April 5, 2011 / 10:08 PM / 7 years ago

UPDATE 1-Forzani Group Q4 profit rises, sees lower Q1 same-store sales

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April 5 (Reuters) - Forzani Group Ltd posted a higher fourth-quarter profit, as cold weather boosted sales of winter products, but the Canadian retailer said same-store sales are down so far this quarter.

Overall retail system same-store sales fell 2 percent for the first eight weeks of fiscal 2012. Same-store sales had jumped over 14 percent last year as it benefited from the 2010 Vancouver Winter Olympics.

Net income for the fourth quarter rose to C$24.2 million or 84 Canadian cents a share, from C$22.9 million, or 75 Canadian cents a share, last year.

Total revenue for the quarter jumped 10 percent to C$410.9. Same-store sales rose 7.3 percent for the period. (Reporting by Viraj Nair in Bangalore; Editing by Joyjeet Das)

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