Callaway is Weighing Up What to do With Topgolf, as Visitor Numbers Fade

Reduced visitor figures have been weighing on Topgolf’s top line, with same-venue sales declining in each of the last 4 quarters, as the allure of grooving your swing while surrounded by “loud music, giant targets, giant TVs, and hand-crafted food & drinks” has started to fade a little.

In previous quarters, the company had explained that the falling figures were just a correction following a “post-Covid surge in the corporate events business” in the preceding year. The further we get from the pandemic, though, the more difficult it becomes to explain the drops away, with Brewer conceding in Q2 that he’s been “disappointed” with Topgolf’s same-venue sales figures and the company’s share price for some time. Topgolf Callaway Brands stock is down 19% in the last 5 days, and down more than 67% since its May 2021 peak.

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