Golf (CALY/GOLF) - May U.S. Equipment Retail Sales +5.5% y/y, once again growth driven primarily by price

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Golf (CALY/GOLF) - May U.S. Equipment Retail Sales +5.5% y/y, once again growth driven primarily by price

Truist Securities

Equity Research Report June 22, 2026

CONSUMER: Leisure Products

Golf (CALY/GOLF) - May U.S. Equipment

Retail Sales +5.5% y/y, once again growth Gregory J. Miller

212-303-4198 driven primarily by price Gregory.J.Miller@truist.com

Based on our sample data set, U.S. golf equipment retail sales were +5.5% y/y

in May. Sales gains for May were driven by price (+5.9%); comparatively, volume

C. Patrick Scholes was -0.4%. Putters continue to lead sales growth. Gloves remain the bright spot

212-319-3915 within the Softgoods category. Patrick.Scholes@truist.com

At the headline level, May retail sales were similar to April's strong result.

Davis Holcombe However, we note that volume growth has been modest-to-negative YTD. We

404-926-5091 continue to stay attentive to the split trends between price and volume especially

Davis.Holcombe@truist.com given positive rounds played YTD.

8 Page Document TV viewership update: While we await U.S. Open ratings from an entertaining Sunday

at Shinnecock Hills, last month's PGA Championship final round had ratings +24% y/y

Reasons for this report and viewership +21% (Sports Media Watch). That event's Sunday viewership was the highest in five years.

✓ Data-Driven Analysis Per Circana, LLC / U.S. Retail Tracking Service, U.S. golf equipment retail sales

✓ Analysis of monthly golf retail data and for May were +5.5% y/y. Versus May 2019, retail sales were +44.6%. We estimate

implications for CALY (Buy) and GOLF (Hold) U.S. equipment retail sales represent ~50% of total global volumes.

Note: Circana provides retail sales data from over 2,000 golf pro shops, specialty stores,

and some e-commerce sites.