Fortune Brands said sales at its Acushnet Company golf business, which includes Titleist
and FootJoy Golf, inched ahead 1.9% in the fourth quarter, to $233.5 million from 226.9 million. The segment's operating loss was cut to $24.7 million from a loss of $37.3 million a year ago.
In early December, Fortune Brands, facing pressures from an activist shareholder, announced plans to either sell or spin off its Acushnet Company golf unit,
For the full year, golf segment revenues inched 1.9% to $1.24 billion from $1.21 billion. The segment's operating loss
reached $91.1 million against a $91.5 million loss a year ago.
In its statement, Fortune Brands said, “Our Acushnet Company golf business closed the year with strong
fourth-quarter comparable sales gains across geographies and product
categories, including a double-digit gain for Titleist clubs driven by
the new 910 drivers and Vokey Design wedges. For the full year, the
golf business strengthened its industry leadership behind sustained
global growth for the Pro V1 golf ball, and successful new product
innovations that fueled double-digit growth for Titleist golf clubs
and FootJoy shoes. Our sought-after innovations, lower cost structure,
global success in golf's pyramid of influence, growth strategies in
key Asian markets and favorable foreign exchange drove golf operating
income up double digits.”
