NIKE, Inc. (NYSE:NKE) has announced that it will accelerate innovation in its Golf footwear and apparel business and will partner with more of the world’s best golfers. With this new focus, Nike Golf will transition out of equipment – including clubs, balls and bags.
“We’re committed to being the undisputed leader in golf footwear and apparel,” said Trevor Edwards, President, Nike Brand. “We will achieve this by investing in performance innovation for athletes and delivering sustainable profitable growth for Nike Golf.”
“Athletes like Tiger, Rory and Michelle drive tremendous energy for the game and inspire consumers worldwide,” said Daric Ashford, President of Nike Golf. “Over the past year the MM Fly Blade Polo, the Flyknit Chukka and Air Zoom 90 have all connected strongly with golfers. We’ll continue to ignite excitement with our athletes and deliver the best of Nike for the game.”
Last month Nike announced that golf sales fell 8.2 percent to $706 million for the fiscal year that ended May 31, making it the lowest-performing business segment of the company over that time period. According to corporate filings, Nike Golf sales peaked in 2013, with revenues of $792 million.
In addition to Tiger Woods and Rory McIlroy, other pros currently using Nike equipment include Michelle Wie, Suzann Pettersen, Brooks Koepka, Tony Finau, Russell Henley, Paul Casey and Jhonattan Vegas.
Bloomberg reports that shares in Callaway Golf Co. jumped as much as 8.5 percent in New York trading after the announcement by Nike Inc.
For more information, Nike’s earnings releases and other financial information are available at http://investors.nike.com Individuals can also visit http://news.nike.com/ and follow @Nike.