True Temper Sports, Inc. posted net sales for the first quarter of $31.7 million down 1.2% from $32.1 million for the same quarter last year. Gross margin decreased 350 basis points to 36.6% of net sales from 40.1% of sales last year. SG&A expenses also decreased as a percentage of net sales to 11.1% from 13.0% last year.
The improvement on the expense line was not enough to overcome the sales and margins decreases, causing net income for the first quarter to decrease approximately $0.4 million, to a net loss of $0.2 million from net income of $0.2 million in the same period LY.
