Net income increased 22% to $33,016,000 from $27,055,000 in the second quarter, benefitting from lower spending and interest expense, but sales slipped 8% to $427,988,000 from $463,261,000 in a key selling season. The bottom line was boosted by post-IPO interest expense of just $4.9 million against $14.6 million last year, and SG&A also declined $6.3 million, although it increased 130 b.p. as a percent of sales. Gross margin gained 70 basis points to 52.1% on higher ASPs and a better mix at FootJoy.

Sales in the U.S. dipped 9% to $224.2 million as rounds played were down between 7% and 13% ... Log in to view full article.