TaylorMade-adidas Golf announced record first quarter revenue of EUR 176 million, a 14% increase versus the previous first quarter record established a year ago. The first quarter results marked the twelfth consecutive quarter in which quarterly revenues have exceeded those in the prior year.
The record results were fuelled primarily by significant increases in golf ball revenues, driven by the newly licensed Maxfli brand. In addition, revenues grew in every region, with all iternational markets realizing double-digit revenue growth.
“Our new agreement with Dunlop Slazenger Group has provided us with an important vehicle to further expand our revenue base, particularly in the important golf ball category,” said TaylorMade-adidas Golf company CEO Jim Stutts. “Unit market share for Maxfli branded golf balls has increased significantly during the last nine months and has put our company in a position to be No. 3 in the golf ball segment by year end.”
International revenues increased 20% during the quarter, while U.S. revenues gained 9%. Revenue growth was led by Asia, whose revenues rose 26% due to significant gains in Korea as well as continued growth in Japan. In Europe, revenues increased 19%, driven by gains in metalwoods, golf balls and adidas Golf apparel.
“I’m extremely pleased with the progress we continue to make on the globalization of our Company,” said Stutts. “In particular, we are becoming a leading player in Asia, a region where we are anticipating the highest growth rates in 2002 and beyond.”
“We are pleased to have just completed our twelfth straight quarter of year-over-year revenue increases, but we are even more excited about the truly performance enhancing products we are introducing this year,” said TaylorMade-adidas Golf president Mark King.
For example, our new line of premium putters, marketed under the Rossa brand, were recently introduced at retail and are already being used by several tour players, including Ernie Els, who currently is No. 1 on the PGA Tour in putts per round,” he continued.