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Golf Galaxy Q2 Above Par

EDEN PRAIRIE, MN-Specialty retailer Golf Galaxy reports a 46.5% increase in sales and a 54% increase in profit.

By Dana Dubriwny | Updated on September 23, 2005

EDEN PRAIRIE, MN-Specialty retailer Golf Galaxy reported net sales increased 46.5% to $69.6 million in its second quarter of fiscal 2006, compared to $47.5 million in the same period of the prior year. Net income posted at $5.4 million, or 59 cents per diluted share, compared to $3.5 million, or 46 cents per diluted share. Comparable store sales increased 7.4%, up from an increase of 5.9% in the prior year.

“We are pleased with our results in the second quarter, which is our most important quarter from both a sales and profit standpoint,” said Randy Zanatta, president, chief executive officer and chairman. During in its second quarter conference call Thursday, the company attributed strong sales to pre-owned clubs, men’s and women’s apparel, and PGA services.

For the third quarter, the company expects sales to reach $30 million to $32 million, an increase of 48% to 58% compared to the same period last year. The company anticipates comp store sales to increase 2% to 6%, while incurring a net loss of $1.8 million $2.2 million. For the entire year, the company expects sales to ring up at $197 million to $202 million and comp sales to increase 6% to 8%.

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