Net income jumped 112% to $63,216,000 from $29,797,000 as net sales moved up 16% to $482,932,000 from $417,166,000, benefiting from a boost to rounds of play across nearly all regions, driving demand of Titleist balls and returning the pandemic-challenged apparel segments to positive comps for the year. Gross margin ticked up 10 b.p. to 52.2%, as golf ball margin improvement was partially offset by weakness in club margins. SG&A was 3% lower over 2019 at $158,857,000 on lower advertising and promo costs, contracting as a percentage of sales by 400 b.p. to 32.8%.

Titleist golf balls saw a 41% increase on ... Log in to view full article.