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Last year, the number of golfers in the U.S. increased by 500,000 to 24.8 million, per the National Golf Foundation. This past June, rounds played during were up 19% from 2017-2019.
Callaway and Acushnet — Titleist’s parent company — both reported second-quarter earnings in the last week, further showcasing just how much the $84 billion industry has grown recently.
Callaway saw net revenue jump from $617 million to $914 million, with golf equipment and soft goods revenue increasing 98% to a record $588 million.
- In the first full quarter since Callaway finalized its $2.6 billion Topgolf acquisition, the subsidiary overperformed, recording $325 million in revenue.
- Callaway already owned a 14% stake in Topgolf after an investment in 2006 but announced in October 2020 that it would purchase the rest.
Chip Brewer, president and CEO of Callaway, says the company is well-positioned for long-term growth despite supply constraints caused by the pandemic.
Acushnet also had an impressive second quarter, with net sales increasing 108.3% year-over-year to $624.9 million. However, the company said it also expects an interruption in the supply chain going forward.
