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Golfsmith Provides Preliminary Fiscal 2010 Results

Golfsmith International Holdings, Inc., (NASDAQ: GOLF) today announced preliminary financial results for the fourth quarter and fiscal year 2010 ended January 1, 2011.

For the Fourth Quarter 2010:
  • Net revenues increased 14.2% to $72.9 million as compared to $63.9 million in the fourth quarter of 2009. Comparable store sales increased 6.4% while sales from the Company’s direct-to-consumer-channel increased 30.6%.
  • Pre-tax loss is expected to be in the range of $5.3 million to $5.6 million as compared to a pre-tax loss of $6.6 million in the fourth quarter of last year. Preliminary results for 2010 include $1.1 million in store closing, lease termination and asset impairment charges. Excluding these charges, pretax loss is expected to be between $4.2 million and $4.5 million.
  • The Company ended the fourth quarter with $40.4 million of outstanding borrowings under its credit facility with borrowing availability of $18.2 million and cash on hand of $0.2 million. This compares to $36.0 million of outstanding borrowings under its credit facility with borrowing availability of $16.1 million and cash on hand of $0.7 million at January 2, 2010.
  • As of January 1, 2011, total inventory was $78.9 million as compared to $78.0 million at January 2, 2010. Comparable average store inventory declined approximately 5.1%.

For the Fiscal Year 2010:
  • Net revenues totaled $351.9 million as compared to $338.0 million in fiscal 2009; comparable store sales increased 0.3% and sales from the Company’s direct-to-consumer channel increased 4.1%.
  • Pre-tax loss is expected to be in the range of $5.1 million to $5.4 million as compared to a pre-tax loss of $3.4 million in fiscal 2010. Preliminary results for 2010 include $2.7 million in store closing, lease termination and asset impairment charges. Fiscal 2009 included $0.9 million in one-time charges.

Initiatives for Fiscal 2011:

The Company also announced its plans to institute six key initiatives in 2011 aimed at driving sales and earnings growth which include: aggressively building our successful web business; expanding a proven, powerful new store model, driving optimal 4-wall results by store segment; shifting merchandise assortments to more apparel and footwear; expanding proprietary brands; and delivering operational excellence.

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