Revenues at TaylorMade-adidas Golf increased 17% on a currency-neutral basis for the period and increased about 21% when measured in U.S. dollars, reflecting strong contributions from the metalwoods, golf ball and footwear categories. Management called out the success of the TaylorMade Noodle balls (formerly Maxfli), which required the company to increase capacity, and the new Rossa Spider putter. The increase was tempered by the divesture of the Maxfli business in early February, which cut $9.4 million ($6.3 mm) in sales from the overall business. Excluding this impact, TM-aG revenues would have been up 25% for the period to $295 million (197 mm) from $236 million (180 mm) in the year-ago period.
North America sales were up 5% when measured in U.S. dollars to $138 million (92 mm), compared to $131 million (100 mm), in Q1 last year, despite the Maxfli divesture. Currency-neutral sales were up 3% for the period due to growth in the U.S. Europe sales jumped 48% on a currency-neutral basis and increased by a third in euro terms to 32 million ($48 mm) from 24 million ($31 mm) in the prior-year period, driven by “strong growth” in all countries. Asia/Pacific sales were up 35% in U.S. dollars to $97 million (65 mm) from $72 million (55 mm) in the year-ago period and increased 26% in currency-neutral terms, driven by “strong double-digit growth” in Japan and South Korea. Latin America sales more than doubled in Q1 in currency-neutral terms and increased 129% to $3 million (2 mm) when measured in U.S. dollars.
The company expects TM-aG full year currency-neutral sales to increase in the mid-single-digits.
