December 13, 2008 / 12:08 AM / in 10 years

UPDATE 1-Forzani third quarter profit down 33 percent

TORONTO, Dec 12 (Reuters) - Forzani Group Ltd’s FGL.TO third quarter profit fell 33 percent, the country’s biggest sporting goods retailer said on Friday.

The company, whose banners include Sport Chek, Sports Experts and Coast Mountain Sports, earned C$8.4 million ($6.77 million), or 28 Canadian cents a share, in the three months ended Nov. 2, 2008. That is down from C$12.6 million, or 36 Canadian cents a share for the same time last year.

Revenue rose about 8.8 percent to C$362.9 million, partly due to its franchise division seeing double-digit growth.

Analysts were expecting an average of 36 Canadian cents a share and revenue of C$358.8 million, according to Reuters Estimates.

Sales at stores open for at least one year decreased 0.2 percent in corporate stores and rose 11.5 percent in franchise locations.

The quarterly gross margin was 33.3 percent of revenue, down from 34.2 percent. ($1=$1.24 Canadian) (Reporting by Scott Anderson; Editing by Andre Grenon)

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