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.
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November 14, 2023
On Running boosts 2023 outlook, tops Q3 earnings estimates
On Holding (ONON) reported its third-quarter earnings, with the apparel company posting $543.8 million in quarterly revenue, exceeding an expected $518 million from analysts. The company boosted its outlook for the rest of the year, expecting full-year revenue of $2.03 billion. Yahoo Finance Anchors Brad Smith, Seana Smith, and Executive...
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November 13, 2023
TriBike Transport In Crisis, Future Uncertain
TriBike Transport is struggling to re-establish financial footing today, with some athletes' bikes in transit facing an uncertain destiny, while IRONMAN stepped in to backstop the fate of athletes traveling to and from its events. Below is the immediate situation facing athletes who have recently used or intend to use...
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November 9, 2023
Raleigh set for restructure and job cuts
British cycling brand Raleigh has announced that it will be making job cuts alongside an internal restructuring. Attributing the changes to a challenging market, the company will be shutting down its parts and accessories department as well as outsourcing its warehousing and logistics. In an interview with ITV, a spokesperson...
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November 9, 2023
Wolverine Sees New Round of Layoffs as It Looks to Further ‘Streamline’
Wolverine Worldwide is accelerating its transformation plan as it looks to “streamline” the organization. As part of this plan, the Rockford, Mich.-based footwear company on Thursday revealed a new global workforce reduction and organizational redesign. While Wolverine has not disclosed the number of employees affected by this move, the company...
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November 9, 2023
Can Specialty Run Handle More Competition? Is the ‘Super Shoe’ Here to Stay? + More Burning Questions for the Running Market
The running market continues to be the hot spot in athletic footwear, and everyone wants a piece of it. For instance, Nike, which had been prioritizing its direct-to-consumer channels, renewed its partnerships with non-athletic retailers Macy’s and DSW earlier this year. And Hoka — FN’s Brand of the Year and...
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November 8, 2023
Adidas Ekes Out Growth in Q3 on Gains in all Regions Except North America
Adidas posted a 1 percent increase in currency-neutral (c-n) revenues in the third quarter of 2023. The company said the top-line development reflected the company’s conservative sell-in approach aimed at reducing high inventory levels, improved sell-through as well as the company’s focus on full-price sales across its own channels. In...
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November 2, 2023
Peloton reports wider-than-expected loss, ‘bad news’ on paid subscriptions
Peloton’s sales during its fiscal first quarter were higher than expected but its losses underperformed Wall Street’s expectations. The connected fitness company, known for its pricey Bike and Bike+, is struggling to convert new users into paid subscribers. For its holiday quarter, Peloton is expecting revenue of between $715 million...
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November 1, 2023
Vista Outdoor Reports Second Quarter FY24 Financial Results
Vista Outdoor Inc. reported financial results for the second quarter of Fiscal Year 2024 (FY24), which ended on September 24, 2023. Sales decreased $105 million to $677 million, down 13 percent, driven by lower shipments across nearly all categories in the Sporting Products segment. Gross profit declined 21 percent to $209...
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November 1, 2023
Garmin Lifts Outlook On Q3 Beat
Garmin, Ltd. raised its guidance for the year as third-quarter results topped expectations. Among segments, fitness sales grew 26 and Outdoor advanced 7 percent while Marine declined 7 percent. Highlights for the third quarter 2023 include: Consolidated revenue of $1.28 billion, a 12 increase compared to the prior year quarter...
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November 1, 2023
Brooks Running Eyes Return to Double-Digit Growth In 2024
Brooks Running’s global revenue grew 5 percent in the first nine months of 2023, with North America revenue increasing 7 percent. The Seattle, WA-based running brand, owned by Berkshire Hathaway, reported it remains the leading running footwear brand across U.S. retail and forecasted a return to double-digit growth in 2024....
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November 1, 2023
How Brooks Plans to Achieve Double-Digit Growth in 2024 As the Running Market Heats Up
While other running brands such as Hoka and On have been generating big buzz, Brooks continues to show solid gains. As of the third quarter, Brooks’ global revenue grew 5 percent year-to-date, with North America revenues increasing 7 percent. Internationally, Brooks’ revenue increased 22 percent in France and the United...
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October 28, 2023
Thule’s Profits Bounce Back in Third Quarter
Thule Group reported a strong recovery in earnings in the third quarter as sales rose 8.0 percent. Sales in the North American region decreased 15 percent on a currency-neutral basis. The Sweden-based maker of outdoor and transportation products reported net sales for the quarter amounted to SEK 2,311 million ($205.8...
