The Forzani Group Ltd. reported sales for “Back to School”, the eight-week selling period ended September 28th, 2003, increased 6.2% over the same period last year. Consolidated comparable store sales for the eight-week period were flat.
Exclusive of the two weeks at the beginning of the Back to School campaign, which were adversely affected by the fires in B.C. and the power outages in Ontario, total sales increased 7.7% over the same period in the prior year. Consolidated comparable store sales grew 0.7% with corporate comparable store sales up a healthy 2.6%. As expected, the franchise network was off 4.1% against double-digit increases in the prior year.
Bob Sartor, CEO stated, “Despite the more difficult retail environment this year, which was further impacted by the effects of the B.C. fires and Ontario power failures during the eight-week period, we continued to robustly grow our top line, while maintaining strong gross margins and keeping operating costs in control. Based upon these most recent results, we see no change in our previously provided earnings guidance.”