Direct Sales Down 27% for Golfsmith

Third-quarter sales for golf equipment cataloger/retailer Golfsmith decreased 11%, to $90.6 million, down from $101.7 million for the same period last year.

Same-store sales fell 8.5% and direct sales dropped 27%. The Austin, TX-based company reported net income of $1.1 million for the quarter, compared to net income of $2.8 million for the third quarter last year.

Company chairman/CEO Martin Hanaka said in a release that third-quarter results “reflect continued sales challenges of discretionary products in the golf industry.” While store traffic has begun to stabilize, he said, consumers remain cautious about spending.

“Despite this, we are pleased with the solid unit market share gains we’ve earned,” Hanaka said. “We will also continue to closely manage our expenses and maintain leaner inventory levels due to uncertainty of future sales trends.”

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