Callaway’s Brewer Delivers Optimistic Outlook

Chip Brewer.

Carlsbad, California, United States: Callaway Golf has reported record revenue increases across its equipment and apparel brands over the last six months as the golf boom continues to resonate across the industry.

The company’s financial results for the second quarter ended June 30, and for the first six months of 2021, saw net revenues driven by higher-than-expected growth across both its equipment and apparel segments.

In addition, Topgolf, which merged with Callaway in March 2021, also contributed to revenue growth, with US$325 million in sales for the period between April and the end of June.

  • Q2 2021 consolidated net revenue increased US$617 million (+208%) to US$914 million.
  • Golf equipment and soft goods revenue increased 98% to US$588 million.

Revenues from sales of golf equipment in Q2 increased by 37% to US$138 million compared to the pre-pandemic levels in the second quarter of 2019, driven by the continued surge in golf demand and participation, the launch of the new EPIC line of woods and APEX line of irons and the continued success of its Chrome Soft line of golf balls. 

Income from apparel sales rose by 21% compared to 2019 figures, with clothing brand TravisMathew continuing to experience increased demand from golfers. 

Callaway suffered a US$168 million loss for Q2 in 2020 due to golf course and retail closures caused by the pandemic.

Chip Brewer, President and Chief Executive Officer of Callaway, said: “I am very pleased with our performance in the second quarter of 2021 with record revenue in our golf equipment and apparel businesses, as well as Topgolf results that continue to exceed our expectations.

“These results reflect the strong momentum and exceptional operating performance across all of our business segments and underscore the strong consumer demand for our products and services.

“We are encouraged to see that the interest in the sport of golf remains at all-time highs among both experienced golfers and new entrants to the sport.

“As we look ahead to the second half of 2021 and beyond, we are confident that our unique portfolio of businesses is well positioned for long-term growth. While in the short-term we will experience some lingering supply constraints and other challenges caused by the pandemic, we believe that these challenges will be manageable given current demand levels and actions we are taking to mitigate the impact.

“We expect to deliver excellent financial results for the full year. All in all, we are excited about the long-term trends in our golf and outdoor apparel businesses, as well as the growth opportunities for Topgolf, all of which will continue to drive shareholder value.”

Callaway has forecast full year sales in 2021 of US$3.02 billion to US$3.05 billion. Shares in the company rose 3% to US$34.75 on the New York Stock Exchange following the announcement of the financial results on August 9.

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