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Golfsmith International Holdings CEO Discusses Q2 2011 Results - Earnings Call Transcript

Stocks in this article: GOLF

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

Martin E. Hanaka

Great, thank you, Jean, and good morning, everyone. Business momentum continued through the key selling season of Q2, which is the biggest quarter of the year for Golfsmith. Our results reflect great execution and several key initiatives and I’d like to congratulate our entire team both in Austin and all of our stores for terrific job.

With that ten straight months of solid comps, now three straight quarters, 6.4% in Q4 last year, 13.3% in Q1 and now 7.1% in the all important second quarter. We continue to focus on strengthening our product offering differentiating, marketing and assortments, building our Web business, expanding what is proven to be a very successful store model and enhancing our selling culture.

In fact we continue to gain meaningful market share as the industry continues to consolidate and if you look at the core segment with Golf Datatech reports, we’ve had double digit share gains again, and that’s both in units and dollar shares. Then you probably know you’ve spent the last few years strengthening our business model, and are well positioned to capitalize on competitive closings and demographic changes that should benefit the Golf industry as a well.

We’re really proud of our team and look forward to continue momentum as we remain committed to delivering great product, excellent service, and a dynamic activity rich shopping environment.

Some of the numbers, net revenues increased over 10% to $130.2 million compared to $118 million in the second quarter of last year. Comparable store sales, as I said earlier were up 7% with our direct sales increasing 9% and that’s net of a 27% growth on our Web business let down by a continued decrease in clubmaking and a reduction in our circulation of the consumer catalog, so a net number of 9% in the direct channel.

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