With four new stores opened in the third quarter, the chain has completed its fiscal 2007 expansion plans of 15 new stores. Golf Galaxy now operates 65 units in 24 states.
"We continue to execute our store expansion plan and believe significant opportunity exists for the Golf Galaxy brand in existing and new markets," said Randy Zanatta, president and CEO, in the announcement. "Specifically, we believe there are tremendous expansion opportunities in the high-population, year-round golfing areas of the United States including the California, Arizona and Florida markets."
Golf Galaxy will operate as a separate division of Pittsburgh-based Dick's Sporting Goods when the $225-million deal closes, whihc is expected to be in February.
Golf Galaxy posted healthy sales and an expected loss in the third quarter. Net sales were $46.1 million, up 45.1% over the same period last year. Comparable-store sales rose 3.8 percent for third quarter. The chain posted a net loss of $3.4 million. Golf Galaxy typically loses money in the third quarter, which is its lowest volume period because of seasonality.
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