By Michael Donovan
Tiger Woods’ career is on hold due to his injuries, and Nike’s golf business is feeling the pain.
With a surgically repaired back keeping Woods off the links, the Nike golf business is struggling.
As the Street.com noted, Nike reported this week that sales at its golf business plunged 8% to $706 million for the fiscal year ended May 31. Excluding the impact of the strong U.S. dollar, sales dropped 6% from the prior year. It was the worst-performing business for Nike in terms of sales last fiscal year.
Weak sales for Nike golf — which represents about 3% of total sales for the apparel and footwear giant — has now become a recurring theme in recent years with the injury prone Woods being spotted less in riveting final rounds of PGA Tour events and other Nike product endorser Rory Mcllroy lacking the star-power of Woods.