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Golfsmith International Holdings' CEO Discusses Q1 2012 Results - Earnings Call Transcript

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

Martin E. Hanaka

Thank you, Jean good morning all. If you permit Sue and I would like first to go over the first quarter results after which time I will comment at a high level regarding yesterday’s acquisition release and then we will take all your questions. I will start with a quarter overview to be followed again by Sue’s operating synopsis.

First, the top line was very solid throughout the quarter February was better than January and March is better than February overall 8.5% comps so our core business is very strong. Again it strengthen throughout the quarter and if you looked at it, it was a combination of factors and across all geographies traffic was up mid single digits, AOV was up mid single digits, conversion wise IPT was up slightly, so all these key metrics are all going in the same direction.

The environment was very positive mother-nature gave us a nice boost certainly in the Northeast and the Midwest had a very nice impact. And as a result of the weather rounds played were up significantly across the whole industry and that’s in an environment where golfers are down. Since I started getting involved with Golfsmith, the amount of golfers in the U.S. has dropped from $29 million to $25.7 million. So the weather and rounds played made for a nice environment for us to do business in Q1 ’12.

As well competition is decreased there is 929 doors at the start of this year versus 1,574 doors in 2007. Last year there were 142 net closing so amounted 16% year-over-year. So the overall competitive environment has eased and has made life easier for us as a result. As a result of that our market shares are up, we are up over 5% in dollars for the first quarter and up 11% in units versus the industry and the 8 key categories to GOLF data tech tracks.

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