LOS ANGELES, CA (BRAIN) — Sport Chalet Inc. posted fourth-quarter earnings Thursday, reporting a 6.8 percent increase in comparable store sales for the quarter ended March 31 compared with the same period in 2012. The company also reported a net loss of $2.3 million, compared with $3.8 million in the fourth quarter of last year, and a 20 percent increase in online sales.
Sport Chalet also provided a fiscal 2013 summary, noting that comparable sales increased 3.7 percent, the first annual increase since 2007. Net loss was $3.3 million, compared with a net loss of $5.1 million in fiscal 2012. The company’s online sales increased 21.5 percent from last year.
"We are encouraged that the economy is showing sustained signs of recovery, setting the stage for renewed growth in our business," said Craig Levra, chairman and CEO. “We are on track to roll out a number of new strategic initiatives this year, designed to reinforce the Sport Chalet brand as the retailer of choice for premium brands, first-to-market performance, technical and lifestyle merchandise, as well as best-in-class service from our 2,900 experts.”
Looking ahead, Sport Chalet plans to open a "next generation" store in downtown Los Angeles this summer. The 27,300-square-foot store will feature displays, fixtures and graphics to reinforce the Sport Chalet brand and its market positioning as a destination for premium brands and technical merchandise.
With 54 stores in Arizona, California, Nevada and Utah, Sport Chalet sells bikes from brands including Haro, Electra, Diamondback, KHS, Pure Fix and ASI’s Fuji and SE Bikes. The company’s stores also provide bicycle service and car rack installation.
Sport Chalet is traded on the Nasdaq stock exchange under the symbol SPCHA. Its stock performance is tracked on BRAIN's Industry Stock chart.