Sport Chalet Reports Financial Results For Fiscal 2011 Second Quarter, Six Months
--Company Further Enhances Operating Efficiencies--
--Achieves $131,000 Operating Income for Quarter--
LOS ANGELES, Nov. 10, 2010 (GLOBE NEWSWIRE) -- Sport Chalet, Inc. (Nasdaq:SPCHA) (Nasdaq:SPCHB) today announced financial results for its second fiscal quarter and six months ended September 26, 2010.Second Quarter Results Sales totaled $88.8 million for the second quarter of fiscal 2011, approximately the same as that of the prior year period, reflecting improvements in the Company's Team Sales and ECommerce divisions, partially offset by a 1.9% decrease in comparable store sales. Gross profit as a percent of sales increased slightly to 28.2% from 28.0% for the second quarter of last year, primarily due to lower rent expense from successful negotiations with landlords, partially offset by an increase in markdowns from promotional activity. Selling, general and administrative expenses (SG&A) as a percent of sales increased to 25.2% from 24.8% in the same period last year, primarily reflecting an increase in labor for store payroll and training to support the Company's initiative on having the best trained experts in merchandise and specialty services. Depreciation declined as a percent of sales to 2.9% from 3.7%, primarily due to impairment charges incurred in the previous two fiscal years, as well as lower capital expenditures with no new store openings or remodels. The Company's net loss for the quarter ended September 26, 2010 was reduced by $694,000 to $518,000, or $0.04 per share, from a net loss of $1.2 million, or $0.09 per share, for the quarter ended September 27, 2009. Craig Levra, Chairman and CEO, said, "Results for the second quarter demonstrated the benefits of the initiatives implemented throughout the Company over recent periods and enabled us to reduce our net loss and achieve positive operating income. We continue to strengthen the Company's liquidity by managing expenses and focusing on our inventory position, which, in turn, will further improve operating efficiencies. Our recently signed, new credit facility with Bank of America represented a vote of confidence in the Company's future by one of the nation's leading financial institutions and provides us with tremendous flexibility to support our strategic initiatives and to further enhance our vendor relationships.
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