George FellowsCallaway Golf Company (NYSE:ELY) has announced its preliminary financial results for the first quarter of 2010.
“Our first quarter results reflect the improving economic conditions and the benefits of our continued investment in geographic expansion and our global operations strategy, as well as improvement in foreign currency exchange rates compared to last year,” commented George Fellows, President and Chief Executive Officer.
“Although poor weather conditions have delayed the opening of the golf season in many of our key markets and tempered our first quarter sales, we believe that golf spending will increase as weather conditions improve and the golf season opens.”
“Overall, we remain cautiously optimistic for 2010,” continued Mr. Fellows. “The pervasive discounting that occurred in 2009 has subsided, retail inventory levels are healthy, and we have received positive consumer feedback on our 2010 product line buoyed by strong performance of these products on the various professional tours around the world. Although these and other factors support our optimism, it is important to remember that the second quarter is generally when the consumer purchase cycle peaks and it is a critical quarter for us in achieving our full year targets.”
The Company will release actual first quarter financial results on 29 April 2010.
Callaway Golf www.callawaygolf.com