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Details on Industry Insight.
Sport Chalet said Wednesday afternoon that warm and dry weather impacted the retailer’s winter product sales in its third quarter ended Jan. 1.
Sport Chalet is a large industry customer. Several other large retailers have said that warm weather will impact results, including Dick's and Sports Authority.
Sport Chalet also warned in its earning release that fourth quarter sales and profit margins may be impacted by poor winter sales and winter product markdowns.
For the third quarter, the company said winter sales declined 21.8% during the period, and 13% online.
Comparable sales of nonwinter goods rose 6.6% in the period, with nonwinter online sales rising 30.9%.
While sales of other goods helped offset the winter product declines, the company ended up with a 2% drop in same store sales, ending its three quarter streak of positive same store sales.
Comparable store sales decreased 2%
Net sales increased $1.4 million to $97.2 million. A calendar shift added $5.2 million to total sales.
Non-winter categories comparable store sales increased 6.6%
Winter sales declined 21.8%
Online sales increased 14.5%
Online sales of non-winter categories increased 30.9%.
Online sales of winter categories decreased 13%
Gross margin fell to 27.1% vs. 27.5%
Net loss widened to $1 million vs. $0.9 million
Sport Chalet said it has $33.9 million available on its $65 million of borrowing capacity.