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Sport Chalet Reports Second Quarter And Six Month Fiscal 2014 Results

LOS ANGELES, Nov. 11, 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 second quarter and six months ended September 29, 2013.

Second Quarter 2014 Results

Sales decreased 5.2% to $86.7 million from $91.5 million in the same period last year. Sales were lower due to a 2.5% comparable store sales decrease, a sales decrease of $1.8 million from the closure of three underperforming stores, and lower sales in the Team Sales Division due to changes in personnel. These declines were partially offset by a 32.4% increase in Online sales and the contribution of one new store opened at the end of the first quarter. The comparable store sales decline was reflective of general consumer caution and an uneven retail environment.

Gross profit decreased $2.7 million, or 10.8%, and as a percent of sales decreased to 25.9% from 27.6%. The decrease in gross margin reflects an increase in promotional activity to stimulate sales as well as the decrease in sales.

Selling, general and administrative ("SG&A") expenses increased $0.9 million, or 4.1%, due primarily to higher advertising spending in the quarter to promote sales. As a percent of sales, SG&A increased to 26.3% from 24.0% in the same period last year.

The Company's net loss for the second quarter of fiscal 2014 was $3.0 million, or $0.21 per diluted share, compared to net income of $0.8 million, or $0.05 per diluted share, in the second quarter of last year.

CEO Commentary

"Our second quarter had a disappointing start, as sales trends were weak in July and August, but turned positive in September on a comparable basis," said Craig Levra, Chairman and CEO. "Sales trends have continued to improve as we progressed into fall, and our Team Sales Division is also beginning to move into positive territory.

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