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Sport Chalet Has Lower Net Loss for Second Quarter

Sport Chalet Inc. narrowed its financial loss in the second quarter while revenues stayed the same, the La Canada-based sporting goods retailer announced. The company had net loss of $518,000, or $0.04 per share, on revenues of $88.8 million for the second quarter that ended on Sept. 26 for the 2010-2011 fiscal year. For the same period the year before, the company had net loss of $1.2 million, or $0.09 per share, on revenues of $88.8 million. The sales reflected improvements in the company’s Team Sales and Ecommerce divisions, partially offset by a 1.9-percent decrease in comparable store sales. “Results for the second quarter demonstrated the benefits of the initiatives implemented throughout the company over recent periods and enabled us to reduce our net loss and achieve positive operating income,” said Craig Levra, the company’s chairman and CEO. “We continue to strengthen the company’s liquidity by managing expenses and focusing on our inventory position, which, in turn, will further improve operating efficiencies.” The company went into its third quarter by announcing last month that it had secured a higher credit line with Bank of America with more favorable terms. It also announced its plan to restructure it sales and store location strategy. Jessica Vernabe

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