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Sporting goods retailer FGL reports Q1 fiscal 2008 results

Jun '07
The Forzani Group Ltd Canada's largest retailer of sporting goods reported fiscal 2008 first quarter results for the 13 weeks ended April 29, 2007.

Net earnings for the first quarter were $0.7 million, or $0.02 per share, compared to the prior year's first quarter of $0.3 million, or $0.01 per share.

Net earnings included the effect of a one-time loss of $0.9 million on the sale of an investment in a trademark licensing company. Excluding this item, earnings were $1.3 million or $0.04 per share.

Retail system sales for the quarter were $308.4 million, an increase of $9.3 million, or 3.1% from the comparable 13-week sales of $299.1 million.

Same store sales in corporate locations were up 0.4% in the quarter and, in franchise, up 9.6% over the fiscal 2007 first quarter. These results were up against strong same store increases of 12.2% and 6.0% respectively in the prior year.

Revenue, consisting of corporate store sales, wholesale sales, service income, equipment rentals, franchise fees and franchise royalties, was $294.6 million, up $14.2 million, or 5.1% over the comparable period last year.

Combined gross margin for the 13 weeks ended April 29, 2007 was 33.3% of revenue, or $98.0 million, compared to 32.1%, or $90.1 million in the previous year. The margin rate and dollar improvements were driven by a combination of continued, solid franchise results, and improved corporate store results.

Corporate store category sales results were mixed with solid performance in winter categories, particularly hockey and team sports, outerwear, casual clothing and footwear.

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