The Forzani Group Ltd./Le Groupe Forzani Ltee
TSX : FGL

The Forzani Group Ltd./Le Groupe Forzani Ltee

September 07, 2010 16:24 ET

Strategic Initiatives Bolster FGL Second Quarter Results

EBITA Increases 70%

CALGARY, ALBERTA--(Marketwire - Sept. 7, 2010) - The Forzani Group Ltd. (TSX:FGL) ("FGL" or the "Company"), Canada's largest retailer of sporting goods, today reported fiscal 2011 results for the 13-week second quarter and 26-week first half ended August 1, 2010.

"The successful execution of our strategic initiatives, and a stronger economy, contributed significantly to our improved same-store sales, margin and operating costs in the second 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 shifted our marketing spend to support the re-branding efforts of our Atmosphere stores, the launch of the Livestrong footwear, apparel and accessories program, and our offering of FIFA 2010 World Cup-branded products. At the same time, we maintained disciplined expense control at the store level, which contributed to a 70% improvement in EBITA compared with a year earlier."

"As we enter our seasonally stronger second half, 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 third fiscal quarter."



Financial Summary:

----------------------------------------------------------------------------
For the thirteen For the twenty-six
weeks ended weeks ended
----------------------------------------------------------------------------
August 1, August 2, August 1, August 2,
2010 2009 2010 2009
----------------------------------------------------------------------------
Revenue ($000s)
Retail 228,305 216,257 456,286 417,588
Wholesale 87,456 80,268 188,352 186,650
-------------------------------------------
Total 315,761 296,525 644,638 604,238
----------------------------------------------------------------------------
EBITA Margin(1) 3.7% 2.3% 3.9% 3.0%
----------------------------------------------------------------------------
Net Earnings (Loss) ($000s) (1,821) (4,412) (2,512) (5,529)
----------------------------------------------------------------------------
Earnings (Loss) Per Share ($0.06) ($0.14) ($0.08) ($0.18)
----------------------------------------------------------------------------

Same Store Sales (%)1
Corporate 5.2 -1.6 8.4 -0.4
Franchise 3.1 -0.1 4.1 -1.3
----------------------------------------------------------------------------
Consolidated 4.4 -1.0 6.8 -0.7
----------------------------------------------------------------------------

(1) Refer to "Non-GAAP Measures" below.


Progress Against Strategic Plan

As previously disclosed, FGL established a new strategic plan in April 2009 designed to unify and simplify our business, expand our reach and improve productivity. FGL's progress during the second 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.

- Opening 11 additional GNC performance nutrition boutiques in Alberta-based Sport Chek stores as the next test markets for this concept.

- Adding eight Nevada Bob's Golf boutiques to Sport Chek stores, which completed the planned fiscal 2011 roll-out of 38 boutiques in Sport Chek locations. There are now 70 boutiques.

- Opening 19 Hockey Experts elite hockey boutiques in key Sport Chek locations as a further test of the "shop within a shop" component of our strategic plan.

- Continuing work on the next generation of the purchasing, allocation and distribution information systems enhancement project.

- During the quarter, FGL continued to benefit from the October 28, 2009 launch of its new e-commerce initiative, Sportchek.ca. With the launch, FGL is now able to extend its retail reach to customers outside its normal trading area and provide support to the estimated 70% of Canadian consumers that research their purchases online. The state of the art site now offers more than 9,000 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. By the end of the second quarter, the site had hosted nearly 7.5 million unique daily visitors, up 2.1 million from the end of the first quarter. During the second quarter, FGL reviewed online customer surveys completed in the first quarter to measure service levels and assess areas for continued site enhancement.

Fiscal Second Quarter Financial Results:

Compared with its peer group of North American sporting goods retailers, FGL's same-store sales have been less volatile since the onset of the recession two year ago. FGL increased same-store sales by 4.4% for the second quarter of fiscal 2011, which more than offset a decline of 1.0% in the second quarter of the prior year.

