Austin, Texas Golfsmith International Holdings reported Friday that it narrowed its loss to $6.3 million for the fourth quarter ended Jan. 2, compared with a loss of $6.5 million in the year-ago period.
Revenues dropped to $63.8 million from $67.8 million in the fourth quarter of 2008; comparable-store sales increased 0.9%.
Martin Hanaka, CEO, said, "While the economic environment remains challenging and uncertain, we are encouraged that sales trends have stabilized. Going forward, we will continue to maintain inventory discipline and cost controls while at the same time employing our previously stated initiatives to drive improved sales and earnings.”
The company said it will open four new stores in 2010. The specialty retailer of golf and tennis equipment, apparel and accessories currently operates about 70 stores across the United States.