(January 13, 2011) Shares of Golfsmith International Holdings Inc. (NASDAQ: GOLF), an Austin, Texas-based holding company, rallied in trading on Thursday, finishing the day 29.97% higher at $3.86.
In the last three trading sessions, the Golfsmith International Holdings stock has gained 48.33%. In the five trading sessions, the stock is up an impressive 59.5%.
Earlier this week, Golfsmith International announced its preliminary financial results for the fourth quarter and fiscal year 2010.
For the fourth quarter of 2010, the company said that its net revenue jumped 14.2% to $72.9 million, compared with $63.9 million reported in the fourth quarter of 2009. The company’s comparable-store sales jumped 6.4% in the fourth quarter. The company said that it expects a pre-tax loss of $5.3-$5.6 million for the fourth quarter of 2010, compared with a pre-tax loss of $6.6 million reported in the fourth quarter of 2009.
For the fiscal year 2010, the company said that its net revenue was $351.9 million, compared with $338 million. The company’s comparable-store sales climbed 0.3% in the fourth quarter of 2010. It expects a pre-tax loss of $5.1-$5.4 million for fiscal year 2010, compared with a pre-tax loss of $3.4 million reported in fiscal 2010.
About Golfsmith International Holdings Inc.: Golfsmith International Holdings Inc. is a specialty retailer.
Summary
Golfsmith International’s preliminary fourth-quarter financial results look strong. The company’s stock has picked up momentum in the last few trading sessions.