FGL's total revenue was up 6.5% from a year earlier led, by a 5.6% increase in retail sales from corporate stores. Augmenting the increase in the retail business, wholesale revenues rose 9.0% overall. This included a 14.4% increase in wholesale sales to third parties made by our INA International division, partly due to timing of shipments from factories in China and partly due to growth, especially for hockey equipment. This also included a 7.0% improvement in sales to franchisees attributable to late receipt of Q1 shipments in Q2.

Retail system sales, which include sales from corporate and franchise stores, were $360.8 million, an increase of $12.4 million, or 3.6%, from the comparable 13-week sales of $348.4 million a year earlier.

Gross profit was $109.2 million, up 10.1% from $99.2 million a year earlier, and gross margin was 34.6% of revenue compared with 33.4% of revenue a year earlier. Gross profit growth outpaced revenue due to improvements in margins in corporate retail as well as each of our wholesale businesses.

Store operating expenses rose $2.8 million or 4.0% for the fiscal 2011 second quarter from a year earlier reflecting increased wage costs to support the sales growth achieved. As a percentage of retail revenues, store operating expenses fell to 31.6% from 32.0% in fiscal 2010. Same-store operating expenses were 29.0% of corporate store revenue compared to 30.0% in the prior year. Same-store expenses, in absolute dollars, increased $0.6 million or 1.0%.

General and administrative expenses rose both on a run rate and absolute dollar expenditure basis compared with a year earlier. The absolute dollar increase of $2.4 million was primarily the result of a planned shift in the quarter, of $1.8 million in net advertising expenditures to support various marketing initiatives designed to drive execution of FGL's strategic plan. The Company has also increased its accruals for both performance-based and stock-based compensation by $0.9 million in recognition of its improved earnings year to date. There were no hostile proxy contest expenses in the second quarter of fiscal 2011, a saving from the prior year of $1.6 million. However, the saving was offset by an increase in spending on information technology improvements as noted above in the strategic plan update.

Earnings before interest, taxes and amortization, ("EBITA") was $11.7 million, up 69.6% from $6.9 million in the second quarter of last year.

Loss before income taxes was $2.6 million, compared with pre-tax losses of $6.3 million a year earlier. Cash flow from operations increased to $9.8 million, or $0.33 per share, from $6.1 million, or $0.20 per share, in the prior year.

Fiscal First Half Financial Results

The main drivers affecting first half financial results, including the execution of our strategic initiatives, our strong market share, favourable weather and disciplined expense controls at the store level, were similar to those described above for the second quarter.

Certain key financial metrics for the fiscal first half are provided in the financial summary table. Following are additional important metrics compared with a year earlier:

- Retail system sales-$710.2 million, up 6.5% from $667.0 million;

- Gross profit-$223.4 million, up12.4% from $198.7 million;

- Gross margin-34.7% of revenue, compared with 32.9% of revenue;

- Store operating expenses-31.4% of corporate revenue compared with 32.6% of corporate revenue. On an absolute dollar basis, store operating expenses were up $7.2 million from the prior year;

- General and administrative expenses-8.6% of total revenue, up from 7.3%. Overall, an absolute dollar increase in general and administrative expenses of $11.0 million. This increase reflects one-time costs associated with the Atmosphere re-branding initiate, increased stock and performance based compensation costs due to the Company's improved profitability and a strategic shift in advertising expenditures into the first half of the year to support key marketing initiatives in support of execution of the Company's strategic plan;

- EBITA-$24.8 million, up 34.8% from $18.4 million;

- Loss before income taxes-$3.7 million compared with $8.0 million; and,

- Cash flow from operations-$21.5 million or $0.72 per share, compared with $14.9 million or $0.49 per share.

Second Quarter Store Activity

At the end of the second quarter, the Company had 547 stores, which is 14 less than a year earlier. However, the Company also had 2.2% more retail selling space (an extra 139,129 square feet) compared with a year earlier, due to FGL's strategy of increasing store size. Corporate stores totalled 334 at the end of the second quarter, down by 10 from a year earlier, while franchise stores totalled 213, down four from a year earlier.

During the quarter, the Company decreased the number of corporate stores by three, closing three Sport Mart stores, one Athletes World store, and one Nevada Bob's Golf store while opening two Sport Chek stores.

