Outdoor financials: Sport Chalet Q4 sales drop 12.7 percent, plus Hibbett Sports

For both the fourth quarter and FY 2009, Sport Chalet (Nasdaq: SPCHA and SPCHB) reported decreases in sales as well as a net loss hurt by "macro economic conditions." Plus, Hibbett shares dip after analyst downgrade.
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Sport Chalet Q4 sales drop 12.7 percent, reports loss

For both the fourth quarter and FY 2009, Sport Chalet (Nasdaq: SPCHA and SPCHB) reported decreases in sales as well as a net loss hurt by "macro economic conditions."

For the fourth quarter ended March 29, sales fell 12.7 percent to $84.5 million versus $96.8 million for the fourth quarter of fiscal 2008.

The company said four new stores not included in same-store sales contributed $3.8 million in sales for the quarter while same-store sales decreased 17.7 percent. It added that same-store sales were negatively impacted primarily by a warm January compared to previous year, which impacted the demand for winter-related merchandise.

Net loss for the fourth quarter was $11.1 million, or $0.79 per diluted share, compared to a net loss of $2.8 million, or $0.20 per diluted share, in 2008.

For the fiscal year, sales decreased 7.4 percent to $372.7 million from $402.5 million for fiscal 2008. Sales from 11 new stores not included in same-store sales contributed $16.2 million to total sales for fiscal 2009, it said. Same-store sales decreased 12.4 percent for the fiscal year.

Net loss for the year was $52.2 million, or $3.70 per diluted share, including a non-cash impairment charge and income tax valuation allowance recorded in the third quarter, compared to a net loss of $3.4 million, or $0.24 per diluted share, in fiscal 2008.

Excluding the non-cash impairment charge and valuation allowance, Sport Chalet said net loss for fiscal 2009 was $35.6 million, or $2.53 per diluted share. This compares to a net loss of $2.1 million, or $0.15 per diluted share, in fiscal 2008, which excludes a non-cash impairment charge in the third quarter of fiscal 2008.

Hibbett shares dip after analyst downgrade

Shares of Hibbett Sports (Nasdaq: HIBB) fell June 25 after an analyst downgraded the company on sales concerns.

Raymond James analyst Dan Wewer lowered his rating on Hibbett from "strong buy" to "outperform," saying the company needs to improve its sales performance and earnings prospects. Hibbett's same-store sales have been softening.

He wrote in a client note that Raymond James is "advising investors to take a longer time horizon with Hibbett" given the uncertainty with its same-store sales outlook and overall tepid demand for discretionary products.

Shares of Hibbett dipped as low as $17.23 on June 25 to close at $17.45, $0.55 below the day before.

--Compiled by Wendy Geister


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