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Golfsmith International's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Stocks in this article: GOLF

Martin Hanaka

Thank you, Jean, and good afternoon everyone. We appreciate your time and interest in the Golfsmith fourth quarter earnings results today. I am in Myrtle Beach, I am suffering a little here, there is pollen flying everywhere not on vacation and Sue Gove and our team are in Texas. I’d just like to pause before we get into this and please join me in congratulating Sue on her recent promotion to President, she has done amazing job for us over the last three plus years and Sue has earned her recognition.

I’m going to start with the headlines, and then Sue will do the numbers and then I’ll end with some 2012 guidance. As I look back at the quarter there is four things we point out and I’ll go into each one of these in more depth in a minute. But we had a soft top line and frankly it’s our first set back in several quarters and I think there are some good reasons for it that I’ll explain.

Second, the ERP conversion that we conducted was not perfect and we roughed with it and that cost us about a $0.5 million in profit. The third thing is the movement in gross margins. We are buying better and the strategy of moving to mix both in apparel and proprietary is working really beautifully, so that’s really developed into some gains in the quarter and year-to-date and we see that continuing.

And then finally, the big one maybe you probably you want to know about is the $1.3 million and cost outside the ordinary course of business, and frankly I hope you can appreciate that this disclosure is meant to explain higher cost, but we are really cannot get into the details behind it, so we will not be answering any questions on this topic at this time. You could trust that we will be proactive and transparent and if there is something to share you’ll hear it from us first.

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