The franchise division had a reduction of two Intersport stores during the quarter.

Balance Sheet

The Company's working capital was $63.2 million, up 1.4% from the prior year.

Dividends

On September 7, 2010, the Company declared a dividend of $0.075 per Class "A" share, payable on November 1, 2010 to shareholders of record on October 18, 2010. All dividends paid by the Company are, pursuant to subsection 89 (14) of the Income Tax Act, designated as eligible dividends. An eligible dividend paid to a Canadian resident is entitled to the enhanced dividend tax credit.

Normal Course Issuer Bid

The Company renewed its Normal Course Issuer Bid ("NCIB") with the Toronto Stock Exchange ("TSX") on April 14, 2010. The renewed NCIB, allows the Company to repurchase up to 2,451,105 Class "A" shares (or approximately 10% of its public float) between April 16, 2010 and the expiry of the NCIB on April 15, 2011. Except as permitted under the TSX rules, the Company will not purchase on any given trading day under the NCIB more than 10,967 Common Shares, being approximately 25% of the average daily trading volume of the Class "A" shares on the TSX for the previous six calendar months of 43,871 Class "A" shares per day.

As at September 7, the Company had repurchased 1,822,307 Class "A" shares at a total cost of $30,745,722 or $16.87 per share. All shares purchased pursuant to the NCIB will be returned to treasury for cancellation.

Preliminary Q3 Results

Results in the first five weeks of the fiscal 2011 third quarter continued to show improvement over the prior year, despite somewhat unseasonable weather in Western Canada. On a same-store category basis, the increase was led by athletic clothing, footwear and targeted hard good categories of cycling, golf, fitness equipment and hockey.

Overall retail system same-store sales increased by 4.8% for the first five weeks (against the prior year's decrease of 1.1%). Of the total gain, same-store sales in the most recent period increased by 7.4% for corporate locations (over the prior year's decrease of 4.5%), and decreased by 0.4% for franchise stores, (against the prior year's increase of 6.2%). Gross margin performance as a percentage of sales was flat to the prior year.

Additional Quarterly Disclosure

In conjunction with this release, the Company invites you to listen to its teleconference call on Tuesday September 7th, 2010 at 4:30 p.m. Eastern Standard Time. The conference call will also be available simultaneously and in its entirety, including presentation materials, to all interested investors and the news media through a web cast which can be accessed on the Company's website at www.forzanigroup.com. Please visit the website at least 15 minutes prior to the indicated start time to download and install any necessary software.

Teleconference Call: To listen to the conference call, please dial one of the following numbers approximately five minutes prior to commencement:

Within Toronto: 416-640-8614

Outside Toronto: 800-814-3911

Replay: Should you be unable to join the conference call, an audio recording of the call will be available approximately three hours after the call until September 14th, 2010.

Replay Number: 1-416-640-1917 or 1-877-289-8525 (passcode 4356450#)

All individuals listening to the conference call or the replay are reminded that all conference call material is copyrighted by the Company and cannot be recorded or rebroadcast without the Company's express written consent.
FGL invites investors to read it's more detailed disclosure contained in the fiscal 2010 Annual Report, Financial Statements and Management's Discussion and Analysis. These documents are available on the FGL website and SEDAR.

Non-GAAP Measures:

The use of the term "Retail System Sales" (retail sales from corporate and franchise stores) is not recognized under Canadian generally accepted accounting principles ("GAAP"). Management believes that this measure is useful supplemental information which provides the reader with an indication of the Company's total retail sales, but may not be comparable to measures used by other companies.

Same-store sales include sales from all of the Company's franchise and corporate stores that had been open for the comparable period in the prior year. This metric is commonly used throughout the retail industry, and by management as an appropriate comparison to other stores open during the period and to results in the prior period.

The use of the term "EBITA" (earnings before interest, taxes and amortization) is not recognized under Canadian GAAP. Management believes that in addition to net earnings, EBITA is a useful measure that provides an indication of the results generated by the Company's business activities prior to consideration of how activities were financed and how the results are taxed. Investors should be cautioned, however, that EBITA should not be construed as an alternative to net earnings, cash flows from operating activities or other measures of financial performance, determined in accordance with GAAP, as an indicator of the Company's performance. Furthermore, this measure does not have a standardized meaning under GAAP and may not be comparable to similar measures presented by other companies.

