The Forzani Group Ltd. announced that total retail system sales for the fourth quarter increased 15.8% to $361.4 million compared with $312.1 million in the prior year. Fourth quarter comparable sales in corporately-owned stores increased 2.7%, while the franchise division enjoyed a comparable store sales increase of 18.2%. Since Christmas, comparable store sales in the corporate and franchise divisions have increased 5.4% and 20.8%, respectively.
For the year ended February 2, 2003, total retail system sales increased 20.1% to $1.053 billion compared to $876.4 million in the previous year. Comparable store sales for the year, in the corporate division, increased 4.9% and in the franchise division, increased 11.5%.
Commenting on the results, Bob Sartor, Chief Executive Officer, stated, “We are very pleased to once again report strong year-over-year growth in fiscal 2003. Although pre-Christmas sales were slow due to unseasonably warm weather in Western Canada, a rebound in January contributed to the record setting results that the Company continues to post.”
Mr. Sartor further commented, “During the year, we saw solid sales gains through each quarter, as new store openings have rapidly become strong contributors and have directly influenced our record growth.”
During fiscal 2003, the Company opened 38 new corporate stores, 17 of which were opened during the fourth quarter. Also, during fiscal 2003, the franchise division opened 13 new franchise stores, 3 of which were opened in the fourth quarter. Combined new store growth and expansion of existing stores translated into an increase in square footage for the year of 710,700 square feet, and increase of 19.7% over the previous year. The Company now operates in over 4.3 million square feet of retail selling space from coast to coast.
