Sport Chalet announces fiscal 2007 Q4 & year end results
06 Jun '07
4 min read
Sport Chalet Inc announced the results for its fourth quarter and fiscal year ended April 1, 2007.
Sales increased 9.1% to $97.8 million from $89.7 million in the fourth quarter last year, which included sales from five stores opened in fiscal 2007 and one store opened in the fourth quarter of fiscal 2006 contributing $8 million.
Comparable store sales on a same day basis decreased 1.0%; however, this was more than offset by $1.3 million in additional sales from one extra day being reflected in our 2007 results.
The decrease in comparable store sales was primarily a result of Southern California having the driest winter on record, which dampened the sales of winter related products. Excluding winter related products, comparable store sales increased 2.5%.
Gross profit as a percent of sales decreased to 29.3% from 30.2% in the fourth quarter of last year. The 90 basis point decrease was primarily due to increased occupancy expense as a percent of sales in new stores, as they require time to reach operating efficiency. Selling, general and administrative expenses as a percent of sales increased to 27.7% from 27.0% last year, again primarily due to the impact of new stores.
Net income declined to $881,000, or $0.06 per diluted share, compared to $1.6 million, or $0.12 per diluted share, for the fourth quarter last year.
Craig Levra, Chairman and CEO, stated, “While we made solid progress towards our long-term goals during thefourth quarter, our results did not meet our expectations following our record third quarter. Unlike last year's particularly strong late snowfall, we experienced exceptionally dry weather in California, Nevada and Arizona which impacted sales of winter apparel and equipment."
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