Golfsmith International Holdings' CEO Discusses Q3 2011 Results - Earnings Call Transcript
Our EPS, as we said, is 10x on a comparable basis and 4x excluding these non-recurring items and our new stores are performing quite well. Our new stores that we've opened this year running 104% of their business plan and our last eight stores that we've opened under our new real estate model are running around 102% of plan. So we really feel we've got a lot of confidence in our ability to open new stores successfully.
Apparel was our strongest quarter as it has been all year long. Our web demand was up 17%, our proprietary business grew by over 12% and we are absolutely gaining our market share. We use Golf Datatech as the authority in the industry, the off-course space is what they measure, that’s the most important space where we compete in. if you look at units or dollars across the board, year-to-date through August, we’re up anywhere from 13% to 18%. Our growth measured against the industry. So we really fell the bottom line here is that we’re gaining share, we’re gaining momentum. We’ve improved our profits and we think that’s a bi-product of just strong management team that we’ve been able to put together here in the last two, three years. The fact that we have diversely in our geography, so we can overcome an event like we did with hurricane Irene this year, where the beneficiaries of the industry consolidation is taking place, the multichannel model and one of the things we did in our research is really understand our customers better in their cross shopping patterns and frankly a customer that shops two or more channels is worth at least four times where the single channel shopper is. So that understand on how we go to market and execute against that I think is helping us.
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