Golfsmith International Holdings Inc. (GOLF) announced anticipated financial results for the fourth quarter and fiscal 2009 based upon preliminary figures.
Fourth-quarter net revenues totaled $63.9 million compared to $67.8 million in the fourth quarter of 2008. Comparable store sales increased 0.9%. Pre-tax loss is expected to be in the range of $6.2 million-$6.5 million compared to a pre-tax loss of $7.1 million in the fourth quarter of last year.
Fiscal 2009 net revenues totaled $338.0 million compared to $378.8 million in fiscal 2008. Comparable store sales decreased 7.9%. Pre-tax loss is expected to be in the range of $3.0 million-$3.3 million compared to a pre-tax loss of $0.4 million in fiscal 2008.
The company also announced its plans to institute five key initiatives in 2010 aimed at driving sales and earnings growth which include: improving the retail business with an increased emphasis on the company's selling culture; the opening of four new stores; increasing gross margin; refining the direct-to-consumer business; and executing operational excellence.
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