Sport Chalet expects to report Q4 loss
Sport Chalet (Nasdaq: SPCHA and SPCHB) said it expects to report a loss in its fourth quarter, with sales declining due to the consumer spending slowdown in its key markets.
The company expects to report fourth-quarter net sales of approximately $97.0 million compared to $97.8 million for the same period last year. Same-store sales are expected to drop 9.0 percent from the same period a year ago.
Sport Chalet anticipates a fourth-quarter loss per diluted share in the range of $0.20 to $0.25. In the fourth quarter of 2007, the company reported a profit of $0.06 per share.
The company said housing trends in California, Arizona and Nevada have put additional pressure on the store's customers and have led to lower spending. It added that its revenue was also hurt by promotions the chain used to sell its winter merchandise to ensure the right inventory position.
For 2008, the company said it expects to report a loss between $0.15 and $0.20 per share, excluding an impairment charge. Revenue will likely be between $403 million and $388.2 million for the year, with same-store sales falling about 5 percent.
Sport Chalet will report its fourth-quarter and full-year results in early June.
Cybex sends proxy to shareholders
In preparing for its annual shareholder meeting, Cybex (Nasdaq: CYBI) sent out a proxy to shareholders to elect two directors. The company's Director Independence Standards can be accessed at www.cybexinternational.com. The meeting is scheduled for May 7.
adidas reorganizes U.S. operations
adidas (ADS.DE) said it is reorganizing its U.S. operations in a bid to gain a competitive advantage in the domestic market. The move is part of a strategy to position the company closer to U.S. retailers and consumers, it added.
The company said it would keep its U.S. headquarters in Portland, Ore., but cut up to 25 jobs there. It is also adding an undisclosed number of jobs across the country, creating regional offices in Dallas, New York and Chicago.
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