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Business Observer Thursday, Sep. 8, 2011 8 years ago

Golfsmith opens Sarasota store

It's the retailer's 10th store in Florida, and 79th retail location across the U.S.

SARASOTA — Golfsmith International Holdings Inc. (symbol: GOLF) will open its 10th store in Florida this November, at 143 N. Cattleman Road in Sarasota.

The Austin, Texas-based firm says its new Sarasota store is part of “an aggressive growth strategy” that will take effect over the next two years. Golfsmith says it will open 20 new stores across the country by the end of 2013, a roughly 25% increase in retail locations.

Golfsmith appears to be in the midst of a major turnaround in terms of profitability. After posting a combined operating loss of $6.4 million in 2009 and 2010, the company generated $9.7 million in operating income in the second quarter of 2011, financial records show.

The retailer generated $351.9 million in revenues in 2010, up roughly 4% from its 2009 total. But 2010 revenues are down by about 10% from 2007, when the company did $388 million in business.

Shares of Golfsmith stock have appreciated 11% in value over the past year, to $3.25 per share.

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