TORONTO — Sporting goods retailer Forzani Group Ltd. (TSX:FGL) plans to increase its sales by 10 per cent a year over five years by reducing its banner count and expanding its Sport Chek outlets across the country.
Forzani CEO Bob Sartor said Tuesday he believes the Calgary-based retailer can increase its sales from $1.6 billion currently to $2.6 billion by 2014 while seeing 15 per cent annual growth in earnings before interest, taxes and amortization with minimal capital investment.
“We see tremendous opportunity to grow this business more profitably than even before, without acquisitions and without significant capital, and that will drive returns for our shareholders,” Sartor said at the company’s annual meeting in Toronto.
He added that he hopes to see earnings per share increase 20 per cent a year from 93 cents currently to between $2.25 and $2.35 by 2014 through earnings growth and “a regular, gradual share buyback program.”