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Golf Galaxy revises outlook for Q1 and fiscal 2007

22
May '06
Golf Galaxy Inc, a leading golf specialty retailer, has issued a revised outlook for the first quarter ending May 27th 2006, and the fiscal year ending March 3rd 2007.

Citing softness in its direct businesses, primarily its catalog and ecommerce operations, and a slower start to the spring season for its retail stores, the company said it now anticipates net sales of $82 million to $83 million for the first quarter of fiscal 2007. It had previously expected net sales of $84 million to $88 million for the quarter.

The company now expects a comparable store sales gain of zero to two percent for the fiscal first quarter, on top of a 10.5 percent comparable store sales increase for the first quarter of the prior fiscal year. In addition, the company narrowed its estimate for first quarter net income to $2.2 million to $2.5 million, or 19 cents to 22 cents per diluted share assuming 11.6 million weighted average shares outstanding. Its previous guidance for first quarter net income was $2.0 million to $2.5 million, or 17 cents to 22 cents per diluted share.

"Despite lower than anticipated sales, we expect to achieve our estimated net income for the quarter through expense management and a meaningful year-over-year improvement in the gross profit rate at our retail stores," said Randy Zanatta, Golf Galaxy's President and CEO. "The margin increase is being driven by strategic initiatives in certain product categories, including services and accessories, which has resulted in a favorable impact on the sales mix."


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