The Sports Authority records 3rd Q net loss
The Sports Authority Inc. has reported a net loss of $4.2 million or $0.13 per diluted share for the third quarter ended Nov. 2.
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The Sports Authority Inc. has reported a net loss of $4.2 million or $0.13 per diluted share for the third quarter ended Nov. 2. In the comparable period of the prior year, the company recorded a net loss of $4.5 million or $0.14 per diluted share. Sales for the third quarter were $309.3 million, an increase of 1.5 percent over sales of $304.8 million for the third quarter last year. Comparable store sales increased by 0.4 percent. CEO Marty Hanaka noted that the company’s third quarter income statement reflected $700,000 of pre-opening and grand opening expenses associated with three new stores. “While we cannot predict consumer behavior during the important holiday selling season, The Sports Authority is positioned better than ever to serve its customers,” Hanaka said.