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October 26, 2023
Hoka Continues to Drive Deckers Brands in Q2, Ugg Returns to Profit
Shares for Deckers Brands were up nearly 10 percent. The footwear company reported net sales in the second quarter of 2024 increased 24.7 percent to $1.09 billion, compared to $875.6 million the same time last year. Deckers also saw a bump in its direct-to-consumer channel, reporting an increase of 38.8 percent to...
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October 26, 2023
Skechers Beats Profit Expectations in Q3, Nets Record Sales Over $2B
Skechers reported record quarterly sales of $2.02 billion, which were up 7.8 percent from the prior year and ahead of the company’s previously outlined projection of between $1.95 billion and $2 billion. Net earnings were $145.4 million and diluted earnings per share were up 69.1 percent to $0.93. Skechers had been aiming...
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October 26, 2023
FloBikes Got Caught Sneaking Subscriber Data to Facebook. That Means You’re Owed Money.
If you woke up to an email about a class action lawsuit against FloSport, it was about their subscribers being notified that FloSports disclosed its subscribers’ personal information to Facebook via the Facebook Tracking Pixel, without its subscribers’ consent, in violation of the Video Privacy Protection Act (the “VPPA”). This...
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October 25, 2023
Life Time Group Holdings Inc (LTH) Reports Strong Revenue Growth in Q3 2023
Life Time Group Holdings Inc (NYSE:LTH) released its Q3 2023 earnings report on October 25, 2023, revealing a significant increase in total revenue and adjusted EBITDA. Despite a decrease in net income, the company's adjusted net income showed a remarkable improvement, turning from a loss in Q3 2022 to a...
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October 24, 2023
Shimano’s Sales Tumble 20 Percent In Nine Months On Cycling Weakness
Shimano Inc.’s sales tumbled 19.8 percent in the nine months as sales in its Bicycle Components segment dropped 24.8 percent with the decline tied to high inventories in the IBD channel. The Japanese-based company nonetheless slightly raised its outlook for the year as orders in the back half weren’t as...
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October 24, 2023
Running Store Distance Lets Customers Steal — If They Can Outrun Its Security Guard
Running store Distance is allowing customers to steal products from its shelves — with a catch. On Sept. 13, the brand posted a sign outside of its store in Paris, which proclaimed “Rob It To Get It” as part of its latest campaign. Customers were allowed to steal items in-store...
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October 19, 2023
Startup Raises $3M To Help Athletes Flex Their Creator Muscles
Grandstand, the athlete empowerment startup, recently raised $2.75 million in a funding round led by Will Ventures, with plans to launch an app that would allow fans to follow and financially support their favorite players. Sportico
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October 19, 2023
Meta, Alo Yoga Hit With VR Fitness Lawsuit
Meta has again been accused of gatekeeping the burgeoning virtual reality fitness space, this time drawing the ire of an immersive VR app developer, who slapped the tech titan and athleisure brand Alo Yoga with a lawsuit. The plaintiff, California-based Andre Elijah Immersive Inc. (AEI), is a self-proclaimed new entrant...
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October 19, 2023
Wiggle future in doubt as business set to file for self administration
The parent Signa Sports United, whose largest shareholder is Signa International Sports Holding, is facing down the prospect of losing a €150 million financial commitment, on which just €7 million has thus far been drawn to support the network of companies’ trading activities. The ultimate source of the funding withdrawal...
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October 17, 2023
Peloton Expands Into Austria
Peloton announced its expansion into Austria, its fifth market outside the U.S. Starting today, the Peloton Bike, Bike+, and select accessories will be available to consumers in Austria through its expanded relationship with Amazon. Sport-Tiedje, the largest specialist retailer of home fitness equipment in Europe, will sell Peloton Bike, Bike+,...
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October 4, 2023
UK Luxury Gym Third Space Secures $107M To Fuel Growth
Third Space, a London-based luxury fitness lifestyle brand, has received £88.5 million ($107.4 million) to support the growth of its footprint and its team. The posh fitness brand is known for its opulence, having attracted high-profile clientele such as Prince Harry, David Beckham and Guy Ritchie. Neo bank OakNorth and...
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October 4, 2023
On Announces its Three Year Financial Outlook, Confirming its Ongoing Commitment to Combine Strong Growth with Increasing Profitability
Swiss performance sportswear brand On (NYSE: ONON) will today, October 4, 2023, host an Investor Day at On Labs in Zurich, Switzerland. Two years after the Company’s IPO and following the successful execution on the growth strategies presented during the listing process, the Company is providing an update on its...
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October 4, 2023
Mancini victims eager to see ‘justice done’
Victims of what prosecutors call a “Ponzi-like” scheme to buy several Italian cycling brands are asking a judge to release pre-sentencing materials for Samuel Mancini, who has pleaded guilty to securities fraud in the case. Mancini pleaded guilty in April 2022, but a sentencing hearing has been repeatedly postponed and...