80.3 F
San Fernando
Thursday, Sep 28, 2023

Sport Chalet Reports Surprise Profit

Sport Chalet Inc. reported its most profitable quarter in seven years Monday because of lower costs and a spike in online sales during the holiday season. The La Cañada-Flintridge specialty sport retailer announced a net income of $1.5 million (10 cents a share) for the fiscal third quarter ended Dec. 29, compared with a net loss of $1.9 million (-13 cents) in the same quarter last year. Revenue fell 2 percent to $95.3 million. An analyst expected a loss of 11 cents a share on revenue of $97.2 million, according to Thomson Financial Network. Online sales for the quarter increased about 9 percent from the previous year. However, for the period from Thanksgiving through Christmas, online and mobile sales increased 22 percent from the previous year. Sport Chalet has tried to revamp its online sales division by offering same-day office or home delivery and store pickup for online sales, as well as a redesign of its website. The fall in revenue stems from the prior closure of three underperforming stores and a nearly 12 percent drop in the Team Sales Division. Chief Executive Craig Levra said his company has been focused on cutting costs to fuel growth. “The third quarter is a good illustration of steps we have taken to improve our store performance and reduce our cost structure,” he said in a statement. Shares of Sport Chalet closed down a penny, or less than 1 percent, to $1.33 on the Nasdaq.

Featured Articles

Related Articles