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Golf Galaxy, Inc. (GGXY) reports increasing net income. But compared to last year's comparable quarter, same store sales are off dramatically, barely registering a fractional increase of less than 1%.

Additionally, the company's cash position has dropped dramatically in what you would expect to have been their best golf quarter seasonally.

Last but not least, the inventory position is up a dramatic 50%. This is a caveat emptor moment.

Webcast of yesterday's GGXY Earnings Conference Call

GGXY 1-yr chart:

GGXY 1-yr chart

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Source: Golf Galaxy's Recent Quarter Below Par for the Course