Cash flow from operations corresponds to "Cash provided by (used in) operating activities" before non-cash changes in working capital in our consolidated interim and annual statements of cash flows and is defined as net earnings for the period, adjusted for specific items not involving cash but excluding non-cash changes in elements of working capital. This metric is used by management to assess the quality of the Company's earnings.

Forward-Looking Information:

This press release contains certain statements that may constitute forward-looking information within the meaning of applicable securities laws. This forward-looking information relates to, among other things: (i) management's confidence in a second half recovery; and (ii) the Company's intentions in respect to the further implementation of its strategic plan including, without limitation: (a) the success of the information system enhancement project in purchasing, allocation and distribution departments; (b) the Company's enhancements to the sportchek.ca e-commerce platform; (c) the anticipated success in re-branding Coast Mountain Sports as Atmosphere including economies of scale realized in respect thereof; and (d) the Company's plans to increase its average store size.

Often, but not always, forward-looking information can be identified by the use of such words as "may", "will", "expect", "believe", "plan", "intend", "estimate", "outlook", "forecast", "should", "anticipate" and other similar terminology, including statements concerning possible or assumed future results. Forward-looking information is based on management's reasonable assumptions, analysis and estimates in respect of its experience and perception of trends, current economic conditions and expected developments, as well as other material factors that it considers to be relevant at the time of making such statements.

The forward-looking information in this press release is included solely for the purpose of assisting the Company's shareholders in understanding the Company's financial position and the results of its operations as at the date hereof. By its nature, forward-looking information involves known and unknown risks and uncertainties, which give rise to the possibility that management's assumptions, analysis and estimates will be incorrect and that the Company's anticipated results will not be achieved. Although the Company believes that the statements with respect to forward-looking information are reasonable and current, such statements should not be interpreted as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Forward-looking information is necessarily subject to a number of factors that may cause actual results to differ materially from those results implied by the expectations suggested by such information. Those factors include, without limitation, the following:

- our ability to execute upon the initiatives that support our strategic objectives;

- the willingness of customers to shop at our stores;

- changes in economic conditions and/or weather patterns;

- our ability to attract and retain key personnel; and

- those risks and uncertainties described in the Company's Annual Information Form filed with the securities regulatory authorities in Canada under the Company's profile at www.sedar.com.

When relying on the forward-looking information to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors, although we strongly caution that the foregoing list of factors is not exhaustive and other factors could adversely affect our performance. Investors and other readers are encouraged to consider the foregoing risks and other factors carefully when evaluating the forward-looking information and are cautioned not to place undue reliance upon such information when making investment decisions. The forward-looking information in this press release is current to the date hereof, and is subject to change following such date. While the Company may elect to do so, unless required by applicable law, it undertakes no obligation to update this information to reflect new information or circumstances at any particular time.

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 following corporate and franchise banners: Sport Chek, Sport Mart, National Sports, Athletes World, Sports Experts, Intersport, Econosports, Atmosphere, Tech Shop, Pegasus, Nevada Bob's Golf, Hockey Experts, S3 and The Fitness Source. The Company also has websites for several of its corporate and franchise banners which can be accessed through its main website at www.forzanigroup.com.



Consolidated Balance Sheets
(in thousands)
(unaudited)

As at August 1, 2010 January 31, 2010 August 2, 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------

ASSETS
Current
Cash $ 923 $ 962 $ 2,905
Accounts receivable 102,010 71,544 106,502
Inventory 372,913 316,319 341,673
Prepaid expenses 7,283 5,092 4,440
----------------------------------------------------------------------------
483,129 393,917 455,520
Capital assets 195,201 199,589 204,120
Goodwill and other
intangibles 96,023 95,990 96,020
Other assets 12,075 5,914 8,128
Future income tax asset 6,571 6,519 10,766
----------------------------------------------------------------------------
$ 792,999 $ 701,929 $ 774,554
----------------------------------------------------------------------------
----------------------------------------------------------------------------

