Shrinking gross margins and rising operating expenses resulted in a net loss of $26,434,000 in the final quarter from last year’s $21,600,000 profit on flat sales of $420,566,000 against $420,494,000. Sales headwinds included lapping a strong metals launch in the prior year, as well as the impacts of supply chain constraints. Higher sales from FootJoy and Titleist balls were offset by softness in Titleist clubs and golf gear. Gross margin contracted 380 b.p. to 48.6% on freight, materials and production costs, and lower club sales, partially offset by improving FootJoy volume and higher ASP in balls. SG&A was up 20% ... Log in to view full article.