UPDATE 1-Forzani Group narrows quarterly loss

Wed Jun 10, 2009 7:28am EDT
 
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*Share loss C$0.04 vs consensus loss C$0.11

*Revenue C$307.7 mln vs consensus C$311 mln

*Corporate same store sales rise 1 percent

(Adds details)

TORONTO, June 10 (Reuters) - Forzani Group Ltd (FGL.TO) narrowed its quarterly loss and topped per share expectations as Canada's biggest sporting goods retailer coped with weak consumer confidence in a quarter usually considered the weakest for a retailer.

Calgary-based Forzani, whose banners include Sport Chek, Sports Experts and Coast Mountain Sports, said on Wednesday it lost C$1.1 million, or 4 Canadian cents a share for the first quarter ended May 3, compared with a loss of C$2.8 million, or 9 Canadian cents a share for the same time last year.

Revenue was flat at C$307.7 million, compared with C$307.5 million for the same time a year earlier.

Analysts had expected an average loss of 11 Canadian cents a share before items and revenue of C$311 million, according to Reuters Estimates.

Sales at stores open at least one year rose 1 percent at corporate stores, but fell 2.8 percent in franchise locations.

Quarterly gross margin was 33.7 percent of revenue, compared with 34.3 percent a year earlier. ($1=$1.10 Canadian) (Reporting by Scott Anderson; Editing by Theodore d'Afflisio)

 

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