LIABILITIES
Current
Indebtedness under
revolving credit facility $ 134,165 $ 27,932 $ 114,511
Accounts payable and
accrued liabilities 285,021 265,007 272,972
Other liabilities 741 - 5,740
----------------------------------------------------------------------------
419,927 292,939 393,223
Other liabilities 6,807 6,177 6,453
Deferred lease inducements 43,259 44,062 45,906
Deferred rent liability 5,351 5,525 5,806
----------------------------------------------------------------------------
475,344 348,703 451,388
----------------------------------------------------------------------------

SHAREHOLDERS' EQUITY
Share capital 142,453 150,359 149,118
Contributed surplus 5,881 5,770 6,056
Accumulated other
comprehensive earnings
(loss) 30 34 (153)
Retained earnings 169,291 197,063 168,145
----------------------------------------------------------------------------
317,655 353,226 323,166
----------------------------------------------------------------------------
----------------------------------------------------------------------------
$ 792,999 $ 701,929 $ 774,554
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)

For the 13 weeks ended For the 26 weeks ended
----------------------------------------------------------------------------
August 1, August 2, August 1, August 2,
2010 2009 2010 2009
----------------------------------------------------------------------------

Revenue
Retail $ 228,305 $ 216,257 $ 456,286 $ 417,588
Wholesale 87,456 80,268 188,352 186,650
----------------------------------------------------------------------------
315,761 296,525 644,638 604,238
Cost of sales 206,605 197,354 421,202 405,481
----------------------------------------------------------------------------

Gross margin 109,156 99,171 223,436 198,757
----------------------------------------------------------------------------
Operating and
administrative
expenses
Store operating 72,230 69,422 143,171 135,999
General and
administrative 25,263 22,861 55,417 44,370
----------------------------------------------------------------------------
97,493 92,283 198,588 180,369
----------------------------------------------------------------------------
Operating earnings
before undernoted
items 11,663 6,888 24,848 18,388
----------------------------------------------------------------------------

Amortization of
capital assets 13,623 12,789 27,170 25,067
Interest 699 407 1,336 1,334
----------------------------------------------------------------------------
14,322 13,196 28,506 26,401
----------------------------------------------------------------------------

Earnings (loss) before
income taxes (2,659) (6,308) (3,658) (8,013)
----------------------------------------------------------------------------
Income tax recovery
Current 792 1,353 1,094 1,678
Future 46 543 52 806
----------------------------------------------------------------------------
838 1,896 1,146 2,484
----------------------------------------------------------------------------

Net earnings (loss)
for the period $ (1,821) $ (4,412) $ (2,512) $ (5,529)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Basic and diluted
earnings (loss) per
share $ (0.06) $ (0.14) $ (0.08) $ (0.18)
----------------------------------------------------------------------------


Consolidated Statements of Retained Earnings, Comprehensive Earnings (Loss)
and Accumulated Other Comprehensive Earnings (Loss)
(in thousands) (unaudited)

----------------------------------------------------------------------------
For the 13 weeks ended For the 26 weeks ended
Consolidated Statements August 1, August 2, August 1, August 2,
of Retained Earnings 2010 2009 2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Retained earnings,
beginning of period $ 190,243 $ 174,848 $ 197,063 $ 178,251
Net earnings (loss) (1,821) (4,412) (2,512) (5,529)
Dividends paid (2,175) (2,291) (4,475) (4,577)
Adjustment arising from
shares purchased under a
normal course issuer bid (16,956) - (20,785) -
----------------------------------------------------------------------------
Retained earnings, end
of period $ 169,291 $ 168,145 $ 169,291 $ 168,145
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Consolidated Statements
of Comprehensive
Earnings (Loss)

