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

The Forzani Group Ltd./Le Groupe Forzani Ltee

January 13, 2011 06:00 ET

The Forzani Group Ltd.: News Release

CALGARY, ALBERTA--(Marketwire - Jan. 13, 2011) - The Forzani Group Ltd. (TSX:FGL) (the "Company"), Canada's largest retailer of sporting goods, today announced its Holiday Season results for the 10 week period ended January 9, 2011. The Holiday Season period encompasses the first ten weeks of the fiscal fourth quarter, including Christmas and Boxing Week.

For the latest ten-week Holiday Season period, total retail system sales grew 6.5% (from the prior year decline of 1.8%). On a same-store basis, retail system sales were up 7.0% (prior year decline of 2.7%). Corporate same-store sales increased 9.4% (prior year decline of 3.6%), while franchise retail same-store sales were up 2.7% (prior year decline of 1.1%).

"We had a good start to the quarter, as reported in our December 9th press release, due to a very strong month of November, as the cold weather effectively kick started the Christmas selling season", reported Bob Sartor, CEO. "While sales momentum moderated somewhat in mid-December, we finished with strong sales gains, both in the final week leading up to Christmas, and through to our Boxing Week events. January sales continue to perform to plan."

The Company expects to disclose its financial results for the fourth quarter and full year ended January 30, 2011 on April 5, 2011.

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.

About Us:

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, Atmosphere, Tech Shop, 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.

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