Golfsmith Announces Fourth Quarter and Fiscal Year 2011 Preliminary Earnings Results

(GLOBE NEWSWIRE) -- Golfsmith International Holdings, Inc., today announced preliminary financial results for the fourth quarter and fiscal year 2011. Fourth Quarter Highlights: Martin Hanaka, Chairman and Chief Executive Officer of Golfsmith, commented, "While we had a challenging start to our fourth quarter we were pleased to see sales trends improve in November and December. We also achieved a 450 basis-point increase in gross margin to 36.8% in the fourth quarter which was primarily driven by a favorable sales mix shift to higher margin categories." Mr. Hanaka continued, "We have successfully executed on a number of key strategic initiatives