Callaway Golf Company (NYSE: ELY) just reported an earnings loss of more than $15 million in 2009; the Acushnet Company's (Titleist, Footjoy, Cobra) sales and earnings dropped in 2009 versus '08; rounds played are flat at best, major equipment companies are already offering discounts on new product; and the PGA Tour is selling some sponsorships at bargain basement prices. Yet the PGA of America continues on its blissfully ignorant path that all is well inside the golf industry.
In fact, according to PGA President Jim Remy, the recession is over. The 10 percent of unemployed Americans will be glad to hear that.
Read PGA President Jim Remy's words from week's PGA Merchandise Show in Orlando. A show, by the way, that had all the excitement of root canal without the pain killers.
"I just wanted to say as I enter my second year as president of the PGA of America, it has been truly an honor to serve the Association and I'm so proud of the way that our members have rose to the occasion,'' Remy said. "I guess you would say, over the past year we have clearly gotten through a recession that was certainly difficult for many, many businesses in this country and golf has, again, come through it.''
Ignorance is indeed bliss.
Comments
Good article. The economy is still beating golf big time. I went to a liquidation auction yesterday. I picked up $4000.00 worth of new equipment from Callaway at the store. The guy who owned it said he had to close because of poor sales last year and Christmas. He felt like this year wouldnt be any better and maybe worse.
The recession isnt over. Especially in golf. Great article.
Su...
Good piece. Apparently nobody holds the PGA of America accountable for its words or lack of success in growing the game as it likes to say is happening.
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