The Acushnet Golf division of Fortune Brands, Inc., which includes the Footjoy, Titleist, and Cobra brands, saw third quarter sales grow 7.0% to $297.8 million in the period from $278.4 million in thee year-ago period. International growth continued to outpace the rate of growth in the U.S.
Golf ball sales increased at a mid-single-digit rate. Management said that the combined Titleist and Pinnacle brands continue to gain share, holding more than 50% unit share and more than 60% dollar share at on- and off-course golf shops in the U.S. The company said that club sales bounced back after a tough Q2, posting a “strong double-digit increase” in the third quarter aided by the timing of several new product introductions.
FO also pointed to “strong gains” for performance outerwear and accessories in the quarter. While sales for gloves and footwear were below a year ago, sales for the FootJoy brand were up year-to-date.
Operating income for the division rose 5.9% to $30.3 million in the quarter, compared to $28.6 million in Q3 last year, which management said was due to strong sales gains, partly offset by higher raw material costs and stock option expense. Excluding the first time impact of stock options expense, operating income in golf rose at a double-digit rate.
