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RETAIL NEWS: SPORTMART & JUMBOSPORTS LOOK FOR FRESH STARTS
Published December 15, 1997
IL-based Sportmart, "continuing its decline, said it lost" $3.7M, or $0.29 a share, in its fiscal 3Q, after a loss of $2.5M, or $0.20 a share, a year earlier, according to the CHICAGO TRIBUNE. 3Q sales ended November 2 fell 20%, to $89.3M from $111.6M a year earlier. Sportmart shares slipped $0.19, or 6%, to close at $2.75 on Friday, "near its 52-week low of $2.50." Sportmart "blamed the downturns on its exit from Canada" and a 10.5% "plunge" in same-store sales in the U.S. (CHICAGO TRIBUNE, 12/13). JUMBOSPORTS: FL-based JumboSports new CEO Jack Bush said that he plans to maintain the company's focus on hunting and fishing equipment while "beefing up on footwear and apparel." Bush: "It's (apparel and footwear offer) higher margin opportunity. Those require more expertise in distribution." Bush "won't be running JumboSports on a daily basis," as that will be left to the newly promoted President, Ray Springer (TAMPA TRIBUNE, 12/14).