Fourth-Quarter Sales Fall At Golfsmith

For the fourth-quarter ended Jan. 3, sales for Austin, TX-based golf equipment cataloger/retailer Golfsmith decreased 14.1%, to $67.8 million, down from $79 million for the same period last year. Same-store sales fell 17.3% and direct sales dropped 23.1%. The company reported a net loss of $6.5 million for the fourth quarter.

For the fiscal year, net sales decreased 2.4%, to $378.8 million. Same-store sales slipped 6.3% while direct sales sank 13.1%. Golfsmith reported a net loss of $0.5 million for the fiscal year.

Company chairman/CEO Martin Hanaka said in a release: “Our fourth quarter results reflect ongoing challenges in the economic environment. Looking ahead to 2009, the retail environment remains difficult and we will continue to carefully control expenses, manage inventory levels and focus on cash preservation.”

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