Golf Galaxy Inc announced financial results for the third quarter and nine months ended Nov. 25, 2006. Net sales for the third quarter of fiscal 2007 increased 45.1 percent to $46.1 million, compared with $31.8 million for the same period of the prior fiscal year.
Comparable store sales increased 3.8 percent for the fiscal third quarter, compared with a comparable store sales increase of 6.7 percent for the third quarter of fiscal 2006.
The company reported a net loss for the third quarter of $3.4 million, or a loss of 31 cents per diluted share. The company typically reports a net loss in its fiscal third quarter, its lowest volume period due to seasonality.
Third quarter results include acquisition-related costs of $944,000, net of tax, or 9 cents per diluted share, associated with the company's pending acquisition by Dick's Sporting Goods Inc, which was announced on Nov. 13th.
Excluding acquisition-related costs, the company's pro forma net loss for the third quarter of 2007 was $2.5 million, or a pro forma diluted loss per share of 22 cents.
Net sales for the nine months ended Nov. 25, 2006 increased 40.2 percent to $224.3 million, compared with $160.0 million in the 2006 fiscal period. Comparable store sales increased 1.5 percent for the first nine months of fiscal 2007, compared with a comparable store sales increase of 8.4 percent for the same period of the prior year.
Golf Galaxy reported net income of $6.1 million, or 54 cents per diluted share, for the first nine months of fiscal 2007, compared with net income of $5.5 million, or 58 cents per diluted share, for the same period of the prior year. Pro-forma diluted earnings per share for the first nine months of fiscal 2007 increased 24 percent to 62 cents per diluted share, compared with pro-forma diluted earnings per share of 50 cents for the first nine months of fiscal 2006.