Golfsmith is the latest retailer to report that online sales are getting a larger percentage of total sales.
The operator of 26 golf “Superstores” now sees retail store sales account for 54.7%, or $25.0 million, of its business versus 56.7% for the last fiscal year. Direct-to-Consumer, which includes the catalog business as well as the online business, represented 43.4%, or $19.9 million, of total sales versus just 40.3% in the fiscal 2002.
Total revenues were $45.8 million for the three-month period ended March 29, 2003, down 5.4% from the year-ago quarter. Comps were off 2.2%.
The retailer swung to a $1.2 million net loss for the quarter, compared to net income of $2.6 million in the three months ended March 30, 2002.
Gross profit margins were down 280 basis points to 32.5% of net revenues.
The company also announced last week that it has acquired the assets of Zevo Golf. The terms of the deal were not disclosed.
Zevo products hit the superstores, Web site and catalog on June 1st and Golfsmith will begin designing golf clubs, accessories and apparel under the Zevo brand immediately, while also incorporating Zevo’s patented PreLoaded and Flying Buttress technologies in its Lynx, Snake Eyes, Harvey Penick and Killer Bee brands by early 2004.
