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Golfsmith International Holdings CEO Discusses Q1 2011 Results - Earnings Call Transcript

With that, I’ll turn the call over to Marty.

Martin E. Hanaka

Thank you very much and good morning everybody. With me in Austin today are Anna Jobe, our Controller; our General Counsel, Jim Eliasberg; and [Jeff Laforce]. Sue Gove is joining us remotely.

We are really excited on the momentum we’re building at Golfsmith from the fourth quarter and the first quarter 2011. Q1 represents our best year-over-year quarterly performance in almost six years. The initiatives that our team has put in place such as really focusing on the Web business, improving our selling culture and shifting our mix into apparel are really beginning the show results.

The industry consolidation and competitor closings are also a net positive for us. So hopefully that will continue. We think it will come to least into Q3, but it looks like business is stabilizing around the country too. Not only are we seeing strong sales across all of our channels, but also continue to gain market share within the golf industry. At least for the first two months we have double-digit share gains both in dollars and units according to Golf Datatech.

Our direct business was up 20.7 and what’s really encouraging is our Web business was up 30.3%, so excited on that trend again on top of 40% in Q4. We benefited from technological advancements in equipment, some new store openings. In fact we opened two and have six new stores over the last 12 months. We opened both in the town of Florida and St. Louis. And I’m pleased to announce today that our third store will open in June in Tysons Corner, Virginia.

Our signature club-fitting has really worked out. Our Play Better Guarantee is producing double-digit results again and again, and we are very pleased with the progress there.

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