Shares of Topgolf Callaway Brands Corp. rose after hours on Thursday after the golf giant nudged its full-year sales and adjusted profit forecasts higher.
Shares of Topgolf Callaway Brands Corp. rose after hours on Thursday after the golf giant nudged its full-year sales and adjusted profit forecasts higher — as the popularity of its Topgolf entertainment facilities helps counterbalance easing demand for golf equipment.
Executives said they expected Topgolf Callaway’s “active lifestyle” segment — which includes clothing, golf bags, shoes and other accessories — to grow 2023 sales “at a low teens percent” compared to last year. And they said they expected Topgolf, which Callaway merged with in 2021, to drive around $1.9 billion of those sales, as off-course golfing grows in popularity.
“We feel very good about our relative position and competitiveness in this segment,” Brewer said during the company’s earnings call. “However, in our forecasting, we’re also taking into account the inventory catchup that occurred in 2022, some potential economic pressures, and more competitor launches this year versus last.”
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