BUSINESS NEWS
Want to stay up to date on the latest press releases and business news in the running, cycling and triathlon industries? Scroll below to view all endurance sports business news.
November 5, 2021
Peloton freezes hiring after it slashes its forecast and shares drop 35%
Peloton halted hiring across all departments effective immediately during an all-hands meeting on Friday, CNBC has learned. The news comes a day after after Peloton slashed its full-year outlook amid slowing momentum for its fitness products. Peloton dropped 35% on Friday, wiping off more than $9 billion off its market value....
November 5, 2021
Fleet Feet Snaps Up JackRabbit, Sprints Ahead in Specialty Run
Fleet Feet has agreed to acquire JackRabbit from affiliates of CriticalPoint Capital. The acquisition was announced today, and Fleet Feet said via statement the transaction is expected to close in early December. The transaction, according to Fleet Feet, includes all JackRabbit brick-and-mortar locations, which spans 15 states, as well as...
November 3, 2021
Strava Appoints Lily Yang as Chief Financial Officer
ang will be responsible for overseeing the finance and legal organizations to support Strava's continued growth and business in over 195 countries worldwide. Prior to joining Strava, Lily served as Chief Accounting Officer at Pinterest, where she drove performance and profitability initiatives, partnering with key stakeholders to launch in 30...
November 2, 2021
Under Armour Hikes Outlook On Q3 Earnings Beat
Under Armour Inc. strongly raised its guidance for the full year after reporting third-quarter earnings that were double Wall Street’s consensus targets. Revenues climbed 8 percent in the third quarter. Sales of $1.5 billion were just ahead of Wall Street’s consensus target of $1.48 billion. Adjusted earnings of 31 cents...
November 2, 2021
Industry leaders co-sign pledge to reduce and report on climate impact
Industry leaders from some of the cycling world’s largest brands have signed a Shift Cycling Culture climate pledge to reduce and report on the impact of operations as part of a drive to bring about more sustainable business practices. Among the signatories you’ll find the CEOs of Dorel Sports, Schwalbe,...
November 1, 2021
Skechers Reportedly Considering IPO of Its Asia Segment
Skechers is reportedly considering spinning off its Asia business into a public company. The sneaker and clothing maker is mulling a Hong Kong-based IPO, according to Bloomberg. The company could raise around $1.5 billion through the public offering. The move may entail buying out partners in its Asia-based business, such...
October 31, 2021
From Nike to Peloton, Supply Chain Issues Unavoidable
Global supply chain issues have affected major corporations, forcing them to rethink their manufacturing strategies. Some companies have even considered shifting to a more domestic approach. Read more to understand the current predicament corporations are faced with. Front Office Sports
October 29, 2021
Inside The Call: Hoka One One Again Stars For Deckers
Deckers Brands reported sales and earnings missed Wall Street’s targets in its fiscal second quarter ended September 30 as numerous supply chain challenges slowed Ugg’s growth in the quarter. However, the company still maintained its revenue outlook for the full year, driven by its projected 50-plus percent growth at Hoka...
October 28, 2021
Skechers Slightly Lowers 2021 Outlook On Q3 Miss
Profits at Skechers USA surged 61.0 percent in the third quarter ended September 30 on a 19.2 percent revenue gain, but both sales and earnings came were below guidance. The footwear giant slightly lowered its EPS and sales targets for the full year. Skechers achieved a new third quarter sales...
October 28, 2021
Facebook Rebrands to Meta, Rolls Out VR Fitness Apps
Facebook is looking to become a different type of company, starting with its name: The social networking giant is rebranding its parent company to Meta. Meta will oversee Facebook, Instagram, WhatsApp, and Oculus, the latter of which is of growing importance to Facebook’s ambitions in the metaverse — hence the name. The rebrand was revealed by...
