Financial Reports: Golfsmith, RedEnvelope

Golfsmith Hits It Straight in 3Q
Austin, TX-based Golfsmith International Holdings kept fiscal matters neatly on the fairway for the third quarter ended Sept. 30. The company posted a nearly 10% increase in revenue, to $94.0 million from $85.5 million for the third quarter in 2005. The increase was due to the addition of seven stores over the past year and a 5% increase in net revenue from its catalogs and Websites.

Third-quarter net income nearly tripled, to $3.4 million from $1.2 million last year. Net income for the quarter was positively affected by a $2.1 million decrease in year-over-year interest expenses.

Revenue Up at RedEnvelope
Net revenue for San Francisco-based gifts cataloger RedEnvelope increased 18%, to $15.5 million for the fiscal second quarter ended Oct. 1. That’s up from $13.1 million for the comparable quarter of last year. The company’s net loss in the second quarter was $3.7 million, up from $3.5 million last year. Net loss for the second quarter of fiscal 2007 includes stock option expenses of $553,000.

“We are pleased with our 18% sales growth and ability to leverage expenses as we continue our efforts to drive our business toward profitability,” CEO Ken Constable said in a statement. “Our improved second-quarter results are primarily due to agile online and e-mail channel management, as well as increased efficiencies and enhanced product assortment and creative presentation in our catalog channel.”

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