Revenues are up 8% heading into the peak golf season, giving executives reason to believe consumer spending will continue — even if rounds played dip
Acushnet [NYSE: GOLF]
Here is a snapshot of Acushnet's Q1 financial report released on Thursday, May 5.
> 1st quarter revenues were up 8% and led by a strong start for FootJoy apparel and footwear, and Titliest clubs.
> Europe and Korea led the strong results with net sales outside of the U.S. market up 21.2%. EMEA was strong versus last year when much of Europe and its biggest golf markets were still enduring intermittent Covid lockdowns.
> Titleist foundational golf ball segment was down 5.6% versus last year due to continued tight supplies of key ingredients and raw materials on the product line.
> Clubs were up 3.2% with successful launches in Vokey wedges and T-series irons while FootJoy apparel and footwear lines were up 24% with strength found in higher average selling prices and high inventory availability increasing sales volumes.
> Profits for the quarter were down 4.7%
Golf season is just rolling out this season with 2nd and 3rd quarters being the defining window for the golf business. Between 38% and 40% of rounds in the Northern Hemisphere are played between May and September. ... After a rough start to the season with rounds being down 8%, Acushnet executives remain optimistic the committed golfer populations that grew astronomically in the last two years will continue to pull out their wallets to drive full-year net sales up 4% to 6%, surpassing $2.2B in net sales.