Galyan's Overcomes Sept. 11 with Comp Store Gains
Plainfield, Ind.--Showing that there is life in the sporting goods industry, Galyan's posted net sales increases for its third quarter of 12.9 percent, the company announced.
Comp store sales rose 2.2 percent for the quarter, which ended Nov. 3.
"After the events of September, we were cautious about our forecast for the third quarter, but our merchandise assortment was well received by our customers resulting in high single-digit October comparable store sales," Robert Mang, chief executive officer and chairman, said.
He attributed the sales growth to the hunting, outerwear and brown shoe categories.
For the quarter, Galyan's posted a net loss of $168,000, or 1 cent a diluted share. The company reaffirmed its fourth quarter earnings estimate of 75 cents a share.
In trading Wednesday, shares of Galyan's fell 34 cents, or 2.9 percent, to close at $13.95.
Comp store sales rose 2.2 percent for the quarter, which ended Nov. 3.
"After the events of September, we were cautious about our forecast for the third quarter, but our merchandise assortment was well received by our customers resulting in high single-digit October comparable store sales," Robert Mang, chief executive officer and chairman, said.
He attributed the sales growth to the hunting, outerwear and brown shoe categories.
For the quarter, Galyan's posted a net loss of $168,000, or 1 cent a diluted share. The company reaffirmed its fourth quarter earnings estimate of 75 cents a share.
In trading Wednesday, shares of Galyan's fell 34 cents, or 2.9 percent, to close at $13.95.
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