CIT: Acquires SoCal-based One West Bank
SDSI: Sports and active lifestyle employment outlook.
MLA: Legal risk management of staging modern sports experiences in non-traditional settings.
Details on Industry Insight.
Sport Chalet reported a net loss of $3 million for the first quarter ended June 28, smaller than its loss of $4.5 million in the same quarter last year.
Sales fell 8.9 percent to $79.4 million.
Same-store sales declined 14.7 percent.
The company exceeded its EBITDA goals for the quarter outlined in its bank loan agreement. Sport Chalet recorded EBITDA of $1.1 million during the quarter, better than the minimum requirement of negative $1.2 million EBITDA.
Sport Chalet continues to cut costs, trimming $7.1 million in salaries, advertising, professional fees, repairs and maintenance.
The company has kept all 55 of its locations open during the recession.
"We are confident that we are taking the right steps in the near-term and, as we continue to execute our plan, we will be better positioned for positive results in the future," CEO Craig Levra said in a press release.