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

Stocks in this article: GOLF

Our AOV conversion came in over plan. Our traffic was a very slight increase, and then I think we’re demonstrating results on a improved product mix and the selling culture.

We delivered 36% EPS growth of $0.49, per just $0.36 a year ago. Consolidation continues to be an opportunity for Golfsmith to expand our market share even in a climate where rounds played are down 7% year-to-date through May. We don’t expect the June numbers, which will do, be much improved over that. So in a very tough climate we’re having good results.

It should be month, the date of July our sales top line, on July, and it’s on Saturday, is up at a rate consistent with Q2. Some of the highlights and merchandizing, as our custom fitting continues to be very strong and services of cornerstone around model. We are expanding apparel and footwear, we had started a couple of years with apparel at 15% of our total mix, are now up to about 90% and it targeted 25% long term and I have confidence that will be achieved.

Proprietary brands stand at 11% of our business and a product quality certainly on par with the OEM brands driving higher brand awareness and value. Our new stores are performing above planned most recently one in the Washington DC area, we’re very pleased with that opening. And I’m pleased to announce today that we will have a fourth new store in fiscal ’11 located in (inaudible) Florida that we will open in the fourth quarter there by achieving our four store goal for the year.

I mentioned selling culture and store ops are really driving performance and our new stores have achieved about 28% apparel mix, so the margin mix is much better than we have in our core business. We feel so good about our new store performance that we are announcing that we have signed two new leases for next year in the DC area again as we tend to sell out that market, also in Ohio and we have targeted Atlanta where we will reposition our entire network.

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