Net income more than quadrupled to $29,797,000 from $7,063,000 in the third quarter on revenues that grew 13% (+14% CC) to $417,166,000 from $370,427,000 helped by incremental $28.4 million in sales from Titleist irons, hybrids and putters launched during the quarter. Gross margins improved 110 b.p. to 52.1%. SG&A expenses grow 7% to $158,857,000 from $148,653,000, contracting 205 b.p. as a percentage of sales to 38.08%. About half of the expense increase was attributable to the recently acquired KJUS ski and golf brand, while the balance was due to higher advertising and promotion to support the quarter’s club launches.
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