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Why golf club-maker Callaway is moving away from the fairway (www.cnbc.com)

With a record number of new golfers teeing off in 2020, Callaway, the maker of golf balls, clubs, bags and apparel, has been thriving.

Callaway announced in May first-quarter net revenue of $652 million, a 47% increase from a year earlier.

“Callaway pre-Covid was already the number one brand in sticks, I call it, which is putters, drivers and irons,” said Jefferies analyst Randy Konik. “They were outpacing industry growth and they were also number two in balls behind Titleist.”

Callaway has made moves off the fairway as well. In March, the company completed its merger with golf entertainment business Topgolf, which combines virtual driving ranges with food and cocktails.

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