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Higher apparel sales improves Golf Galaxy's Q3 gross margin

20
Dec '06
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.


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