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Forzani reports same-store sales
The Forzani Group (TSX: FGL), Canada’s largest retailer of sporting goods, reported slightly higher sales for the fiscal 2009 “Back to School” selling season. Retail system sales for the seven-week period ended Sept. 21 increased 0.8 percent over the same period last year.
It said overall same-store sales for the seven-week period were flat, tempered by continued, reined-in consumer spending patterns. Corporate same-store sales were down 2.0 percent against the prior year. On a regional basis, western comparative store sales were flat, while eastern store sales, predominantly in Ontario, were down 3.2 percent. Franchise store sales, predominantly in Quebec, increased 3.5 percent for the seven-week period. Softgoods sales outpaced hardgoods and footwear.
Forzani is parent of Sport Chek, Coast Mountain Sports, Sport Mart and The Fitness Source, among others.
Health Fitness board OKs reverse stock split to gain AMEX listing
Health Fitness Corp. (OTC Bulletin Board: HFIT) said its board of directors has approved a one-for-two reverse stock split in order to qualify for listing on the American Stock Exchange.
The Listing Qualifications Panel of the AMEX Committee on Securities has conditionally approved Health Fitness for listing pursuant to its Alternative Listing Standards, provided the company meets the $2 share price requirement. The company said it expects to satisfy this requirement as a result of the reverse split.
“Listing on the AMEX is an important step toward improving trading stability and liquidity of our common stock,” said Health Fitness Board Chairman Mark Sheffert in a statement. “Being listed on the AMEX will increase the company’s exposure to a wider audience of institutional investors and ultimately enhance shareholder value.”
The record and effective date for the reverse split will be Oct. 6, and trading on the AMEX will commence when the listing procedures have been completed by the Listing Qualifications Department of the AMEX. After the reverse split, Health Fitness will have approximately 9.6 million shares outstanding and authorized shares of 25 million. Wells Fargo Shareowner Services will serve as the company’s exchange agent in connection with this reverse split.
Hanesbrands reports board of director changes
Hanesbrands (NYSE: HBI), parent of Champion, reported membership changes to the company’s board of directors, the establishment of a lead director position, and the completion of its planned spin-off leadership succession.
Charles W. Coker, 75, will retire from the company’s board of directors effective Dec. 8, 2008. A member of the board since the company became independent, Coker has served as chairman of the board’s compensation committee and as presiding director and was instrumental in Hanesbrands’ transition as an independent company.
To fill the board’s 10th position after Coker’s retirement, Ann E. Ziegler, senior vice president and chief financial officer of CDW Corp., has been elected to the company’s board of directors, effective Dec. 8, 2008. Ziegler, 50, will serve for a term scheduled to end at the 2009 annual meeting of stockholders.
To complete the company’s planned executive leadership succession, Board Chairman Lee A. Chaden, 66, will retire from the chairman position, and Hanesbrands CEO Richard A. Noll will add the chairman’s role to his responsibilities. Chaden, who also has served in the executive chairman and chief executive officer roles with the company, will remain on the board of directors. All changes are effective Jan. 1, 2009.
In conjunction with Noll assuming the chairman and CEO roles, the board of directors has created the position of lead director to further enhance Hanesbrands’ governance structure. J. Patrick Mulcahy, a member of the board since its inception, has been elected as lead director.
Finish Line posts Q2 profit
Finish Line (Nasdaq: FINL) said it swung to a second-quarter profit as growing sales helped the company post better-than-expected results.
For the three months ending Aug. 30, it earned $13.1 million, or $0.24 per share, compared to a loss of $1.8 million, or $0.04 per share, during the same period last year.
Revenue rose almost 4 percent, to $353.3 million, up from year-ago sales of $340 million.
The company, which operates nearly 800 Finish Line and Man Alive stores, said its same-store sales grew 4.7 percent.
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