Home / Knowledge / News / Apparel/Garments / Strategic initiatives yield record Forzani Q3 results

Strategic initiatives yield record Forzani Q3 results

13
Dec '10
The Forzani Group Ltd, Canada's largest retailer of sporting goods, reported fiscal 2011 results for the 13-week third quarter and 39-week period ended October 31, 2010.

"The continued execution of our strategic initiatives contributed significantly to our improved same-store sales, margin and operating costs in the third quarter of fiscal 2011," said Bob Sartor, FGL's Chief Executive Officer. "Our strong market presence and favourable weather in Eastern Canada also played a role in the gains."

"We accomplished these results despite lower year-over-year marketing spending in the quarter. This planned reduction resulted from the shift of spending to Q1 and Q2 in support of the Winter Olympics, FIFA World Cup, the re-branding efforts of our Atmosphere stores and the launch of the Livestrong footwear, apparel and accessories program. At the same time, we maintained disciplined expense control at the store level, which contributed to a 21% improvement in EBIT over the strong results achieved a year earlier."

"As we enter the all-important Christmas season, we believe there still seems to be some uncertainty around the economic recovery. However, our confidence is bolstered by the gains we have made so far, by our achievements against our strategic plan and by the promising start to our fourth fiscal quarter."

Progress against Strategic Plan

As previously disclosed, FGL established a strategic plan designed to unify and simplify our business, expand our reach and improve productivity. FGL's progress during the third quarter against this strategic plan included, but was not limited to, the following:

• Continuing to rebrand our former Coast Mountain Sports stores under the Atmosphere banner, allowing us to gain economies of scale from having one outdoor and lifestyle chain instead of two.
• Adding three Nevada Bob's Golf concept shops to Sport Chek stores, which extended the planned fiscal 2011 roll-out to 41 concept shops in Sport Chek locations. There are now 73 concept shops.
• Opening 8 Hockey Experts elite hockey concept shops in key Sport Chek locations as a further test of the "shop within a shop" component of our strategic plan. There are now 27 concept shops.
• Continuing work on the next generation of the purchasing, allocation and distribution information systems enhancement project.
• During the quarter, FGL completed the first full year of its e-commerce initiative, Sportchek.ca. Since the launch in October 2009, FGL has extended its retail reach to customers outside its normal trading area and provided support to the estimated 70% of Canadian consumers that research their purchases online. The state of the art site now offers more than 10,000 unique product styles and colours, up from approximately 5,000 at launch. The site is supported by world class e-commerce provider GSI Commerce Solutions Inc. In its first year of operations, the site hosted nearly 10 million unique visitors.

Click here for more details

The Forzani Group Ltd


Must ReadView All

Pic: Shutterstock

Textiles | On 15th Feb 2020

Morocco to revise FTA with Turkey

Turkey has agreed to review its free trade agreement with Morocco,...

Pic: Shutterstock

Textiles | On 15th Feb 2020

German, Italian investors interested in investing in Pak

German and Italian investors and manufacturers have evinced keen...

Pic: Nike

Apparel/Garments | On 15th Feb 2020

Nike employs distributors in Brazil, Argentina, Chile

Nike has entered into strategic distributor deals for its Nike Brand...

Interviews View All

Headhonchos, Textiles & allied industry

Headhonchos
Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Smita Murarka, Amanté

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Top executives, Textile Industry

Top executives
Textile Industry

We will move away from mass production to production in micro-factories

Ramez Basmaji,

Ramez Basmaji

Fabusse is a Lebanon-based fashion agency that offers a variety of...

Marcello Galvanin,

Marcello Galvanin

Galvanin has more than 50 years of experience in the production of textile ...

Puneet Jain & Yatin Jain,

Puneet Jain & Yatin Jain

Odhni is an indutva or ethnicwear brand started in 1999 by the Jain...

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Mark Brill, Birmingham City University (BCU)

Mark Brill
Birmingham City University (BCU)

<div>A technological breakthrough could see people getting messages about...

Joe Ikareth, Joe Ikareth

Joe Ikareth
Joe Ikareth

<b>Joe Ikareth</b> has a rock-solid fashion and textiles background, which ...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Madhu Jain, Madhu Jain

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


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

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


Advanced Search