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 22, 2022
Dick’s Sporting Goods’ Sales Surge to Record Levels
Dick’s Sporting Goods surged to a record third quarter with $2.96 billion in net sales, outpacing analysts’ estimates of $2.7 billion. Despite only a 7.7% year-over-year increase in sales, the largest U.S.-based sporting goods retailer posted a profit of $228 million — down from $317 million in Q3 FY 2021...
November 21, 2022
Nike Opens First Nike Rise Location In North America
Nike opened Nike Aventura in Miami, FL. It is the first Nike Rise store in the U.S., signaling the next stage of its retail expansion in North America. The Nike Rise concept features a Sport Pulse a digital storytelling platform; screens displaying local sports, city and athlete data; The Sport...
November 21, 2022
Founder and CEO of Rad Power Bikes steps down
Mike Radenbaugh, the founder of North America's largest e-bike company, Rad Power Bikes (opens in new tab), will step down from his role as CEO, BRAIN reports. After 15 years at the helm, Radenbaugh will step down into the role of chairman of the board while he shifts his focus to...
November 17, 2022
Outside Inc makes 12% workforce cut on advertising slowdown
Outside Inc – the parent publisher to VeloNews, CyclingTips, PinkBike, B2B Bicycle Retailer and Industry News, plus the Trailforks platform – has announced a number of staff layoffs this week. Among those laid off are senior journalists across the portfolio Caley Fretz, Dave Rome, Matt de Neef and Daniel Benson,...
November 16, 2022
Rad Power Bikes CEO Mike Radenbaugh replaced by former Sony leader Phil Molyneux
Rad Power Bikes CEO Mike Radenbaugh is stepping down from his position at the Seattle-based e-bike company. Rad confirmed to GeekWire that Radenbaugh is being replaced by Phil Molyneux, who was hired as president and COO earlier this year. Molyneux previously was president at Sony Electronics and Dyson America. He was most...
November 16, 2022
On Running Is on Track to Become Billion-Dollar Brand After Strongest-Ever Quarter
On, the fast-growing Swiss running brand, just reported its strongest quarter yet. Q3 sales were up 50.4% to 328 million Swiss francs, or $348 at current exchange, and net income increased to 20.6 million Swiss francs, or about $21.88 million. By channel, DTC net sales were up 40.7% and wholesale...
November 11, 2022
Aventon eBike label reportedly gains Sequoia Capital backing
The electric bike brand Aventon has reportedly drawn the interest and investment of Sequoia Capital’s Chinese arm. For Aventon the investment reportedly takes the company’s valuation from $200 million eight months ago when China’s Gao Rong Capital invested to a post-investment valuation of $590 million, according to sources tapped by...
November 11, 2022
Fitness Chains Continue Pandemic Recovery In Q3
Planet Fitness, Xponential Fitness and Life Time Group Holdings all raised their full-year guidance and reported a strong uptick in revenues and membership growth in the third quarter, although membership activity has yet to return to pre-pandemic levels. Executives on analyst calls said they remain bullish on continued improvement in...
November 9, 2022
Life Time Lifts Guidance As Q3 Beats Plan
Life Time Group Holdings, Inc. slightly lifted its outlook for the year after reporting third-quarter results that topped its guidance. Sales were ahead 28.9 percent as fitness center memberships were up 9.0 percent year-over-year. Total revenue increased 28.9 percent to $496.4 million from $385.0 million; net income was $24.7 million...
November 9, 2022
Wolverine Stock Slides as Company Misses Revenue and Profit Targets in Q3
Total revenue in the third quarter of 2022 was $691.4 million, which represents growth of 8.6% versus the prior year. Net earnings were $38.8 million, down 0.8% from the same time last year. By brand, Merrell's revenue was $198.6 million in the quarter, up 33.6% compared to the same period...