Golfsmith International Holdings, Inc., said that net revenues dropped 13.7% for the fourth quarter ended Jan. 3, 2009, as compared with net revues of $79 million for the 13 weeks ended Dec. 29, 2007. Net revenues reflect a 17.3% decrease in comparable store sales, and a 23% decrease in net revenues from its direct channel compared to fourth quarter of fiscal 2007.
Net revenues decreased 2.3% to $379.1 million for fiscal year 2008 compared with net revenues of $388.2 million for fiscal year 2007. Net revenues reflect a 6.3% decrease in comparable store sales, and a 13.1% decrease in net revenues from the companys direct channel. Total net revenues represent 53 weeks for 2008 compared to 52 weeks in 2007.
Total inventory declined approximately 5% to 7%, and declined approximately 8% on a per store basis.
Martin Hanaka, chairman and CEO of Golfsmith stated, “Sales and traffic were negatively impacted as consumer spending declined during the holiday season. We continue to work diligently to manage expenses and inventory levels during these difficult times. In addition, we will continue to approach our store opening plans and capital spending in a prudent manner as we focus on cash preservation.”
The company expects to release its full earnings for fiscal 2008 during the first week of March 2009.
