Sporting goods retailer Sport Chalet's same store sales up of 5.7%
29 Jun '05
5 min read
For the fourth quarter ended March 31, 2005, sales increased 14.1%, from $69.4 million last year to $79.2 million this year. The increase is the result of opening five new stores in fiscal 2005, as well as a same store sales increase of 4.4%. Comparable store sales excluding winter related products increased 4.1%.
Gross profit margin increased from 29.5% to 30.8% due to increased sales of higher margin apparel combined with a reduction in end-of-season markdowns as record winter weather conditions increased customer demand for winter related products. SG&A, as a percentage of sales, increased from 28.8% to 29.3% primarily from approximately $1.2 million in: (i) increased litigation reserves and (ii) professional fees primarily associated with the recapitalization plan. This increase was partially offset by a decrease in workers' compensation expense due to a significant reduction in claim activity resulting from the implementation of a new safety program. Net income increased $392,000, or 118.8%, from $330,000, or $0.05 per diluted share, for the quarter ended March 31, 2004, to $722,000, or $0.10 per diluted share, for the same quarter this year.
Commenting on the results, Craig Levra, Chairman and CEO said, "Our outstanding results for the quarter and the fiscal year reflect the consistent and effective execution of our strategic plan. The entire Sport Chalet team contributed to a very successful year during which we made strides in both enhancfective execution of our strategic plan. The entire Sport Chalet team contributed to a very successful year during which we made strides in both enhancing our operational performance and implementing our growth plans. As we expand into Arizona in the new fiscal year, we believe we are well positioned for continued strong performance.
marketing@alchempro.com
