Acushnet Golf, the golf division of Fortune Brands, Inc. that houses the Footjoy, Cobra, and Titleist brands, saw double-digit second quarter sales growth driven by new product introductions from all three brands. Net sales increased 11.5% to $474.6 million from $425.5 million in the year-ago quarter, while operating income rose 7.9% to $88.6 million for the period. Profits trailed sales “largely due to patent defense cost and the timing of expenses.”
Continued share gains for the new Titleist Pro V1 and Pro V1x, favorable mix shift, and modestly higher pricing “drove sales of golf balls higher.” Golf club sales were up in strong double-digits on the timing of newly introduces products for both Titleist and Cobra, as well as organic growth. FootJoy golf shoes posted “solidly higher sales on the success of new products, favorable mix, and growth in international markets.” Accessories grew on strong sales in gloves, outerwear, and headwear. For the full year, Acushnet sees operating income before charges growing in the low- to mid-single-digit range.
