Net income declined 14% to $48,511,000 in the third quarter from $56,224,000 a year ago, despite 6% sales growth to $657,658,000, up from $620,501,000. Most of the bottom-line impact came from a near doubling in GOLF’s effective tax rate, and adjusted EBITDA was 10% higher than a year ago at $118.6 million. Gross margin narrowed 50 basis points to 48.5%, primarily from tariffs, while SG&A was 3% higher on additional advertising and promotion spending, leveraging 100 b.p. to 31.2% of the top line. Inventory increased 3% year-over-year to $513.7 million.

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