Canadian golf specialty retailer Golf Town posted a modest increase in overall sales for the first quarter, but saw a comparable store sales slip in the low-singles foster a widened quarterly loss.
In the first quarter of fiscal 2007, sales grew 6.3% to CN$31.9 million ($27.3 mm) from CN$30.0 million ($26.0 mm) last year. The growth in sales was attributed by the company to the addition of four new stores in the spring of 2006. During the quarter, Golf Town's same-store sales decreased by 1.4%.
Gross profit as a percentage of sales increased to 32.4% from 31.8% for the comparable period a year ago, but was not enough to stop the seasonal loss from growing to CN$2.0 million ($1.7 mm) from CN$811,000 ($700,000) last year.
