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Sport Chalet Reports Fourth Quarter And Full Year Fiscal 2013 Results

Stocks in this article: SPCHA SPCHB

LOS ANGELES, May 23, 2013 (GLOBE NEWSWIRE) -- Sport Chalet, Inc. (Nasdaq:SPCHA) (Nasdaq:SPCHB), a premier, full-service specialty sporting goods retailer, today announced its financial results for the fourth quarter and full year ended March 31, 2013.

Fourth Quarter Summary

  • Comparable store sales increased 6.8% for the fourth quarter ended March 31, 2013 compared to the same period of last year;
  • Net loss was $2.3 million compared to a net loss of $3.8 million in the fourth quarter of last year;
  • Team Sales Division sales increased 23.1% from the fourth quarter of last year; and
  • Online sales increased 20.0% from the fourth quarter of last year.

Fiscal 2013 Summary

  • Comparable store sales increased 3.7% in fiscal 2013, representing the first annual increase since 2007;
  • Net loss was $3.3 million compared to a net loss of $5.1 million in fiscal 2012;
  • Team Sales Division sales increased 19.5% from last year; and
  • Online sales increased 21.5% from last year.

CEO Commentary

"We are encouraged that the economy is showing sustained signs of recovery, setting the stage for renewed growth in our business," said Craig Levra, Chairman and CEO. "Our fiscal 2013 comparable store sales increased by 3.7%, representing the first annual increase in six years, and our net loss narrowed significantly. Both Team Sales Division and online, which are important growth areas for us, continued their momentum with double digit sales increases for the fourth quarter and full fiscal year."

"We are on track to roll out a number of new strategic initiatives this year, designed to reinforce the Sport Chalet brand as the retailer of choice for premium brands, first-to-market performance, technical and lifestyle merchandise, as well as best-in-class service from our 2,900 Experts. Many of our enhanced customer service programs are already underway, including our Order Today, Deliver Today service which brings Sport Chalet merchandise to our customers' doors that very same day and our expanded online assortment which offers our customers a much broader selection of bikes, fitness equipment, snow sports apparel and hardgoods shipped directly from our vendors. Finally, plans are on track for the opening of our next generation store format in downtown Los Angeles this summer. Our fiscal 2014 strategic plan includes several key initiatives aimed at generating strong sales growth and returning the company to sustained profitability, and we look forward to providing additional details in the coming months."

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