Some of that 2011 loss can be attributed to the company’s restructuring and reinvestment initiatives, but it’s clear that Callaway still has a long way to go to regain profits and maketshare. The company reported sales losses in metal woods, putters, irons and ball in 2011 compared to 2010 sales figures.
Despite the bleeding, Callaway President and CEO Tony Thornley tried to put on a happy face.
“While 2011 was a very challenging year for Callaway, I am pleased with the significant progress we have made over the last six months with our restructuring and reinvestment initiatives,” Thornley said. “We have achieved our $50 million annual savings target we began last June, implemented a flatter/more streamlined organization structure, and have begun investing a significant portion of those savings in our newly developed 2012 globally integrated brand and marketing initiatives.
Thornley said Callaway expects “to be profitable in 2012 as the first step towards returning to industry leading returns in the coming years.”
Given 2011’s carnage, those are big words.