Sponsors
Billabong ▲ +0.010 | PPR ▲ +0.80 | American Apparel ▲ +0.07 | The Buckle ▼ -0.99 | Columbia ▼ -0.38 | Deckers Outdoor ▼ -1.94 | Dicks ▼ -0.92 | Foot Locker ▼ -4.02 | Genesco ▼ -3.05 | Iconix Brand Group ▼ -2.52 | Jarden Corp ▼ -0.17 | Nordstrom ▼ -0.42 | Luxottica ▲ +0.45 | Nike ▼ -2.24 | Pacific Sunwear ▼ -0.05 | Skullcandy ▼ -0.04 | Sport Chalet - 0 | Urban Outfitters ▼ -0.15 | VF Corp ▼ -1.17 | Quiksilver ▲ +0.46 | Zumiez ▼ -0.62 | Macys ▼ -1.48 | Tillys ▲ +0.15 |
Ticker Sponsor
Readers Say
Always a good daily read
Always a good daily read

Shop-Eat-Surf creates a good source of timely information about the industry. The site makes all types and size companies feel part of a community where everyone is stoked to hear about other companies successes and ideas. It is always a good daily read.

- By Ted Li, VP of North America, Oakley
The one, undisputed leader
The one, undisputed leader

It is common knowledge in our industry that there is one undisputed leader in reporting on the topics, businesses and trends that impact all of us the most, and it is shop-eat-surf.com. Their access to those who make our industry happen is second to none, and we value not only the content of their reporting but the editorial thought on what it all means both in the present as well as the future. If we were asked to give a rating, it would be five out of five stars.

- By Craig Levra, CEO, Sport Chalet
Industry Insight

AGENDA: GroupY's Emerge brand-building conference returns on Jan. 6.
SURFRIDER: "Protect What You Love" holiday appeal.
MOSS ADAMS: Plan now for tax season.
Details on Industry Insight.


Tiffany Montgomery
Print This Article

Sport Chalet narrows loss, same store sales rise

By Press Releases
August 05, 2011 5:05 AM

Press Release:

  • Comparable store sales increased 2.3%
  • Grew online sales by 66%
  • 9th straight quarter of sequential profitability improvement
  • Lowered bank loan balance by 12% or $5.9 million

LOS ANGELES, Aug. 3, 2011 (GLOBE NEWSWIRE) -- Sport Chalet, Inc. (Nasdaq:SPCHA - News) (Nasdaq:SPCHB - News) today announced financial results for its first quarter ended July 3, 2011.

 

First Quarter Results

 

Sales increased 3.9% to $82.8 million for the first quarter of fiscal 2012 from $79.7 million for the first quarter of fiscal 2011, primarily due to a comparable store sales increase of 2.3%, an online sales increase of 66%, and a calendar shift increase of $1.3 million, partially offset by a change in Action Pass redemption activity. The calendar shift resulted in the Fourth of July holiday weekend being included in the first quarter of fiscal 2012 compared to the second quarter in fiscal 2011.

 

Gross profit as a percent of sales increased to 28.8% from 28.3% for the first quarter of last year primarily due to a decrease in rent expense as a percent of sales, partially offset by the change in Action Pass redemption activity. Selling, general and administrative expenses as a percent of sales decreased to 26.1% from 26.5% in the same period last year, primarily due to the leverage provided by the increase in sales and a decrease in workers' compensation expense, partially offset by incentive payments primarily for store employees.

 

The Company's net loss for the quarter ended July 3, 2011 decreased by $1.1 million, or 58%, to $0.8 million, or $0.06 per share, from a net loss of $1.9 million, or $0.14 per share, for the quarter ended June 27, 2010.

 

Craig Levra, Chairman and CEO, stated, "During the first quarter, we continued to experience positive trends in comparable store sales, online sales and inventory productivity. We are excited about the considerable improvement of our results and continue to implement our strategies to return to profitability."

 

Liquidity

 

On July 3, 2011, the Company's bank credit facility had a borrowing capacity of $65.0 million, of which the Company utilized $47.1 million (including a letter of credit of $2.6 million) and had $16.2 million in availability. The Company reduced its borrowings under the bank credit facility by 12%, or $5.9 million, to $44.5 million at July 3, 2011 from $50.4 million at June 27, 2010.

 

About Sport Chalet, Inc.

 

Sport Chalet, founded in 1959 by Norbert Olberz, is a leading, full service specialty retailer with 55 stores in California, Nevada, Arizona and Utah; Sport Chalet online at www.sportchalet.com; and a Team Sales division. The Company offers over 50 services for the sports enthusiast, including climbing, backcountry skiing, ski mountaineering, avalanche education, and mountain trekking instruction, car rack installation, snowboard and ski rental and repair, Scuba training and certification, Scuba boat charters, team sales, custom golf club fitting, racquet stringing, and bicycle tune-up and repair at its store locations.

 

 


Articles You Might Have Missed