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Sport Chalet’s Q2 same-store sales dip slightly
Sport Chalet (Nasdaq: SPCHA and SPCHB) said improvements in team sales and e-commerce divisions, partially offset by a 1.9-percent decrease in comparable store sales, helped second-quarter sales remain status quo.
For the quarter ended Sept. 26, sales totaled $88.8 million.
Gross profit as a percent of sales increased slightly to 28.2 percent, up from 28.0 percent for the second quarter of last year. Sport Chalet said this was primarily due to lower rent expense from successful negotiations with landlords, partially offset by an increase in markdowns from promotional activity.
Selling, general and administrative expenses as a percent of sales increased to 25.2 percent, up from 24.8 percent in the same period last year, primarily reflecting an increase in labor for store payroll and training.
The company’s net loss was down to $518,000, or $0.04 per share, while it had a net loss of $1.2 million, or $0.09 per share, during the same period last year.
The company said it has focused on improving inventory productivity, and this caused inventory to decrease $3.6 million in the 26 weeks ended Sept. 26, 2010. This is a decrease from higher-than-planned inventory levels at the end of fiscal 2010.
–Compiled by Wendy Geister
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