 0.4 percent increase versus the previous quarter. The Company now has 471 stores from coast to coast (May 1, 2005 - 446 stores).
Store operating expenses, as a percent of corporate store revenue, were 29.5 percent against the prior year of 30.9 percent. Same store operating costs were 28.2 percent of corporate store revenue, 29.6 percent in the prior year. Same store costs, in absolute dollars, increased $3.3 million or 7.1 percent. The overall store operating expense increase reflects the opening, in the past year, of 2 corporate stores (net of closings) and the addition of 9 Fitness Source stores.
General and administrative expenses were 7.0 percent of total revenue versus the prior year's 7.3 percent. The absolute dollar increase of $2.1 million was a combination of standard year over year increases, the addition of the Fitness Source infrastructure and accruals for anticipated, year-end, performance-based compensation.
Store Activity:
During the quarter, the Company opened 1 Sport Chek store, acquired 9 Fitness Source stores and closed 5 Sport Mart stores, 1 Sport Chek store, and 1 corporately owned franchise location. In the franchise division, 8 stores were opened (6 Nevada Bob's Golf, 1 Hockey Experts and 1 Atmosphere), and 4 stores were closed (3 Intersport and 1 Nevada Bob's Golf). As a result, at the end of the first quarter, the Company had 263 corporate stores and 208 franchise locations. This was a net increase of 20,328 square feet of retail selling space, a 0.4 percent increase versus the previous quarter. The Company now has 471 stores from coast to coast (May 1, 2005 - 446 stores).
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