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SPORT CHALET ANNOUNCES SECOND QUARTER RESULTS

 LOS ANGELES, Nov. 3 /PRNewswire/ -- Sport Chalet (NASDAQ-NMS: SPCH), announced today the results of its second fiscal quarter ended Sept. 30, 1993. Sales increased to $25.4 million from $21.8 million in the same period last year, a 16.5 percent increase, while comparable store sales increased 6.5 percent. The pro forma earnings per share for the second quarter increased to $.03 from $.02 in the same period last year.
 For the six months ended Sept. 30, 1993, sales increased 17 percent to $47.6 million, while comparable store sales increased 6.2 percent. Pro forma loss per share decreased to $.02 from $.03 for the same period last year.
 "The company historically has experienced losses during the first half of the fiscal year, April through September. The key will be to continue the growth rates in sales and profits that we have experienced in the last several fiscal years, during the third and fourth quarters," said Sam Allen, president and chief executive officer.
 Allen continued, "I am pleased that comparable store sales have continued to increase given the current economic conditions in Southern California. This increase is even more encouraging when you take into consideration our plans for new store openings.
 "Sport Chalet's expansion continues with the opening of its two newest stores in Glendora and Torrance, Calif., this month. Also the company has signed a lease for a store in Rancho Cucamonga, Calif., scheduled to open in late Spring of 1994," Allen concluded.
 Sport Chalet is a leading operator of full service specialty sporting goods superstores, currently operating 16 stores throughout Southern California.
 SPORT CHALET INC.
 Condensed Balance Sheets
 Sept. 30, March 31,
 1993 1992
 (Unaudited)
 Assets
 Current assets:
 Cash $851,098 $273,397
 Accounts receivable -- net 269,721 296,009
 Merchandise inventories 43,143,169 33,555,151
 Prepaid expenses and other
 current assets 302,770 134,693
 Deferred and refundable
 income taxes 575,020 449,292
 Total current assets 45,141,778 34,708,542
 Furniture, equipment and
 leasehold improvements -- net 10,312,406 9,400,567
 Deposits 60,092 60,092
 Total assets $55,514,276 $44,169,201
 Liabilities and Shareholders' Equity
 Current liabilities:
 Current portion of loans
 payable to bank $8,300,000 $4,850,000
 Accounts payable 19,124,110 8,951,539
 Salaries and wages payable 1,372,129 2,079,073
 Other accrued expenses 918,143 541,940
 Amounts due to principal
 shareholder 117,557 121,055
 Notes payable --- ---
 Income taxes payable --- 1,712,015
 Total current liabilities 29,831,939 18,255,622
 Loans payable to bank, less
 current portion --- ---
 Deferred income taxes 103,464 187,721
 Shareholders' equity
 Preferred stock, $.01 par value:
 Authorized shares -- 2,000,000
 Issued and outstanding shares -- none
 Common stock, $.01 par value:
 Authorized shares -- 15,000,000
 Issued and outstanding shares --
 6,500,000 65,000 65,000
 Additional paid-in capital 20,142,852 20,142,852
 Retained earnings 5,371,021 5,518,006
 Total shareholders' equity 25,578,873 25,725,858
 Total liabilities and
 shareholders' equity $55,514,276 $44,169,201
 SPORT CHALET INC.
 Condensed Statements of Operations
 (Unaudited)
 Quarter Ended
 Sept. 30,
 1993 1992
 Net sales $25,441,580 $21,839,812
 Cost of goods sold 16,222,042 13,829,470
 Gross profit 9,219,538 8,010,342
 Selling, general and
 administrative expenses 8,725,832 7,491,545
 Income from operations 493,706 518,797
 Interest expense 196,784 346,639
 Income (loss) before taxes 296,922 172,158
 Income tax (provision) benefit 120,000 6,000
 Net income (loss) $176,922 $166,158
 Pro forma financial information(a):
 Income (loss) before taxes $296,922 $172,158
 Pro forma income tax provision (benefit)120,000 69,724
 Pro forma net income (loss) $176,922 $102,434
 Pro forma earnings (loss) per share $.03 $.02
 Pro forma weighted average number
 of common shares outstanding 6,500,000 4,900,000
 SPORT CHALET INC.
 Condensed Statements of Operations
 (Unaudited)
 Six Months Ended
 Sept. 30,
 1993 1992
 Net sales $47,560,893 $40,742,047
 Cost of goods sold 30,379,781 25,706,711
 Gross profit 17,181,112 15,035,336
 Selling, general and
 administrative expenses 17,059,084 14,618,477
 Income from operations 122,028 416,859
 Interest expense 366,013 639,868
 Income (loss) before taxes (243,985) (223,009)
 Income tax provision (benefit) (97,000) (4,000)
 Net income (loss) ($146,985) ($219,009)
 Pro forma financial information(a):
 Income (loss) before taxes ($243,985) ($223,009)
 Pro forma income tax provision
 (benefit) (97,000) (90,319)
 Pro forma net income (loss) ($146,985) (132,690)
 Pro forma earnings (loss) per share ($.02) ($.03)
 Pro forma weighted average number
 of common shares outstanding 6,500,000 4,900,000
 (a) Prior to Nov. 19, 1992, the company was an S Corporation and not subject to federal and some state income taxes. All periods are adjusted to reflect a pro forma income tax provision as if the company were subject to corporate income taxes.
 -0- 11/3/93
 /CONTACT: Howard Kaminsky, CFO of Sport Chalet, 818-790-2717, ext. 256/
 (SPCH)


CO: Sport Chalet ST: California IN: REA SU: ERN

MF-LM -- LA007 -- 0173 11/03/93 13:04 EST
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Publication:PR Newswire
Date:Nov 3, 1993
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