Net income inched down 5% to $81,045,000 from $84,958,000 in the first quarter on sales that were up 4% (+8% constant currency) to $606,087,000 from $580,885,000. The top line benefited from higher selling prices across categories, Titleist club introductions, and sales volume gains in FootJoy, while supply constraints continue to drag Titleist gear and balls. Gross margin contracted 120 b.p. to 52.3%, with Footjoy, clubs and gear margins lower, partially offset by high golf ball margins from higher overhead absorption. SG&A deleveraged 160 b.p. to 32.3% from 30.7%., as higher selling, distribution, IT and advertising led the spending increase to ... Log in to view full article.