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Tuesday, Sep 26, 2023

Sport Chalet Decreases Loss in Third Quarter

Sport Chalet Inc. narrowed its net loss and increased revenues for the third quarter of its fiscal year, the La Cañada-based sporting goods retail company announced. For the 2011 fiscal third quarter that ended on Dec. 26, company had a net loss of $0.9 million, or $0.06 per share, on sales of $95.8 million. For the same quarter during the previous year, the company had a net loss of $3.8 million, or $0.27 per share, on sales of $95.3 million. The increase in revenues reflects improvements in the company’s e-commerce and team sales divisions, partially offset by a 0.4 percent decrease in comparable store sales. The comparable store sales dropped because of a reduction in promotional activity and continuing macroeconomics weakness, partially offset by favorable weather experienced in the company’s markets. The company also reduced the outstanding balance on its revolving credit facility as of Dec. 26 to $41.9 million, down from $56.2 million the year before. “Although macroeconomic conditions in our markets continued to be difficult, we were pleased with the continued growth of our Team Sales and ECommerce divisions, the improved strength in gross profit margins and the reduction in borrowing under our credit facility,” said Craig Levra, chairman and CEO of Sport Chalet. “We went back to doing business the Sport Chalet way, creating full margin sales by providing outstanding customer service.” Jessica Vernabe

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