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Today's news...8/12/05
AUGUST 12, 2005 --
Sport Chalet Posts +4.9% Comps In 1Q
Sport Chalet's 1Q sales increased 17.2% from $61.5 million for the quarter ended June 30, '04 to $72.1 million this year. The increase is the result of opening five new stores as well as a same-store sales increase of 4.9%. The same-store sales increase is primarily due to strong performa
Gross margin increased from 28.9% to 29.5%, primarily due to the increase in same-store sales which reduced the need for markdowns. SG&A, as a percentage of sales, increased slightly from 28.4% to 28.6% for the same period this year. This is primarily a result of increased litigation reserves and infrastructure consulting fees, partially offset by the efficiencies from the increase in same-store sales and a gain from an insurance reimbursement for a store damaged in '04. Net income increased $252,000, or 183.9% from $137,000, or 2¢ per diluted share, to $389,000, or 6¢ this year.
Sof-Sole Getting Placed In 400 JJB Stores In UK
SofSole has just signed a nationwide deal to roll out its full one-stop-shop range with 400 JJB Sports stores across the UK. The deal will see the SofSole brand really take off there after four years of steady progress and will see the UK market catch up with a number of other international markets that has seen SofSole's business boom internationally in recent years.
SofSole VP/marketing John Andrews told SGBUK: "It was a building process. They had had success with the products we were already supplying and saw the need to expand the offering as they saw the success they were having. We used the same model we follow just about everywhere; we start with the footbeds and then we expand from there."
SofSole has a policy of presenting its products as a one-stop, offering footbeds, laces, shoe care products and other accessories. The company has seen its international business grow rapidly in recent years and the latest deal with JJB Sports looks likely to help continue this momentum.
Andrews adds: "Our international business has grown considerably over the few two years, in fact in that time it has increase three-fold and now accounts for 20% of over overall turnover. We are very excited about the future of our international business and in the possibilities for SoftSole in the UK. It's been an educational process but we are now seeing more retailers coming on stream and the JJB deal is obviously a tremendous boost for us in the UK." (Source: SGBUK)
Cabela's is in negotiations to build one of its huge destination superstores on a portion of a 624-acre mixed-use development at historic Rentschler Field in East Hartford, CT. If ongoing negotiations for the project conclude successfully, Cabela's would likely commit to a minimum of 20 years at the location, with lease extensions possible. Cabela's anticipates the store would be open by fall of '07.
On September 15-17, 2005, around 90 exhibitors plan to show everything for kayaking and canoeing on an area of 47,700 square feet in the booked up Frankenhalle in Nuremberg: Kayaks, canoes, folding canoes, trekking canoes, inflatable canoes, hire canoes, paddles, clothing and accessories. The International Canoe Trade Show is intended for worldwide buyers and sellers, manufacturers, importers, wholesalers, outdoor event organizers and multiplicators in the canoe industry. Admission is restricted to trade visitors. The online and fax form for visitor registration and other useful information can be found at www.kanumesse.de.
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Categories
Sporting goods industry
Supercenters
Mixed-use developments
Boats
Apparel manufacturing
Companies
JJB Sports PLC
Sport Chalet Inc.
SofSole VP/marketing John Andrews
Cabela's Inc.
International Canoe Trade Show
Concepts
same-store sales
international business
same-store sales increase
increase in same-store sales
destination superstores
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