Topgolf Callaway Brands saw higher revenue last year on the back of higher performance in its Topgolf and active lifestyle segments.

The sport equipment retailer’s revenue increased 7.2 per cent to $4.28 billion in the year ended December 31.

The Topgolf segment’s revenue grew 13.7 per cent to $1.76 billion while the active lifestyle segment’s revenue climbed 9.2 per cent to $1.14 billion. Meanwhile, the golf segment’s revenue slid 1.4 per cent to $1.39 billion.

“We have good momentum as we enter 2024,” said Topgolf Callaway Brands CEO Chip Brewer.

“In our golf equipment segment, we finished the year with the number one US market share for total clubs, woods, drivers, fairway woods, hybrids and irons and our new 2024 product line is our best yet, receiving accolades from the trade, the tour and consumers alike.”

The company’s annual net income fell 39.8 per cent to $95.0 million.

For this year, the company forecasts consolidated net revenue of $4.52 billion to $4.56 billion, reflecting a potentially softer consumer environment.

The company also expects about $20 million in pre-tax income headwinds related to foreign currency.