Topgolf Callaway Announces Strategic Review, Lowers EPS to 11c-21c Amid 8% Sales Decline

Topgolf Callaway Brands has announced a formal strategic review of its Topgolf business. The review will consider both organic and inorganic alternatives. The company has also adjusted its fiscal year earnings per share (EPS) guidance to a range of 11 cents to 21 cents, down from an estimated 31 cents. This adjustment follows a mixed earnings report where Topgolf exceeded EPS expectations but missed revenue targets, with comparable sales declining by 8%, compared to a 1% increase in the previous period. The decline is attributed to softer-than-expected traffic as the business faces current cyclical macroeconomic challenges.