Topgolf Sinks Most Since 2020 on Concern Golf Boom Is Fading
- Callaway owner cuts profit view, Topgolf chain’s projections
- Topgolf and peer Acushnet have slipped from pandemic-era peaks
Topgolf El Segundo in California.
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Topgolf Callaway Brands Corp. tumbled by the most since October 2020 on Wednesday after the company cut its profit forecast for the year, signaling that interest in golf is cooling following a pandemic-fueled surge.
Shares in the company, which generates most of its revenue from golf equipment and apparel, plunged 13%. Topgolf also tempered its annual projection for same-venue sales growth at its namesake chain of high-tech driving ranges, citing lower corporate sales expectations as companies curb spending.