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 24, 2021
Nike and Skechers Settle Three Patent Suits
Nike Inc. and Skechers USA Inc. have reached a deal to end three lawsuits in the Central District of California in their long-running battle over intellectual property. According to filings on Friday, the two companies attended a mediation before Judge James Holderman on Nov. 16 where the parties agreed to...
-
November 23, 2021
Dick’s Sporting Goods’ net sales rise 14% in Q3
Dick's Sporting Goods reported net sales increased 13.9% in the third quarter year-over-year and raised its full-year guidance. Sales for the period ending Oct. 30 were $2.75 billion, compared to $2.41 billion at the same time last year. Consolidated same store sales increased 12.2% in the third quarter. E-commerce sales...
-
November 19, 2021
Busted: Police Capture Massive $1.5M Bike Theft Ring
On Wednesday, a grand jury indicted eight individuals for causing $1.5 million in damage to bikes and vehicles during a crime spree in Colorado’s Front Range. They face a total of 227 counts, ranging from burglary to first-degree theft.
-
November 19, 2021
House approves Build Back Better Act — including e-bike tax credit — which goes to Senate
The House of Representatives on Friday morning approved the Build Back Better Act that provides billions of dollars in funding for an e-bike tax credit, bike commuter benefit, and climate and equity-enhancing infrastructure as part of the $1.75 trillion social spending bill. Bicycle Retailer
-
November 17, 2021
Peloton Sues Rivals Over Alleged Patent Infringement
Peloton has filed lawsuits against rivals Echelon and iFit over alleged patent infringement related to the company’s on-demand fitness classes. Known for its at-home bikes and treadmills, Peloton is seeking compensation and a court order that would prevent Echelon and iFit from selling their alleged patent-violating products until the patents...
-
November 16, 2021
Peloton Soars After Stock Offering Attracts Major Investors
Peloton Interactive Inc. jumped as much as 15% after a $1 billion stock offering drew the interest of major investors, a sign Wall Street is ready to look past a grim forecast earlier this month. The shares rose as high as $54.45, marking the biggest intraday gain since March. The...
-
November 16, 2021
Inside The Call: Beachbody’s Q3 Misses Plan On Weakening At-Home Fitness Demand
The Beachbody Company, which recently went public in an IPO, reported sales dropped 17 percent in the third quarter in part because new subscribers to its fitness content weakened amid a softening in at-home fitness demand. Looking ahead, Beachbody lowered its expectations for sales for 2021 to a range between...
-
November 15, 2021
Beachbody Q3 Revenues Decline 17 Percent
The Beachbody Company, Inc.'s sales declined 17% due to a drop in new health and wellness subscriptions. Total revenue was $208.1 million, a 17% decrease compared to 2020 and a 6% increase compared to 2019. Net loss was $39.9 million, compared to net income of $13.8 million in 2020 and...
-
November 15, 2021
New Balances’ CEO Eyes Strong Bounce Back In 2021
At SFIA’s Trends & Insights conference, Joe Preston, New Balance’s CEO and president, said his company’s sales are on a path to climb “about 30 percent this year” and move past 2019 levels as it strongly recovers from the pandemic. The brand also continues to pack momentum in the future....
-
November 12, 2021
Saucony Appoints Sr. VP
Saucony, a division of Wolverine Worldwide Inc., and global performance running and lifestyle brand, announced the appointment of industry veteran Brian Moore to senior vice president of global product. Moore began his athletic footwear career at Saucony 25 years ago where he served as vice president of product marketing and...
-
November 10, 2021
World Triathlon and RaceRanger team-up on anti-drafting tech
World Triathlon has teamed up with RaceRanger, an electronic sensor system designed to improve fairness around the issue of drafting on the bike section of non-drafting triathlons, which make up approximately 85% of triathlon competitions globally. Endurance.Biz
-
November 10, 2021
Adidas sees $1.2 billion sales hit as supply snags drag on
German sportswear company Adidas warned on Wednesday of a 1 billion euro ($1.2 billion) hit to sales from factory closures in COVID-hit Vietnam and supply chain bottlenecks that it expects to affect business into next year. Shares in the company fell more than 5% as it became the latest multinational to...
-
November 10, 2021
Black Employees at Peloton Are Voicing Concerns Over Pay Disparity
Insider published an investigation detailing some Black employees' concerns over pay disparity at Peloton. The report, published on Nov. 3, was based on interviews with four Black current and former Peloton employees speaking under the condition of anonymity, as well as Insider's access to inside communications (screenshots of Slack conversations,...
-
November 8, 2021
Fox Factory’s Cycling Segment Scores Sixth Straight Record Quarter
Fox Factory Holding Corp. said its Specialty Sports Group (SSG), its cycling component division, soared 48.1 percent in the third quarter despite continuing supply chain constraints. Officials said with the current pace of industry demand, it expects it will take eight to 10 months to meet the current customer demand...
-
November 8, 2021
Planet Fitness Brings In Highest Franchise Revenue Ever
Planet Fitness surpassed third-quarter estimates by 13.62%, reaching $154.26 million in revenue compared to $105.38 million the year prior. The national gym chain recorded a net income of $18.6 million, up from a $3.3 million loss during the same period last year. Front Office Sports
-
November 8, 2021
Asics North America Delivers Double-Digit Growth In Q3
Asics said that for a third consecutive quarter, its North America region experienced a double-digit quarterly sales increase year-over-year. Looking ahead, Asics raised its outlook for profits for the full year. Asics still expects sales in the full year of ¥395,000 million, up 20.1 percent. Operating income is now expected...
-
November 8, 2021
Brooks Continues Running at Record Pace through Q3 with Year-to-Date Revenue Up 44 Percent
Brooks’ revenue increased for an eighth consecutive quarter in Q3 2021. From January through September 2021, Brooks grew revenue 43.5 percent globally. In the U.S. adult performance running footwear category, Brooks captured 19% market share, based on revenues, and gained 2 percentage points, versus last year, according to The NPD...
-
November 5, 2021
Dorel reports its Sports division saw revenue decline 1% in Q3 ahead of sale to Pon
Dorel Industries reported sales of $304 million in its Dorel Sports division in its third fiscal quarter this year, a 0.6% decline over sales in the same period last year. For the Sports division, organic revenue (excluding the impact of exchange rates) was down 1.2% in the quarter. Operating profit...
-
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