Fortune Brands, Inc, reported double-digit sales increases for Titleist golf balls and FootJoy shoes, along with strong growth in Asia, helped its golf brands outperform the market in the fourth quarter.
The company reported sales of its Acushnet golf brands – Titleist, Footjoy and Cobra – rose 6.9% to $226.9 million in the quarter ended Dec. 31. Comparable net sales for golf rose 2%, compared to a decline of 4% in spirits and 4% in home security. Operating losses in the golf business rose to $20.9 million in the quarter, up from $8.5 million a year earlier before charges and extraordinary gains. The company's golf business took another $9.5 million in restructuring charges during the quarter for cost incurred in reducing costs and realigning its supply chain. That raised total special charges for the golf business to $35.2 million for the year.
Fortune Brands said total net sales for the company, whose brands include Jim Beam, Sauza tequila, Canadian Club, Moen faucets, Master Lock and several cabinet and door and window brands, rose 1% on the strength of the golf business and a more stable home security business. That marked the the first such increase in eight quarters.
