Net income grew 21% in the fourth quarter to $21,600,000 from $17,859,000 on 14% higher sales of $420,494,000 up from $368,271,000 driven by improvements in all categories and geographies. GOLF’s bottom line would have been even better except for a $10.3 million indemnification expense related to Beam Suntory, the company’s former owner, but that was mostly offset by an $8.1 million income tax benefit. Gross margin was up 170 b.p. to 52.4%. SG&A jumped 21% in dollars and increased by 250 b.p. as a percent of revenue. Inventory was down 10% to $357.7 million.

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