Sport Chalet Cuts Loss In 4Q
LOS ANGELES (AP) â¿¿ Retailer Sport Chalet Inc. said Wednesday it narrowed its fiscal fourth-quarter loss on higher sales and lower expenses.
The company said it posted a loss of $300,000, or 2 cents a share, in the three months ended in March. That compares with a loss of $11.1 million, or 79 cents a share, in the prior-year quarter.
Revenue climbed about 7 percent to $90.2 million from $84.5 million, driven by an increase in same-store sales.
The surge in sales ends a streak of 10 consecutive quarters with negative sales in stores open at least a year.Management said favorable weather helped fuel sales, despite still-high unemployment, bankruptcies and other economic headwinds faced by many consumers. For the full fiscal year, Sport Chalet posted a loss of $8.3 million, or 59 cents a share, compared with a loss of $52.2 million, or $3.70 a share, in fiscal 2009. Revenue slipped to $353.7 million from $372.7 million in the prior-year period. Shares in Sport Chalet added 13 cents, or 5.6 percent, to $2.66 Wednesday.
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