Golfsmith Holiday Sales Drop 13.7%

Austin, Texas Golfsmith International Holdings reported sales of roughly $68 million during the 14-week period that ended Jan. 3, down 13.7% from the comparable period last year.

Same-store sales dropped 17.3% compared with 2007.

For the year, Golfsmith said sales dropped 2.3%to $379.1 million.

The chain’s total inventory declined about 5% to 7%.

"Sales and traffic were negatively impacted as consumer spending declined during the holiday season,” said Martin Hanaka, chairman and CEO of Golfsmith. “We continue to work diligently to manage expenses and inventory levels during these difficult times. In addition, we will continue to approach our store opening plans and capital spending in a prudent manner as we focus on cash preservation.”

Golfsmith is scheduled to release its full earnings for fiscal 2008 during the first week of March.