Sport Chalet Fiscal Q2 Earnings Up 22% as Comps Rise 3.7%

Sport Chalet, Inc. announced sales for its fiscal second quarter ended September 30, 2003 increased from $56.3 million last year to $61.8 million this year, a 9.8% increase. The increase is the result of opening two stores in late November 2002, aided by a same store sales
increase of 3.7%.

The gross profit margin increased to 29.9%, compared to
29.8% in the second quarter of last year, as a result of the Company's continued focus on inventory management which yielded lower markdowns. Selling, general and administrative expenses, as a percentage of sales,
decreased from 25.5% for the three months ended September 30, 2002, to 25.2% for the same period this year primarily a result of higher same store sales. As a result, net income increased 22.0% from $1.4 million, or $0.20 per
diluted share, in the second quarter last year to $1.7 million, or $0.25 per diluted share.

During the six months ended September 30, 2003, sales increased from
$107.5 million last year to $115.1 million this year, a 7.1% increase. The
increase is a result of opening two stores in late November 2002, aided by a
same store sales increase of 1.0%. The gross profit margin increased 50 basis
points from 28.4% for the six months ended September 30, 2002, to 28.9% for
the same period this year due to lower markdowns as a result of the Company's
focus on improved inventory procurement and administration. Selling, general
and administrative expenses, as a percentage of sales, increased from 26.0%
for the six months ended September 30, 2002, to 27.2% for the same quarter
this year as a result of higher advertising expense attributed to the timing
of vendor reimbursements and the write-down of undepreciated assets resulting
from two large scale remodels in the first quarter. Consequently, net income
decreased from $1.5 million, or $0.22 per diluted share, for the six months
ended September 30, 2002, to $1.1 million, or $0.16 per diluted share, for the
same period this year.

In addition to the previously announced three new locations opening this
fall, the Company has committed to three additional locations set to open in
fiscal 2004/2005. The Company's expansion to Northern California will
continue next year with new locations in the Sacramento communities of
Roseville and Elk Grove. The third opening, located in Arcadia will further
strengthen the Company in its primary Southern California market. To support
continued growth the Company has made two executive promotions. Jeff
Lichtenstein, a 14 year veteran of the Company, has been promoted to Senior
Vice President of Risk Management and Value Added Services and Tim Anderson
has been promoted to Vice President of Store Operations.

Commenting on the results, Craig Levra, Chairman and CEO said, “This
quarter's results are a great improvement over the challenges we faced in the
first quarter. I am pleased that our strategic focus provided greater gross
profits and with continued efforts placed on leveraging overhead we will be
able to maximize our bottom-line.” Mr. Levra continued, “I am very excited
about our continuing expansion plans. With the addition of the Roseville and
Elk Grove sites, combined with the Antioch and Central Sacramento locations opening this fall, we will begin to build synergies of distribution and
marketing, just as we have in our Southern California market.”

                                SPORT CHALET, INC.

                          CONDENSED STATEMENTS OF INCOME

                          Three months ended          Six months ended
                             September 30,               September 30,
                          2003         2002          2003          2002

    Net sales         $61,818,702  $56,327,344  $115,127,978  $107,532,004
    Cost of goods
     sold, buying and
     occupancy         43,305,377   39,541,506    81,841,640    76,964,847
    Gross profit       18,513,325   16,785,838    33,286,338    30,567,157
    Selling, general
     and administrative
     expenses          15,580,745   14,340,812    31,302,214    27,940,301

    Income from
     operations         2,932,580    2,445,026     1,984,124     2,626,856
    Interest expense      (55,746)     (84,585)      (89,756)     (124,527)
    Income before
     taxes              2,876,834    2,360,441     1,894,368     2,502,329
    Income tax
     provision          1,149,000      943,000       760,000     1,001,000

    Net income         $1,727,834   $1,417,441    $1,134,368    $1,501,329

    Earnings per share:
        Basic               $0.26        $0.21         $0.17         $0.23
        Diluted             $0.25        $0.20         $0.16         $0.22