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Sportswear retailer Sport Chalet net sales escalate 17.2%

12
Aug '05
Sports apparel and accessories retailer Sport Chalet Inc announced the results for its first quarter of fiscal 2006 ended June 30, 2005.

Sales increased 17.2% from $61.5 million for the quarter ended June 30, 2004 to $72.1 million for the same quarter this year. The increase is the result of opening five new stores as well as a same store sales increase of 4.9%.

The same store sales increase is primarily due to strong performance in the footwear category compared to the same quarter last year. Gross margin increased from 28.9% for the quarter ended June 30, 2004 to 29.5% for the same quarter this year, primarily due to the increase in same store sales which reduced the need for markdowns.

Selling, general and administrative expenses, as a percentage of sales, increased slightly from 28.4% for the three months ended June 30, 2004 to 28.6% for the same period this year. This is primarily a result of increased litigation reserves and infrastructure consulting fees, partially offset by the efficiencies from the increase in same store sales and a gain from an insurance reimbursement for a store damaged in 2004. Net income increased $252,000, or 183.9% from $137,000, or $0.02 per diluted share for the quarter ended June 30, 2004, to $389,000, or $0.06 per diluted share for the same quarter this year.

Commenting on the results, Craig Levra, Chairman and CEO, said, "they are extremely pleased to sustain the momentum from fiscal 2005 to a strong first quarter in fiscal 2006. They continue to benefit from the strategic initiatives they put in place in the past few years, as reflected in the financial performance as gross margin improved 60 basis points. As they move forward, they will remain focused on continuing to enhance the operating platform and believe they are well positioned to maintain the performance in the second quarter of fiscal 2006."


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