MOSS ADAMS CAPITAL: Apparel and foowear market monitor highlights notable deals, stock prices and results.
Details on Industry Insight.
Large Canadian chain retailer Sport Chek is expanding its surf and skate offering again.
Parent company Forzani Group previously announced it would open 24 S3 shop-in-shops in Sport Chek stores.
S3 stands for surf, skate and snow.
Forzani said today it is expanding that number to 31 S3 shops.
The idea is to add surf and skate apparel and footwear to Sport Chek’s snowboard offering.
The Forzani Group also reported today that first quarter same store sales declined 2%. Total revenue rose 0.7% to $329.7 million.
The company reported a net loss of $1.9 million vs. a net loss of $0.4 million in the same period last year.
Sales trends have improved thus far in the second quarter, the company said, as warmer weather finally appeared in Canada.
The Forzani Group is in the process of being acquired by Canadian Tire Corp. That deal is expected to close in the third quarter.
The Forzani Group has 529 stores under various banners, including 139 Sport Chek stores.