Golfsmith’s Direct Sales Sputter

Multichannel golf equipment and apparel merchant Golfsmith reported soft sales – particularly in its direct channels – both for the fourth quarter and fiscal year.

For the year ended Jan. 2, net revenue totaled $338 million as compared to $378.8 million in fiscal 2008; comparable store sales decreased 7.9% and sales from the company’s direct channel were down 25.8%.

Fourth-quarter net revenue was $63.9 million compared to $67.8 million in the fourth quarter of 2008. Though comparable store sales rose .9%, direct sales fell 21.2%. Golfsmith’s fourth quarter was 13 weeks in 2009 compared to 14 weeks in 2008.

Golfsmith did a better job managing its inventory in 2009, however. Total inventory as of Jan. 2 was $77.8 million, compared to $90.5 million for Jan. 3. Average store inventory declined about 6.5%.

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