Golfsmith International Holdings, a retailer of golf and tennis equipment, apparel and accessories, has reported a net income of $1.1 million, or $0.07 per diluted share, for the third quarter ended October 3, 2009, compared to $2.84 million, or $0.17 per diluted share, for the third quarter of fiscal 2008.
For the third quarter of fiscal 2009, net revenues were $90.59 million, compared to $101.7 million for the same quarter of fiscal 2008.
For the first nine months of fiscal 2009, net revenues were $274.18 million, compared to $310.93 million for the same period of fiscal 2008. Net income was $2.75 million, or $0.17 per diluted share, compared to $5.97 million, or $0.37 per diluted share, for the same period of fiscal 2008.
Martin Hanaka, chairman and CEO of Golfsmith International Holdings, said: "Our third quarter results reflect continued sales challenges of discretionary products in the golf industry. While store traffic has begun to stabilize, consumers remain cautious about spending. Despite this, we are pleased with the solid unit market share gains we've earned. We will also continue to closely manage our expenses and maintain leaner inventory levels due to uncertainty of future sales trends."