Sport Chalet narrows Q3 loss
Stronger performance in its e-commerce and team sales divisions helped Sport Chalet (Nasdaq: SPCHA and SPCHB) narrow its third-quarter loss.
Net loss for the quarter ended Dec. 26 was $0.9 million, or $0.06 per share, from a net loss of $3.8 million, or $0.27 per share, for the same quarter last year.
Sales slightly increased 0.6 percent to $95.8 million from $95.3 million last year.
Same-store sales dropped 0.4 percent. The company said the decline was a result of a reduction in promotional activity and continuing macroeconomic weakness, partially offset by favorable weather experienced in the company's markets.
Gross profit increased to 27.5 percent from 25.2 percent for the third quarter of last year. That was primarily due, it said, to a decrease in markdowns from promotional activity and lower rent expense from successful negotiations with landlords.
Selling, general and administrative expenses increased to 25.3 percent from 23.1 percent in the same period last year.
Also, the company said it reduced the outstanding balance on its revolving credit facility as of Dec. 26, 2010, to $41.9 million from $56.2 million at Dec. 27, 2009, a $14.3 million reduction. On Dec. 26, 2010, it had $27.0 million of availability.
--Compiled by Wendy Geister
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