Sport Chalet continues turnaround efforts amid Q1 results
LOS ANGELES — Sporting goods retailer Sport Chalet swung to a loss in the first quarter, as it continues turnaround efforts that include a new store concept, closing under-performing stores and reducing staff.
The company generated a loss of $2.8 million for the quarter, compared with a profit of $100,000 in the year-ago period. Sales dipped 2.8% to $81.5 million from $83.8 million, and same-store sales dropped 0.7%.
Sports Chalet opened its next-generation store concept at shopping center FIGat7th in downtown Los Angeles, which cuts the standard 42,000-sq.-ft. footprint to 27,000 sq. ft. The new concept also showcases mobile technology for in-store shopping, data-driven customization of product mix to reflect local customers' needs and improved inventory management.
"We are making solid headway in implementing our recently announced strategic initiatives,” said Craig Levra, CEO. “We have added new drop ship vendors to our online store and are adding mobile devices in stores to give customers access to the broadest selection of merchandise and the most seamless shopping experience across all of our channels. With our expanded, five-year $75.0 million credit facility, we have ample resources to execute our plan.”