Retail stores ,news: France's Groupe GO Sports Posts Modest Comps Growth in First Half .

Groupe GO Sport, France’s second largest sporting goods retailer, had same-store sales growth of 1.0 percent in the first half ended June 30, its parent company Rallye reported.

Groupe GO Sport consolidated net sales for H1 2012 reached €324.1m ($421 mm), up 1.0 percent on a same-store basis and with constant exchange rates. The company reported that sales at its Courir banner increased strongly for the fourth semester in a row, with a +5.0 percent same-store increase.
Groupe GO Sport operates 120 Go Sport stores in France, 24 in Poland and one in Belgium and 160 Courir stores in France.

GO Sport sales in France slightly decreased, on a same-store basis (-0.6 percent). GO Sport sales in Poland increased by 3.8% on a same-store basis and with constant exchange rates.
Groupe GO Sport EBITDA and current operating income reached respectively €-3.9m ($5 mm) and €-13.7m ($18 mm), down compared to H1 2011 due to the decrease of gross margin. Net financial debt stood at €89.7m ($113 mm) at June 30, 2012, down €17.4m compared to H1 2011 following the capital increase that occurred in May.

Groupe GO Sport reported July 19 that its board of directors decided to appoint a new general manager, Loïc Le Borgne, to implement the next phase of the retailer’s restructuring. The appointment follows the company’s €30m capital raise in May 2012. The round was predominantly subscribed by Rallye and aims to reinforce the Group’s financial structure and “accelerate the commercial dynamic” of both its banners.

(SportsOneSource Media)

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