Golfsmith to add four stores

Austin, Texas Golfsmith International Holdings plans to open four stores this year. The new stores are one of its five revenue growth initiatives planned for 2010.

Other strategic initiatives on the horizon for the company this year include improving retail business with increased emphasis on “selling culture,” increasing gross margin, refining direct-to-consumer business and improving operational excellence.

In addition, Golfsmith reported that its net income dropped to $63.9 million during the fourth quarter ending Jan. 2, compared with $67.8 million the same quarter 2008, though that year included one more week of sales.

Same-store sales increased just under 1%, while sales from the company’s direct-to-consumer-channel fell 21.2%.

Golfsmith ended the quarter with $36 million in outstanding debt and $7.2 million cash on hand. For the entire year, net revenues totaled $338 million, compared with $378.8 million in fiscal 2008.