Callaway Loses $16.05 Million In Q3

by The Editors on October 30, 2009

Callaway-LogoTimes must be hard in the golf business. With expense accounts getting clipped and companies shedding extra employees we would guess that there are far fewer business deals going down on the golf course these days and Callaway is feeling it.

For the third quarter of 2009, net sales were $190.86 million, a decrease of 11%, compared to $213.45 million for the same quarter of 2008. . . For the first nine months of 2009, net sales were $764.95 million, a decrease of 19%, compared to $945.93 million for the same period of 2008.

But CEO George Fellows has found a silver lining:

“While market conditions have been challenging this year, we have managed our business in such a way that we have gained market share in all club categories, managed our expenses responsibly and invested in a few important growth initiatives that should position Callaway Golf to grow when the economy begins to rebound.”

We’re not sure that a bigger piece of a smaller pie is anything to be excited about.

[Link: Trading Markets]

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