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Thursday, Jun 1, 2023

Sport Chalet Disappoints

Too few snow days in California led to disappointing fourth quarter results at La Canada-based retailer Sport Chalet. The company reported net income dipped to $881,000 or $0.06 per diluted share for the fourth fiscal quarter ended April 1 compared to earnings of $1.6 million or $0.12 per diluted share in the comparable period a year ago. Sales for the fourth quarter rose 9 percent to $97.8 million including five stores opened in fiscal 2007 and one store opened in the fourth quarter of fiscal 2006. On a same store basis, sales dipped 1 percent. “While we made solid progress towards our long-term goals during the fourth quarter, our results did not meet our expectations following our record third quarter,” said Craig Levra, chairman and CEO. “Unlike last year’s particularly strong late snowfall, we experienced exceptionally dry weather in California, Nevada and Arizona which impacted sales of winter apparel and equipment.”

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