November 06, 2020
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.
After two quarters of losses, the bottom line rebounded to net income of ¥2,858 million ($26.9 mm) in the third quarter from ¥1,424 million, and revenues also returned to growth, gaining 2% to ¥101,309 million ($954.8 mm) from ¥98,962 million.
Net income slipped 23% in the second quarter ended Sep. 30 to ¥1,222 million ($11.5 mm) from ¥1,594 million, rebounding sequentially from Q1’s loss, as revenues declined 13% to ¥37,586 million ($354.3 mm) from ¥43,304 million.
Revenues expanded by 22% to $305,621,000 from $250,277,000 in the third quarter, driven by continued record demand for bicycles that boosted growth at the Cycling Sports Group and Pacific Cycle divisions.
Precision Sports Devices has been launched by Dave Churchman, a veteran sales exec whose career started representing Adidas, Puma and more recently New Balance and Keen, to market his patented PassLab training device.