Net income increased 9% to $41,484,000 from $38,114,000 in the important first quarter as sales gained 2% to $441,801,000 from $433,615,000, boosted by clubs and golf gear but with lower sales of the Titleist Pro V1 and Pro V1x balls and a decline from FootJoy. U.S. sales dipped 2% to $219.3 million, hurt by the cold Spring weather, and international sales were down constant currency in all regions, but the weakening dollar boosted international results on a reported basis. Gross margin contracted 70 basis points to 51.5% on shifts in product mix. The Tax Act helped the bottom line with ... Log in to view full article.