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By
Reuters
Published
Sep 9, 2009
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Forzani posts loss as cold summer hits sales

By
Reuters
Published
Sep 9, 2009

TORONTO (Reuters) - Forzani Group (FGL.TO) swung to a quarterly loss on Tuesday 8 September as a cold and wet summer bit "deeply" into the sales of bikes, in-line skates, sandals and swimsuits at Canada's biggest sporting goods retailer.


Coast Mountain from the Forzani Group - Photo: www.coastmountaincatalogue.com

The Calgary, Alberta-based retailer, whose banners include Sport Chek, Coast Mountain Sports and Atmosphere, said it lost C$4.4 million ($4.1 million), or 14 Canadian cents a share in its second quarter. That was down from a profit of C$1.6 million, or 5 Canadian cents a share, a year earlier.

The results for the period ended August 2 included some sales for the key back-to-school shopping period, though the majority of those revenues will be reflected in its third-quarter numbers.

Revenue inched higher to C$296.5 million from C$295.6 million a year earlier.

Also on Tuesday 8 September the company said it planned to consolidate its two outdoor and lifestyle banners --- Coast Mountain and Atmosphere -- under the Atmosphere name to improve efficiencies and reduce overlap.

The company reported results after markets closed. During the day, its shares fell 1.4 percent to end at C$14.30 on the Toronto Stock Exchange.

($1=$1.08 Canadian)

(Reporting by Wojtek Dabrowski; editing by Rob Wilson)

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