Sales increased $5.9 million, or 7.2 percent, to $87.8 million for the 13 weeks ended March 31, 2013 from $81.9 million for the 13 weeks ended April 1, 2012. The sales increase is primarily due to the comparable store sales increase, while sales for Team Sales Division and online increased 23.1 percent and 20.0 percent, respectively. The company attributed the comp store growth to incremental improvement in winter weather compared with 2012, when comp store sales declined 5.3 percent decrease in the same period of last year.
Gross profit increased 21.4 percent to $4.2 million, or 27.0 percent of sales compared with 23.9 percent in the year earlier quarter. The increase in gross profit is primarily the result of the sales increase as well as lower markdowns and increased winter rentals and repairs, which have higher margins.
Selling, general and administrative ("SG&A") expenses increased $2.4 million, or 11.5 percent, primarily due to increases of $0.8 million in labor, $0.3 million in advertising and $0.8 million in expenses related to the growth of the Team Sales Division, which include operational issues associated with the new computer systems. As a percent of sales, SG&A increased to 26.5 percent from 25.5 percent.
Net loss for the quarter ended March 31, 2013 decreased $1.5 million to $2.3 million, or $0.16 per diluted share, from a net loss of $3.8 million, or $0.27 per diluted share, for the quarter ended April 1, 2012.
Sport Chalet, Inc.
Consolidated Statements of Operations
|(in thousands, except per share amounts)|
|Net sales||$ 360,645||$ 349,883||$ 362,483|
|Cost of goods sold, buying and occupancy costs||261,405||254,510||260,131|
|Selling, general and administrative expenses||91,994||89,203||92,647|
|Depreciation and amortization||8,455||9,450||10,351|
|Loss from operations||(1,209)||(3,280)||(646)|
|Loss before income taxes||(3,333)||(5,070)||(3,012)|
|Income tax provision||2||2||3|
|Net loss||$ (3,335)||$ (5,072)||$ (3,015)|
|Loss per share:|
|Basic and diluted||$ (0.24)||$ (0.36)||$ (0.21)|
Source Sport chalet through SportsOnesource