AUSTIN, Texas (AP) -- Golfsmith International Holdings Inc., which sells golf gear, said it posted a wider fourth-quarter loss, hurt by lower demand for golf products amid a difficult retail environment.

For the quarter ended Dec. 29, losses totaled $46.7 million, or $2.95 per share, versus a loss of $1.6 million, or 10 cents per share, last year. Excluding impairment charges, the company booked a loss of 23 cents per share.

Revenue rose 5 percent to $79 million from $75 million last year.

Analysts polled by Thomson Financial predicted a loss of 20 cents per share on revenue of $78.8 million.

"While our results were reflective of overall softness in the golf industry in the fourth quarter and particularly in December, we were not satisfied with our execution or overall performance during this period," said Martin Hanaka, company chairman and interim chief executive.

Losses for the year ended Dec. 29 totaled $40.8 million, or $2.58 per share, versus a loss of $8.1 million, or 62 cents per share, in the prior year. Excluding impairment charges, the company earned $2.2 million, or 14 cents per share in 2007.

Revenue rose 9 percent to $388.2 million from $357.9 million last year.

For fiscal 2008, the company expects overall sales to be up slightly with slightly negative same-store sales. It forecast a decline in direct sales.

Golfsmith expects earnings to be driven by gross-margin expansion, cost cutting and fewer store openings.

Copyright 2008 Associated Press. All rights reserved.