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Golfsmith International Holdings' CEO Discusses Q3 2011 Results - Earnings Call Transcript

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

Martin Hanaka – Chairman and Chief Executive Officer

Thank you, Jean, and appreciate it. Also with us in Austin, Texas are Jim Eliasberg, our General Counsel, Anna Jobe, our Vice President-Controller, and Jeff Laforce, Senior Member of our accounting team.

I’m really pleased with the quarter, couldn’t be more pleased with the momentum that we’ve driven. As you shift through the numbers, a couple of headlines, you will see apples-to-apples in the quarter or an apple-to-apples in the year we are $0.11 versus $0.01 comparably and then year-to-date $0.43 against $0.11. So this is a great year-to-date performance as we’ve promise to get back to profitability and again really pleased with the results.

If we look at the top line, July was a solid month for us. We went in a trough in August frankly and that was right around the time of the drama around the debt ceiling limit, and the Obama downgrade. We have five or six weeks through the August where we missed our plan by 2% to 8%. We also rough flooding in early September as Irene came Berlin to the northeast. In fact, the northeast was down 25% for a couple of weeks which had a 5% impact on our total for those two weeks, but when you step back and look at it, we came back really strong in September with 6%, 6%, 10% and 4% comp, so overall 3.4% comp and we overcame that August softness. We comped 11 out of 13 weeks, so really pleased with the top line.

What’s also interesting is our traffic is essentially flat. Our conversion was flat, then we had increased AOV of 3% to 4% which gave us the kind of lift we had for the quarter. This is now four straight quarters of solid growth for Golfsmith and as we head into the balance of the year we think there’s all the reason to think it’ll be any less, keeping in mind that December is very heavy in the fourth quarter. It’s our second largest volume month of the year than October and November numbers 10 and 11. So we think this trend will continue particularly with the strong December.

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