Golfsmith down in Q3

Austin, Texas Golfsmith International Holdings said Tuesday its net income for the third quarter ended Oct. 3, dropped from $2.8 million to $1.1 million.

Revenues for the third quarter were $90.6 million, down from $101.7 million in the year-ago quarter.

Same-store sales for the quarter dropped 8.5%.

Martin Hanaka, chairman and CEO of Golfsmith commented, "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.”

Golfsmith currently operates about 70 stores across the United States.