FORM 10-QSB
                    SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

          ( X ) Quarterly Report Under Section 13 or 15(d) of
                The Securities Exchange Act of 1934

                For the Quarterly period Ended: January 31, 2000.
                                   OR
          (  )  Transition Report Under Section 13 or 15(d)
                The Securities Exchange Act of 1934

          Commission File Number O-2825

                            SWISS CHALET, INC.
          (Exact name of Registrant as specified in its charter)

          COMMONWEALTH OF PUERTO RICO          66-020-0307
          (State or other jurisdiction of    (I.R.S. Employer
          Incorporation or Organization)      Identification No.)

                            105 De Diego Avenue
                       Santurce, Puerto Rico  00911
           (Address of principal executive offices)   (Zip Code)

                               (787)721-1200
           (Registrant's telephone number, including area code)

                                 Unchanged
(Former name, former address and former fiscal year, if changed since last
report)

Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file requirements for the past 90 days.

Yes__X___ No ______

Indicate by check mark whether the Registrant has filed all documents and
reports required to be filed by Sections 12,13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a
plan confirmed by a court.

Yes__X___ No______

Indicate the number of shares outstanding of each of the issuer's classes
of Common Stock as of the latest practical date :

Number of shares of Common Stock outstanding at February 15,2000
: 1,401,162







                       PART I. FINANCIAL INFORMATION


ITEM 1. FINANCIAL INFORMATION



                            SWISS CHALET, INC.
                      CONDENSED STATEMENTS OF INCOME
              FOR THE NINE MONTHS ENDED JANUARY 2000 AND 1999

                           (UNAUDITED) - NOTE A


                      NINE MONTHS ENDED         THREE MONTHS ENDED
                         JANUARY 31                  JANUARY 31
                     2000         1999         2000         1999
                    _____________________    _______________________

Net Sales and       $4,714,467    $3,867,134  $1,667,290   $1,648,154
Other Income


COST AND EXPENSES

Cost of Sales           76,321        58,464      23,232      23,342

Operating Expenses   2,965,722     2,757,827   1,028,925    1,003,124
and other deductions

Interest Expense          -             -            -           -

NET INCOME          $1,672,514     1,050,843     615,133     621,688



Weighted Average     1,401,162     1,401,162   1,401,162    1,401,162
Number of Common
Shares Outstanding

NET INCOME PER SHARE     1.19c         0.75c       0.44c        0.44c









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                            SWISS CHALET, INC.
                          CONDENSED BALANCE SHEET
                             JANUARY 31, 2000
                           (UNAUDITED) - NOTE A

                                                  JANUARY 31
                                                    2000
                                                  __________
ASSETS


CURRENT ASSETS
     Cash and Cash equivalents                    $4,342,080
     Securities held to maturity                       -
     Accounts Receivable, Net                        433,150
     Inventories                                      34,825
     Other Current Assets                             55,906
                                                  __________
TOTAL CURRENT ASSETS                              $4,865,961

INVESTMENT IN CONDOMINIUM AND LAND
PROPERTY, PLANT AND EQUIPMENT, Net                 3,393,831

OTHER ASSETS                                         128,121
                                                  __________
TOTAL ASSETS                                      $8,387,913
                                                  __________

LIABILITIES AND SHAREHOLDER'S EQUITY


CURRENT LIABILITIES

     Accounts Payable and Accrued Expenses        $  656,464
     Dividends Payable                               132,286
                                                  __________
TOTAL CURRENT LIABILITIES                         $  788,750

Deferred Compensation Liability                      125,100

SHAREHOLDER'S EQUITY,

     Common Stock at stated value                 $  700,581
     Additional paid in capital                       24,069
     Retained Earnings                             6,749,413
                                                  __________
                                                  $7,474,063
                                                  __________
TOTAL LIABILITIES                                 $8,387,913
                                                  __________

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                            SWISS CHALET, INC.

