Topgolf Callaway Stock Fell Close to 25% This Week. Here's Why.
Shares of Topgolf Callaway Brands (NYSE: MODG) slipped close to 25% this week, according to data from S&P Global Market Intelligence. The owner of Callaway, Topgolf, and TravisMathew posted weak growth for the second quarter of 2024. Suffering for many years, the stock is now down 20% year to date and 33% over the last 12 months.
Here's why Topgolf Callaway stock fell yet again this week.
The second quarter for Topgolf Callaway showed slowing discretionary consumer spending in the United States. Golf equipment revenue decreased 8.2% year over year to $414 million, leading to a decrease in operating income for the segment. Active lifestyle revenue -- which is apparel -- saw a revenue decline of 3.2%. Both show a stagnation in consumer spending for golf-related products.
Source Fool.com