Acushnet Holdings Corp, owner of the Titleist, FootJoy and KJUS brands, has reported net global sales of $2.27bn for 2022, up 5.7% on figures for 2021, as the post-pandemic golf boom continues to have a positive uptick across the industry.
On a geographic basis, consolidated net sales in the United States were higher driven by increases of 17.2% in Titleist golf clubs, 4.9% in Titleist golf balls, 4.7% in FootJoy golf wear and 10.3% in Titleist golf gear. The increase in Titleist golf clubs was primarily driven by higher sales volumes of SM9 wedges, Phantom X putters, T-Series irons and the new TSR drivers and fairway woods.
The company said that the increase in Titleist golf balls was primarily due to higher average selling prices and higher volumes. The increase in FootJoy golf wear was driven by higher average selling prices of footwear and higher sales volumes of apparel, while the increase in Titleist golf gear was driven by higher average selling prices across all product categories.
Net sales in regions outside of the United States were up 1.9%, or 13.5% on a constant currency basis.
In EMEA, net sales increased across all reportable segments, with the first quarter of 2022 having the largest increase due to the adverse impact of government-ordered shutdowns in this region during the first quarter of 2021. In Korea and Rest of World, net sales increased across all reportable segments. In Japan, net sales increased in FootJoy golf wear and Titleist golf clubs.
“As we continue to build momentum across our brands, we are pleased to report the Acushnet team delivered another strong year in 2022, including healthy acceleration in Q4,” said David Maher, Acushnet’s President and Chief Executive Officer. “The company’s commitment to product development, manufacturing and supply chain excellence contributed to growth across all segments and regions, leading to an 11% constant currency sales increase in 2022.”
Maher added: “Titleist golf balls continue to be the overwhelming choice of PGA and LPGA Tour players, and Pro V1 golf balls were the winning choice of all four men’s Major champions in 2022. We are pleased with our ability to grow sales in this segment despite raw material availability challenges during the year. Double-digit sales growth in our Titleist golf club, Titleist gear and FootJoy golf wear segments was driven by a wide range of innovative new products, including new TSR drivers that quickly became the most played model on the PGA Tour.”
“We are encouraged by healthy golf industry fundamentals, with the US golf population increasing again in 2022 and with similar trends in key regions outside the US. Looking ahead to 2023, we expect to continue our story of growth across all brands and regions, fuelled by an exciting line up of new product launches. Our new Pro V1 and Pro V1x models are the next generation of the most trusted golf balls in the game. TSR drivers and fairways are off to a great start in the market and Scotty Cameron Super Select putters will launch later this month. FootJoy, Titleist gear and KJUS will all feature product updates and exciting new innovation stories in 2023.”