According to a fourth-quarter earnings report from the adidas Group released on March 5, sales at TaylorMade Golf declined 28 percent for the full year in 2014.

In 2013, TaylorMade posted net sales of €1.285 million (Euros). 2014 net sales were €913 million.

Read the full report here from adidas Group.

Major developments in Q4 2014 from the adidas Group:

Currency-neutral Group sales increase 6%

Strong top-line momentum at brand adidas (+11%)

Reebok reports seventh consecutive quarter of growth

Group sales in Western Europe, European Emerging Markets, Greater China and Latin America each grow at double-digit rates

Comparable Retail store sales up 9% currency-neutral

Major developments in FY 2014 from the adidas Group:

Currency-neutral Group sales up 6%

Strong growth at adidas (+11%) and Reebok (+5%)

Sales at TaylorMade-adidas Golf decline 28%

Underlying earnings reach target of around € 650 million

Net debt position of € 185 million at year-end

Management to propose dividend of € 1.50 per share

Outlook:

Currency-neutral Group sales to increase at a mid-single-digit rate

Gross margin to be at a level between 47.5% and 48.5%

Operating margin to be at a level between 6.5% and 7.0%

Net income from continuing operations to increase at a rate of 7% to 10%

Below are excerpts from the report that discuss TaylorMade Golf:

[quote_box_center]In the fourth quarter of 2014, Group revenues grew 6 percent on a currency-neutral basis. Currency-neutral sales in Retail and Wholesale increased 20 percent and 5 percent, respectively. Sales in Other Businesses decreased 16 percent on a currency-neutral basis, due to a double-digit decline at TaylorMade-adidas Golf.[/quote_box_center]

[quote_box_center]In European Emerging Markets, currency-neutral sales were up 16 percent as a result of double-digit revenue growth at both adidas and Reebok. Group sales in North America declined 4 percent on a currency-neutral basis, as mid-single-digit growth at adidas was more than offset by declines at TaylorMade-adidas Golf and Reebok.[/quote_box_center]

[quote_box_center]Revenues at TaylorMade-adidas Golf declined 24 percent on a currency-neutral basis, as a result of TaylorMade-adidas Golf’s ongoing efforts to clean retail inventories and the timing of new product introductions compared to the prior year period.[/quote_box_center]

[quote_box_center]The Group’s gross profit increased 1 percent to € 1.621 billion (2013: € 1.610 billion) in the fourth quarter. Gross margin decreased 2.6 percentage points to 44.9 percent (2013: 47.5 percent), mainly due to negative currency effects as well as higher input costs. In addition, lower product margins at TaylorMade-adidas Golf also contributed to the gross margin decline.[/quote_box_center]

[quote_box_center]Revenues in Other Businesses were down 19 percent on a currency-neutral basis, due to double-digit sales declines at TaylorMade-adidas Golf.[/quote_box_center]

[quote_box_center]The gross margin of the adidas Group decreased 1.7 percentage points to 47.6 percent in 2014 (2013: 49.3 percent). This development was mainly due to negative currency effects as well as higher input costs. In addition, increased clearance activities particularly in Russia/CIS as well as lower product margins at TaylorMade-adidas Golf contributed to the gross margin decline.[/quote_box_center]

The report spoke on the plan for TaylorMade Golf in 2015:

[quote_box_center]In 2015, the adidas Group gross margin is forecasted to be at a level between 47.5 percent and 48.5 percent (2014: 47.6 percent). Higher product margins at TaylorMade-adidas Golf as a result of lower levels of clearance activity as well as a more favourable pricing and product mix at both adidas and Reebok are expected to positively influence the Group`s gross margin development.[/quote_box_center]

Read the full report from adidas Group here.