Golfsmith International Holdings Inc announced financial results for the third quarter of fiscal 2007, ended September 29, 2007.
Net revenues increased 13.4 percent to $106.5 million for the third quarter compared with net revenues of $94.0 million for the third quarter of fiscal 2006. The increase includes net revenues from 15 non-comparable retail stores opened after September 30, 2006. It was partially offset by a 4.4 percent decrease in net revenues from its direct channel and a 0.2 percent decrease in comparable store sales.
Operating income increased 30.4 percent to $4.9 million in the third quarter compared with $3.8 million for the third quarter of fiscal 2006. Gross margin improved to 35.5 percent in the third quarter of 2007 compared with 34.4 percent in the third quarter of 2006.
Overall operating margin was 4.6 percent for the third quarter 2007 compared with 4.0 percent in third quarter 2006. These gains were partially offset by increased selling, general and administrative (SG&A) expenses associated with 15 new stores opened since September 30, 2006.
Net income increased 17.8 percent to $4.0 million in the third quarter, or earnings per diluted share of $0.25, based on 15.8 million fully diluted weighted average shares outstanding. This compares with net income of $3.4 million, or earnings per diluted share of $0.21, based on 15.9 million fully diluted weighted average shares outstanding in the three months ended September30, 2006.
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