Topgolf Releases Quarter 3 Financial Results
Topgolf has released its financial results for quarter three, which ended on September 30.
“This quarter our team once again delivered solid operating results across all segments of our business. Both Golf Equipment and Active Lifestyle had strong quarters while Topgolf, despite same venue sales that were lower than expected, was able to expand venue margins, an impressive accomplishment in a challenging quarter, and remains on track to successfully open 11 new venues in 2023,” said Chip Brewer, President and Chief Executive Officer of Topgolf Callaway Brands in a statement.
Since then, the Callaway-owned company has opened two new locations in New England, including one in Cranston, Rhode Island.
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Topgolf Q3 Financials
During quarter three, Topgolf’s revenue grew to $447.7 million, that’s up $33.9 million or 8.2% over last year during the same time period.
The financial report notes that the increase is due to new venues, but also offset by “lower-than-expected same venue sales which declined 3%.”
Callaway’s year-to-date sales are nearly $3.4 billion, with Topgolf sales making up approximately $1.3 billion of that.