Golf Galaxy was taking a hit as the retailer of golfing goods disappointed investors with its outlook. Sales for the first quarter rose to $82.5 million from $58.6 million a year ago, and earnings increased to $2.6 million, or 22 cents a share, from $1.7 million and 21 cents a share last year. Analysts were looking for a profit of 20 cents and sales of about $84 million, according to Thomson Financial.For the second quarter, Golf Galaxy forecast sales of $98 million to $102 million and earnings of 59 cents to 62 cents a share, both of which are below Wall Street’s predictions of $106.8 million in sales and a profit of 66 cents. Fiscal-year sales will likely be $292 million to $300 million, below its previous estimate of $300 million to $310 million. The company also cut its earnings outlook for the year, saying it now expects 59 cents to 63 cents, down from its prior projection of 65 cents to 70 cents.
Source: TheStreet.com
Sorry, the comment form is closed at this time.