Galyan's Q3 sales climb 23.7 percent

Galyan’s Trading Co. realized net sales of $129.8 million for 3Q, representing a 23.7 percent increase. Following the company’s Greenwood, Ind., store being struck by a tornado on Sept. 20 and causing major structural damage to the building, the store has been closed and removed from comparable-store sales computations. That resulted in 3Q and year-to-date results being affected by an estimated $1.6 million of lost sales due to that store’s closing. Galyan’s projected that total company sales would have been $131.4 million for the third quarter if the store had not closed, within the range of company guidance of $130.0 million to $136.0 million. The company also announced it believes it has adequate insurance covering the loss of inventory and business interruption.

Comparable-store sales declined 2.2 percent compared to the 2.2 percent growth in the third quarter last year. Athletic footwear, athletic apparel, accessories and ski equipment led increases in comp-sales. These were offset by declines in hunting, camping and outerwear, against a post-Sept. 11 surge in those categories last year.

For the nine months ended Nov. 2, 2002, net sales increased to $385.6 million, representing a 25.3 percent gain over the comparable period last year. Comparable-store sales were down slightly, showing an increased 1.5 percent year-to-date compared with the 2.5 percent growth for the same period a year ago. The athletic apparel, athletic footwear, accessories, fitness and baseball categories led the gains in comp-sales.

The company plans to release financial results for its fiscal third quarter on Nov. 20, prior to the market opening.