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Sport Chalet Reports Third Quarter And Nine Months Fiscal 2013 Results

Stocks in this article: SPCHA SPCHB

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.

Summary

  • 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.

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