The Titleist and FootJoy parent turned in another solid quarter, reporting an 11% increase in net income to $57,307,000 from $51,837,000 as sales rose 6% to $593,381,000 from $558,246,000. Gross margin narrowed by 80 basis points to 52.0%, while operating expenses were 4% higher, leveraging 80 b.p. as a percent of sales. Inventory was down 22% from the beginning of the year at $528.7 million

Revenues in the U.S. grew 8% to $352.5 million, including a 14% increase in club sales and 8% higher balls, boosted by higher ASPs. FootJoy improved 12%, ... Log in to view full article.