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Golf Galaxy Sales Up 57%

EDEN PRAIRIE, MN-The golf specialty retailer sees its net sales jump 56.7% and comp-store sales increase 6.7% during the third quarter.

By Jennifer D. Duell | Updated on December 21, 2005

EDEN PRAIRIE, MN-An unseasonably warm fall helped GolfGalaxy Inc. achieve increases in both net sales andcomp-store sales and post a smaller net loss thanexpected.

The third quarter is Golf Galaxy’s lowest volumeperiod due to the seasonality of the game. During thequarter, the golf specialty retailer saw its net salesincrease 56.7% to $31.8 million, compared with $20.3million for the same period of the prior year.Comparable store sales increased 6.7% for the quarteron top of a 9.9% increase for the third quarter lastyear.

The chain, which operates 49 stores in 23 states,reported a net loss for the third quarter of $1.6million, or 15 cents per diluted share, compared withits guidance for a net loss of $1.8 million to $2.2million. For the same period last year, Golf Galaxyreported net income of $3.4 million, or 43 cents perdiluted share. The earnings included a pre-tax gain of$8.4 million realized on the sale of its equityinvestment in Golf Town Canada Inc. stock. Withoutthat one-time gain, the chain’s net loss would havebeen $1.7 million, or 16 cents per diluted share.

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