Fortune Brands, Inc., the parent company behind the Cobra, Titleist and FootJoy brands, reported that net sales for the second quarter were $1.74 billion, down 17% from $2.10 billion in the year-ago period, as the stability of the spirits business tempered double-digit sales declines for the company’s home and golf products. Diluted earnings per share were 66 cents. Excluding one-time items, diluted EPS before charges/gains was 70 cents. The stronger U.S. dollar reduced both sales and operating income before charges by 4% and decreased earnings by 5 cents per diluted share.

Management said that while they are seeing significantly lower discretionary spending on golf in the U.S. and Europe, including for corporate custom-imprinted golf balls, the Achushnet golf business is “sustaining its leadership in this environment with successful new products – including the new Titleist Pro V1 golf ball, 909 drivers and AP2 irons – plus continued success in Asian markets.”

Net sales in the Acushnet Golf division, which includes Cobra, FootJoy, Titleist and others, fell 19.1% in the second quarter to $365.8 million from $452.4 million in the year-ago period.  Operating profit for the golf group fell 36.0% to $43.6 million, compared to $68.1 million in the 2008 second quarter.

Earlier this month, Acushnet announced it would reduce its workforce at its distribution center and two golf ball plants by 77 positions. A spokeswoman for the company said it was normal to make occasional, temporary adjustments and said the layoffs would be “a short-term adjustment to production levels.”