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Friday, Aug 12, 2022
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Sport Chalet Fiscal Year Ends on a Down Note

More stores didn’t mean more money for Sport Chalet, the company reported. In fiscal 2008, the La Canada-based retailer experienced a net loss of $3.4 million, or $0.24 per diluted share, on revenues of $420.5 million. In fiscal 2007, the company reported net income of $7.1 million, or $0.49 per diluted share, on revenues of $388.2 million. The reported net loss included a non-cash impairment charge of $2.1 million recorded in the third quarter in relation to certain California stores. Higher rents associated with the increased sales were blamed for much of the cost increases; with new store advertising and technology infrastructure upgrades also tugging on earnings. Sport Chalet opened seven new stores in the year, mostly outside of California, and has grown 30 percent in 18 months, according to Craig Levra, chairman and CEO, on the earnings report conference call. Shares in Sports Chalet closed down at $4.20.

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