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 16, 2023
Athleta’s Q3 Sales Tumble 18 Percent
Gap, Inc. reported sales at its Athleta banner were down 18 percent in the third quarter to $279 million with same-store sales sliding 19 percent. Gap said in a press release, “Sales in the quarter continued to be challenged as the brand laps last year’s elevated discount levels and the...
November 16, 2023
Omorpho Raises $3M More for Weighted Fitness Vests, Apparel
Strength training may be the top fitness and wellness trend of 2024, but what if a weighted vest could accelerate results? Enter Omorpho, an Oregon-based micro-weighted fitness startup that has just closed a $3 million funding round to grow its direct-to-consumer and retail segments. The funding brings Omorpho’s total investment...
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...
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...
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...
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...
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...
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...
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...
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...