----------------------------------------------------------------------------
----------------------------------------------------------------------------
For the 13 weeks ended For the 26 weeks ended
August 1, August 2, August 1, August 2,
2010 2009 2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net earnings (loss) $ (1,821) $ (4,412) $ (2,512) $ (5,529)
----------------------------------------------------------------------------
Other comprehensive
earnings (loss):
Unrealized foreign
currency gain (loss) on
cash flow hedges (147) (87) (6) (1,472)
Tax impact 46 (22) 2 456
----------------------------------------------------------------------------
Other comprehensive
earnings (loss) (101) (109) (4) (1,016)
----------------------------------------------------------------------------
Comprehensive earnings
(loss) $ (1,922) $ (4,521) $ (2,516) $ (6,545)
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Consolidated Statements
of Accumulated Other
Comprehensive Earnings
(Loss) ("AOCE")

----------------------------------------------------------------------------
----------------------------------------------------------------------------
For the 13 weeks ended For the 26 weeks ended
August 1, August 2, August 1, August 2,
2010 2009 2010 2009
----------------------------------------------------------------------------

Accumulated other
comprehensive earnings
(loss), beginning of
period $ 131 $ (44) $ 34 $ 863
Other comprehensive
earnings (loss) (101) (109) (4) (1,016)
----------------------------------------------------------------------------
Accumulated other
comprehensive earnings
(loss), end of period $ 30 $ (153) $ 30 $ (153)
----------------------------------------------------------------------------

Consolidated Statements of Cash Flows
(in thousands)
(unaudited)


For the thirteen For the twenty-six
weeks ended weeks ended
August 1, August 2, August 1, August 2,
2010 2009 2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash provided by (used in)
operating activities
Net earnings (loss) for the
period $ (1,821) $ (4,412) $ (2,512) $ (5,529)
Items not involving cash:
Amortization of capital
assets 13,623 12,789 27,170 25,067
Amortization of deferred
finance charges 37 36 75 78
Amortization of deferred
lease inducements (2,673) (2,954) (5,256) (5,858)
Rent expense 120 91 153 59
Stock-based compensation 581 1,385 1,922 1,987
Future income tax recovery (46) (543) (52) (806)
Unrealized gain (loss) on
ineffective hedges - (321) - (45)
----------------------------------------------------------------------------
9,821 6,071 21,500 14,953
Changes in non-cash elements
of working capital related
to operating activities (26,958) (9,887) (70,970) (82,367)
----------------------------------------------------------------------------
(17,137) (3,816) (49,470) (67,414)
----------------------------------------------------------------------------
Cash provided by (used in)
financing activities
Proceeds from issuance of
share capital 133 1,529 463 1,581
Share repurchase via normal
course issuer bid (23,894) - (29,259) -
Other liabilities 1,484 (1,671) 1,371 1,396
Revolving credit facility 58,860 22,433 106,233 97,381
Dividends paid (2,175) (2,291) (4,475) (4,577)
Lease inducements received 3,814 3,921 4,453 3,953
----------------------------------------------------------------------------
38,222 23,921 78,786 99,734
Changes in non-cash elements
of financing activities (624) (775) (617) 3,779
----------------------------------------------------------------------------
37,598 23,146 78,169 103,513
----------------------------------------------------------------------------
Cash provided by (used in)
investing activities
Capital assets (12,368) (20,205) (22,323) (32,061)
Other assets 196 (27) 242 (186)
Acquisition of assets - - - (945)
----------------------------------------------------------------------------
(12,172) (20,232) (22,081) (33,192)
Changes in non-cash elements
of investing activities (8,306) 616 (6,657) (3,476)
----------------------------------------------------------------------------
(20,478) (19,616) (28,738) (36,668)
----------------------------------------------------------------------------
Increase (decrease) in cash (17) (286) (39) (569)
Net cash position, opening 940 3,191 962 3,474
----------------------------------------------------------------------------
Net cash position, closing $ 923 $ 2,905 $ 923 $ 2,905
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Contact Information

  • The Forzani Group Ltd.
    Robert Sartor, CA
    Chief Executive Officer
    (403) 717-1342
    or
    The Forzani Group Ltd.
    Michael Lambert, CA
    Chief Financial Officer
    (403) 717-1666
    or
    The Forzani Group Ltd.
    Richard Burnet, CA
    Senior Vice President, Finance and Administration
    (403) 717-1442
    www.forzanigroup.com