Date: Mon, 29 Dec 1997 18:29:55 GMT Server: WebSitePro/1.1h Accept-ranges: bytes Content-type: text/html Last-modified: Thu, 20 Nov 1997 19:36:32 GMT Content-length: 5201
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SPORT CHALET ANNOUNCES SECOND QUARTER RESULTS Los Angeles, California--(November 4, 1997)--Sport Chalet, Inc. (NASDAQ-NMS:SPCH), announced today operating results for the second quarter ended September 30, 1997. Sales increased from $32.5 million to $32.9 million, a 1.2% increase over the same quarter last year. Comparable store sales increased by 1.8%. Net income improved for the quarter from $197,000 or $.03 per share to $456,000 or $.07 share. Expanded efforts at loss prevention and enhancements made to the Company's inventory management system continue to reduce inventory shrinkage resulting in improved gross profit as a percent of sales from 35.3% for this quarter last year to 36.0% this year. Previously implemented cost reduction programs helped reduce selling, general and administrative expense as a percent sales from 33.7% to 33.5%. Sales for the six months ended September 30, 1997 were essentially flat. Comparable store sales increased 1.0%. Net income was $702,000 or $.11 per share compared to $287,000 or $.04 per share for the same period last year. Norbert Olberz, Chairman and Interim CEO, Stated: "While our business is highly seasonal and the first and second quarter results traditionally have not had a significant impact on overall profitability for the entire fiscal year, we nevertheless are pleased to see that our loss prevention and inventory shrinkage programs have improved operating results and permit the Company to report its sixth consecutive profitable quarter. Craig Levra, the Company's new President and COO, and I will be focusing on improving sales and customer service so that the Company may continue to prosper as we move towards the next century." Sport Chalet, a leading operator of full service specialty sporting goods superstores, currently has 18 locations in Southern California. -end- |
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