Net income fell 16% to $34,926,000 in the first quarter from $41,484,000 as revenue dropped 2% to $433,702,000 from $441,801,000 lapping last year’s new club introductions, but would have been up 1% on a constant currency basis. Gross margin contracted 30 b.p. to 51.2%. SG&A was down 3% in dollars, but expanded 160 b.p. as a percentage of sales to 35.8%. The SG&A increase was due to higher selling expenses across all segments, and increased advertising and promotion for the Pro V1 and Pro V1x launches. GOLF maintained its full-year guidance for sales of $1,655 to 1,685 million and adjusted ... Log in to view full article.