Our Club business was strongest. We’re also up in apparel and consumables. Apparel was our strongest category for the year and I got to tell you, we are really pleased with the overall balance we saw out of all the merchandize categories.

Rounds played end of the year down 2.3%. Again, signaling that this industry has not gotten any bigger and our gains are at the expense of competition. We do record charges, which Sue will detail, but we are really pleased with the overall performance of our core business in Q4.

In a nutshell, the Web was up over 40, comps were at 6.4, best since Q1 ‘06. Gross margin steady, gaining share momentum. The structural change in our industry has continued. Product launches are a net positive and if California rebounds, which was our toughest region last year, and rounds played bounce back, we should be able to perform at an even higher level.

Now let me turn it over to Sue. Sue?

Sue Gove

Okay. Thanks, Marty. Good morning everyone. I will first review the financials and then provide some additional detail on the initiatives that Marty laid out, which are aimed at driving sales and earnings growth in 2011.

For the fourth quarter of fiscal 2010, net revenue increased 14.2% to $72.9 million, compared to $63.9 million in the fourth quarter of last year. Comparable store sales increased 6.4%, reflecting the enhancements we made to our merchandize assortment, and our continued focus on improving our selling culture. Our conversion rate accelerated throughout the quarter with improvements across all regions. Net revenue reflected a 30.6% increase from our direct-to-consumer channel, demonstrating solid results [Audio Gap] and strategic focus.

Gross profit increased 7.8% to $23.4 million, compared to $21.7 million in the fourth quarter of last year. Gross margin for the fourth quarter was 32.1%, compared to 33.9% for the same period last year. The decline in our gross margin was primarily the result of higher shipping and freight cost related to free shipping offers on our website, which was particularly heavy around the holiday season.

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