               CONDENSED STATEMENTS OF CHANGES IN CASH FLOWS

            FOR THE NINE MONTHS ENDED JANUARY 31, 2000 AND 1999

                           (UNAUDITED) - NOTE A



                                               NINE MONTHS ENDED
                                                 JANUARY 31
                                           2000                1999

Cash Flow from Operations :

     Net Income                        $ 1,672,514       $1,050,843
     Adjustments (net)                     113,255          117,067
                                        __________         _________
     Net Cash from operations          $ 1,785,769       $1,177,910



Cash Flow from Investing activities        332,778          220,991

Cash Flow from Financing activities     (1,244,752)      (1,244,923)
                                         __________       _________


Increase/(Decrease) in Cash Flow       $   873,795      $   143,978


Cash and Cash equivalents - beginning    3,468,285        1,637,807

                                        __________        _________
Cash and Cash equivalents - ending      $4,342,080       $1,781,785















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                            SWISS CHALET, INC.
            NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)



NOTE A  - BASIS OF PRESENTATION

     The accompanying unaudited Condensed Financial Statements have been
prepared in accordance with the instructions to Form 10-QSB and, therefore,
do not include all information and footnotes necessary for a fair
presentation of financial position in conformity with generally accepted
accounting principles. The unaudited Condensed Financial Statements contain
all adjustments (consisting only of normal recurring adjustments) which
are, in the opinion of Management, necessary to a fair statement of the
results for the period presented. The interim results are not necessarily
indicative of the results which may be expected for the full year. The
subject Condensed Financial Statements should be read in conjunction with
the summary of significant accounting policies set forth in Note 1 to the
Financial Statements included in the Company's Annual Report to
Shareholders for the year ended April 30, 1999.

     Depreciation of the original building is spread over a 50 year life
while equipment is depreciated over useful lives ranging from 5 to 10 years
depending on its type.


NOTE B  - PROVISIONS FOR INCOME TAX


     Local Income Tax is not provided for until the year end. however, if
such provision had been made it would have amounted to less than $30,000.00
for the three month period.

















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PART I


                            SWISS CHALET, INC.



ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
          CONDITION AND RESULTS OF OPERATIONS



     The following is Management's discussion and analysis of certain
significant factors which have affected the Company's earnings during the
periods included in the accompanying Condensed Statements of Income.

     A summary of the period to period changes in the principal items
included in the Condensed Statement of Income is shown below:





                             NINE MONTHS ENDED    THREE MONTHS ENDED
                                 JANUARY 31          JANUARY 31

                                 INCREASE            INCREASE
                                (DECREASE)   %      (DECREASE)   %
                              _______________________________________

Net Sales & Other Income      $ 847,333     21.9    $  19,136    1.2

Cost of Sales                    17,767     30.4   (      110)  (0.5)

Operation Expenses and          207,895      7.5       25,801    2.6
Other Deductions

Interest                            -        N/A          -     N/A

Net Income                      621,671     59.2      ( 6,555)  (1.0)











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                            SWISS CHALET, INC.

     The comparative table of occupancies and average rates is shown below
for the nine month period.

                       Occupancy                      Average Rate
                  1999/00        1998/99          1999/00     1998/99

     May            80%            62%           $100.13   $ 88.09
     June           87%            57%             97.29     91.13
     July           89%            57%             95.71     87.42
     Aug            91%            67%             98.24     85.38
     Sept           73%            53%             97.87     85.61
     Oct            75%            97%             96.91     88.10
     Nov            83%            94%             99.03     96.01
     Dec            76%            82%            108.59    105.33
     Jan            83%            82%            125.70    115.61

Average 9 months    82%            72%           $102.13  $  94.62


     The Company was expecting to give back, in the third quarter, some of
the increased profits earned in the preceding six months and were pleased
to find that this did not happen. Almost all of the hotels damaged in
Hurricane Georges in September 1998 are now back in the market but we are
still maintaining our market share during the busy winter season. At this
point we have no indications that this favorable situation will materially
change through the next quarter. Expenses and payroll have remained well
controlled and we are looking forward to a record breaking year.

      As mentioned in earlier reports the Company has eliminated all long
term debt and interest expense due to the strong cash flows generated from
operations.

     The Company's primary source of working capital is from funds provided
from operations. Working capital increased over the nine month period by
$2,524,195 and all long term debt has been repaid. The Company believes
that it's excess cash from operations will be sufficient to finance it's
long and short term capital needs including the payment of accrued
dividends.

PART II

6.   EXHIBITS AND REPORTS ON FORM 8K

     NONE


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                            SWISS CHALET, INC.

                                SIGNATURES



     Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its be half by
the undersigned thereunto duly authorized.




                                   SWISS CHALET, INC.







DATE :02/15/00                     BY:__________________________
                                   PETER D. SOMECH
                                   Treasurer, Director and
                                   Principal Financial Officer



















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