FGL declares comp store sales gains 7.8 % for Q1 fiscal 2007
08 Jun '06
4 min read
Balance Sheet:
The Company's working capital of $113.5 million grew by 22.8 percent over the prior year due to stronger results and leaner inventories, which reduced debt levels.
Management's Comments: The significant turnaround in the Company's first quarter of fiscal 2007 continues the momentum that had commenced in the third quarter of fiscal 2006. Franchise operations continue to perform to plan and, with last year's Sport Chek revitalization and the ongoing work being done in the Sport Mart banner, corporate results are improving steadily. Store operating and general and administrative expenses are in line with historical rates and we look forward to improved results throughout the remainder of the year.
For the first four weeks of Q2, fiscal 2007, comparable store sales from corporate stores grew by 7.8 percent and franchise comparable store sales increased 11.6 percent, with strong margins.
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 corporate banners: Sport Chek, Coast Mountain Sports, Sport Mart, and National Sports. The Forzani Group is also a franchisor under the banners: Sports Experts, Intersport, RnR, Econosports, Atmosphere, Pegasus, Tech Shop, Nevada Bob's Golf, Hockey Experts and The Fitness Source.
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