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 10, 2020
Adidas Earnings Recover in Q3, But Lockdowns Could Affect Outlook
The German-based sportswear company reported that income for the three months ending Sept. 30 was $683 million down from $761.5 million a year earlier. Revenues in Q3 decreased 7% to $7.04 billion; Q2 revenue decreased 34%. In the first nine months of 2020, revenues decreased 18% on a currency-neutral basis....
-
November 9, 2020
Dorel Sports reports continued growth, new pandemic wave expected to impact Q4
Dorel Sports has seen its sixth consecutive quarter of revenue growth, with third-quarter revenue at $305.6 million, an increase of 22.1%. Read more on BikeBiz.
-
November 9, 2020
Peloton and some bike stocks trade down on vaccine news
Major stock indexes soared Monday, apparently on Pfizer's announcement before markets opened in New York that its COVID-19 vaccine candidate was achieving 90% effectiveness in trials. However, some bike-related stocks that have been booming during the pandemic were trading down on the news. Peloton, Fox Factory, Dorel, GoPro, Vista Outdoor and Garmin. Read...
-
November 5, 2020
Peloton Nets Another Bump in Revenues, Subscribers
Peloton’s drive for two million subscribers by next fall for its connected bikes and treadmills is ahead of schedule, reporting a gain of another 240,0000 users after markets closed on Nov. 5. Peloton reported revenues of $757.9 million for its first fiscal quarter, a 20% increase over last quarter and...
-
November 5, 2020
Wolverine Eyes Market Share Gains At Saucony And Merrell Amid Pandemic
In the third quarter ended Sept. 26, revenues declined 14.1% to $493.1 million due to the pandemic’s ongoing impact. On a constant-currency basis, revenue was down 14.6%. Net earnings fell 55.3% to $21.7 million. Reported operating margin was 8.6% compared to 11.9% in the prior year. Adjusted operating margin was...
-
November 4, 2020
Fitbit’s Q3 Revenues Expand 5 Percent
Fitbit Inc., which reached an agreement to be acquired by Google, reduced its loss in the third quarter as sales grew 4.8%. Revenue reached $363.9 million against $347.2 million a year ago. The net loss shrunk to $54.5 million, or 20 cents a share, from $51.9 million, or 52 cents,...
-
November 3, 2020
The 50 Best Places to Work in 2020
Work life got turned upside down this year, and many people are just thankful they have any job at all. But some companies have gone above and beyond to not just survive, but thrive. Outside lists the 50 places which topped the list.
-
November 3, 2020
Nike Is Now Laying Off 700 — Not 500 — Workers at Oregon HQ
The Swoosh, which indicated in a WARN notice in July its plans to lay-off 500 HQ workers, has upped that number to 700 job cuts, and expects to complete the staff reductions by Jan. 8, 2021. Read more on Footwear News.
-
November 2, 2020
Emerald Holding takes earnings beating on cancelled shows
You know them for your favorite trade shows that didn't happen this year including Outdoor Retailer, SurfExpo and others. The company reported revenues of $8.5 million in the third quarter ending September 30 compared to revenues of $75.6 million for the third quarter of 2019, a decrease of 88.8 percent....
-
November 2, 2020
Under Armour is selling MyFitnessPal and exiting stores
While other companies are "all in" on fitness platforms primarily resulting from the growing online workout boom, Under Armour is taking a loss on its MyFitnessPal acquisition it made just five years ago for $475M. The company is selling the diet- and exercise-tracking app to investment firm Francisco Partners for...
-
October 29, 2020
Skechers (SKX) Tops Q3 Earnings and Revenue Estimates
Skechers came out with quarterly earnings of $0.53 per share, beating the Zacks Consensus Estimate of $0.35 per share. This compares to earnings of $0.67 per share a year ago. Skechers posted revenues of $1.30 billion for the quarter ended September 2020. Read more on Zacks.
-
October 29, 2020
Wall Street suddenly loves bike companies thanks to cycling boom
In October, Canyon, a high end, direct-to-consumer bike brand, announced that it was in talks with private equity and buyout firms. A sale could bring in $592 million and start a trend. Find out what other companies are making waves here.
-
October 29, 2020
Lululemon Wants to Achieve Full Pay Equity for Gender and Race by 2022
The athletic apparel and accessories chain announced today that it has developed a long-term strategy to become a more equitable business through inclusion and diversity, as well as minimize its environmental impact. It set 12 ambitious goals, which involve commitments to invest $75 million into wellbeing programs by 2025, expand...
