Topgolf Callaway Brands reported fourth quarter revenue at $852 million, an an increase of nearly 20 percent compared to Q4 of 2021.The company, reported a Q4 loss of $73 million versus a loss of $26 million in Q4 of 2021 versus . That loss isn’t a surprise as Topgolf Callaway, citing business seasonality, traditonally reports Q4 losses.
For the full year of 2022, Topgolf Callway Brands reported earnings of $158 million compared to $322 million in 2021. Revenue in 2022 was $3.996 billion.
Topgolf easily led the company’s financials, with $409 million in Q4 revenue, a 22 percent increase over 2021. For the year, Topgolf reported revenue at $1.5 billion, 42 percent better than in 2021, with a 32 percen earnings increase to $77 million..
Topgolf Callway Brands’ equipment revenue was $190 in Q4 versus $161 million the same period in 2021. For 2022, equipment sales $1.4 billion, an increase of 14 percent over 2021.
The company opened six Topgolf venues in Q4 and a total of 11 new venues in 2022. It plans this spring to open its first venue in China – in the interior city of Chengdu.
“This will be a massive, 104-bay facility, built, owned and operated by our national franchisee there,’’ Topgolf Callaway Brands Chip Brewer said. “China represents a massive long-term opportunity for Topgolf and thus both we and our franchisee are excited to get our first venue up and running.’’
Brewer said the companyfinished 2021 with 81 owned and operated venues and five franchised venues.
“Two new venues of note are the Boise and Wichita venues, both excellent examples of a new size and format focused on our small to mid-sized markets,’’ Brewer said. “The new model is a more cost-effective way to serve our 50- to 72 bay markets, and one we believe can unlock additional markets for expansion and ultimately increase the total addressable market in the U.S. from 200 venues to 250 venues.
“We expect to open 11 new owned and operated venues again this year. The mix will be similar in size to last year (skewing large to medium) and like last year, it will be back-end loaded, with only two venues planned to open in the first half of this year and eight planned to open in Q4.’’
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