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LOS ANGELES, Feb. 6, 2013 (GLOBE NEWSWIRE) -- Sport Chalet, Inc. (Nasdaq:SPCHA) (Nasdaq:SPCHB), a leading operator of full-service, specialty sporting goods stores, today announced its financial results for the third quarter and nine months ended December 30, 2012.
Recent growth in comparable store sales and profitability plateaued as warm weather and a continuing trend for consumers to postpone holiday shopping negatively impacted the third quarter of fiscal 2013;
Net loss was $1.9 million compared to a net loss of $1.0 million in the third quarter of the prior year;
Comparable store sales decreased 0.7% for the quarter ended December 30, 2012 compared to the same period last year;
Team Sales Division sales increased 17.9% from the third quarter of last year;
Online sales increased 32.6% from the third quarter of last year; and
Fourth quarter comparable store sales through the five weeks ended February 3, 2013 increased 20.3%.
Third Quarter Results
Sales increased $0.3 million, or 0.4%, to $97.6 million for the 13 weeks ended December 30, 2012 from $97.2 million for the 13 weeks ended January 1, 2012. The slight sales increase is primarily the result of sales increases in the Team Sales Division and online of 17.9% and 32.6%, respectively, partially offset by a 0.7% decrease in comparable store sales. The comparable store sales decrease of 0.7%, which is an improvement from the 2.0% decrease in the same period last year, was primarily due to warm and dry winter weather for the majority of the holiday shopping season exacerbated by a bad winter sports season last year, a change in our strategy to be less promotional, and general consumer caution from the uncertainty about regional and national economic conditions.
Gross profit increased $0.6 million, or 2.4%, and as a percent of sales increased to 27.6% from 27.1%. The increase in gross profit is primarily the result of the increase in sales and a reduction in markdowns from a change in our strategy to be less promotional during the holiday period, specifically on Black Friday/Cyber Monday weekend, partially offset by a payment received in the prior year from a landlord as part of a store's closing.