-
October 29, 2020
Hoka Drives Stellar Quarter for Deckers Brands
Deckers Brands posted a monster quarter with sales rising 14% in constant currency, driven by 83% growth in its running brand Hoka One One. The brand, which has been on a tear for quite some time, increased 83% to $143 million. Nearly every brand in the company portfolio grew during the...
-
October 28, 2020
Whoop, maker of the fitness tracker that pro athletes love, is now valued at $1.2 billion
Some of the biggest names in sports are investing in the wearable company Whoop amid a global pandemic. The fitness tracking company announced it closed a $100 million financing round. Whoop is the fitness tracker of choice for a number of pro athletes, now used to help monitor potential symptoms...
-
October 28, 2020
Shimano’s Earnings Climb In Nine Months
Shimano Inc. reported earnings rose 10.4% in the nine months ended September 30 despite a 2.0% dip in sales. Earnings reached ¥47,231 million, up from ¥42,799 million a year ago. Sales were ¥264,174 million against ¥269,523 million. Operating income increased 7.7% to ¥54,300 million and ordinary income increased 5.7% to...
-
October 27, 2020
Triathlon Apparel Brand HUUB Secures Pre-Launch £575,000 Crowdfunding After 681% Sales Lift
The British triathlon apparel brand secured the investment in a 48-hour private launch ahead of the public release of a crowdfunding campaign on Oct. 28. HUUB had set a minimum target of £250,000 on the Crowdcube platform and blew past this within hours. Read more on Forbes.
-
October 26, 2020
Thule rides bike boom to 45% growth in Q3
Sales for the third quarter ending in September were SEK 2,436 million ($278 million), up from SEK 1,682 million ($192.1 million) from the third quarter 2019. The COVID-19 pandemic caused Thule's sales to decrease 4.9% in the first quarter and 11.6% in the second quarter. Read more on Bicycle Retailer.
-
October 22, 2020
Is Adidas Selling Reebok?
The German sportswear giant is reportedly looking to sell the athletic brand and could decide in the next few months whether to move forward with the process. An internal review is said to be in the early stages, while Germany’s Manager Magazin indicated that Adidas plans to complete the sale...
-
October 21, 2020
Canyon Bicycles Draws Takeover Interest From Carlyle, KKR.
Canyon Bicycles GmbH has drawn takeover interest from private equity giants. Investors are looking to capitalize on renewed enthusiasm for one of Europe’s favorite pastimes. The bike maker is working with bankers at Robert W. Baird & Co. on a sale that could fetch more than 500 million euros ($592...
-
October 20, 2020
Former pro cyclist Bradley Wiggins liquidates businesses with debts of over £1m
Two of Bradley Wiggins’s companies are being wound up with debts in excess of £1m and look set to leave creditors hundreds of thousands of pounds out of pocket. Read more on Cycling Weekly.
-
October 19, 2020
YogaWorks Files For Bankruptcy, To Closes All Studios
YogaWorks has filed for Chapter 11 bankruptcy protection but will continue to offer its digital and live-stream content. Serene Investment Management has agreed to acquire the YogaWorks digital and education business and intellectual property. YogaWorks Live and MyYogaWorks, as well as its teacher training and workshop departments will continue operation,...
-
October 16, 2020
Peloton Recalls Pedals That Might Break on 27,000 Stationary Bikes
The stationary bike juggernaut Peloton announced that it was recalling about 54,000 clip-in pedals off 27,000 stationary bikes. The brand received 120 reports of pedal breakage, including 16 incidents leading to leg injuries, with some requiring stitches. Read more on GearJunkie.
-
October 15, 2020
COVID-19 outbreak at cycling studio leads to 69 cases and counting
At least 69 people, spread among staff and patrons at Spinco from Sept. 28 to Oct. 4, have been infected with the coronavirus in Hamilton Ontario, Canada, after a series of classes at a cycling studio led to an outbreak, even though there were many safety protocols in place. Public...
-
October 13, 2020
Fitness tech company JAXJOX raises $10M as it gets ready to ship AI-enabled workout system
JAXJOX, a fitness technology company, has raised $10 million in a new funding round to help pay for the research and development of its signature InteractiveStudio workout equipment. The Series A round included investors Dowgate Capital Ltd. and entrepreneur Nigel Wray, and brings total funding to $17 million for the...