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Sport Chalet Reports Third Quarter And Nine Months Fiscal 2013 Results

Nine-Month Results

For the nine months ended December 30, 2012, sales increased 1.8% to $272.9 million from $268.0 million for the first nine months of the prior fiscal year. The sales increase is primarily due to a comparable store sales increase of 2.3%, while sales for the Team Sales Division and online increased 18.6% and 21.6%, respectively, partially offset by one store closure which contributed $3.2 million in sales in the prior year. 

Gross profit as a percent of sales decreased to 27.7% from 28.3% for the first nine months of last year. The 0.6% decrease as a percent of sales is primarily due to costs related to ongoing customer satisfaction initiatives implemented in August 2011, changes in merchandise costs and in the product mix, and a payment received in the prior year from a landlord as part of a store's closing.

SG&A expenses increased $0.4 million, or 0.6%, primarily due to an increase of $1.0 million in advertising partially offset by savings from labor-related expenses, such as self-insurance for employee health insurance coverage and stock option expense. SG&A expenses as a percent of sales decreased to 25.2% from 25.5%.  Depreciation decreased $1.2 million as a result of the low level of capital expenditures in recent fiscal years with no new store openings or significant remodels.

The Company's net loss for the nine months ended December 30, 2012 decreased to $1.0 million, or $0.07 per diluted share, from a net loss of $1.3 million, or $0.09 per diluted share, for the same period last year.

Liquidity

On December 30, 2012, the Company's bank credit facility had a borrowing capacity of $70.0 million, of which the Company utilized $40.8 million (including a letter of credit for $3.6 million) and had $37.0 million in availability including cash compared to $36.9 million in availability including cash for the same period ended last year. The amount of availability fluctuates due to seasonal changes throughout the year. 

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