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.
July 28, 2023
Clif Bar Continues to Improve Profitability Under New Owner
Mondelez International said its recently-acquired Clif Bar business continued to improve profitability in the second quarter with the help of higher prices amid “robust” sales growth and as Clif Bar recently overhauled its management team, including the exit of CEO Sally Grimes. At the close of February, Alexandre Zigliara was...
July 25, 2023
Shimano’s bike-related sales down 18% in first half
Shimano says interest in bicycles globally continues as a long-term trend, but that macro-economic conditions and industry inventory levels contributed to a 17.7% decline in sales in its bike business in the first quarter this year, compared to the same period last year. Net sales in Shimano's bike-related business were...
July 25, 2023
Life Time’s Q2 Profits Surge
Life Time Group Holdings, Inc. raised its earnings guidance for the year after reporting a profit against a loss in the second quarter ended June 30 as adjusted operating earnings grew 115 percent. Revenue gained 21.8 percent. SGB Media
July 20, 2023
BodyArmor Founder Acquires Majority Stake In NOBULL
Billionaire beverage mogul Mike Repole has acquired a majority stake in NOBULL, the footwear and apparel brand that has deals with the NFL combine, PGA Tour, and CrossFit Games. FOS
July 20, 2023
Mirror mirror on the wall who is the fittest of them all? MAGIC raises $2.5 million
The UK fitness tech start-up Magic Mirror has raised $2.5 million to bring AI-powered workouts into the UK’s living rooms, or wherever you do your workouts. It will also tell you if your 'form' is incorrect and count your reps, so there is basically nowhere to hide on your workouts....
July 20, 2023
Tour de France Cycling Boom Helps French Family Firm Make Half a Billion Euros
Groupe Amaury, the closely held family business that owns the Tour de France, saw revenue jump by nearly a fifth last year, driven in part by a surging interest in the the world's most famous bike race. Revenue climbed to €550 million ($616 million) in 2022, a gain of 17%,...
July 20, 2023
Mips AB Sees Q2 Sales Halved on Tough Bike Inventories, Late Season Start
Swedish helmet technology provider Mips AB saw second-quarter revenues cut in half from the year-ago comparable period, led by a continued sharp decline in its Sport and Moto businesses. Earnings per share were cut 75 percent for the period. Net sales for the three-month period ended June 30 fell 51...
July 19, 2023
Thule Inc’s Q2 Sales Fall on Continued Cycling Inventory Imbalances
Thule Inc. reported another challenging quarter as sales fell 15 percent in the Swedish company’s second quarter. The decline was blamed on continued weak bike-related product sales as retailers continue to focus on reducing inventory levels. The maker of car racks and bike accessories indicated inventories had returned to more...
July 18, 2023
Giant Group Sales Inch Down in Q2 as June Decline Disappoints
Revenue was for the Taiwan-based bike manufacturing company totaled NT$22.42 billion (US$ 730.3 mm) in the second quarter, a decline of 1.24 percent from NT$22.70 billion in Q2 2022. June sales were down 13.5 percent from the prior-year comparable month, following a 3.5 percent decline in May as the declines...
July 14, 2023
Lululemon Lays Off 100 Employees as It Reorganizes Studio Business
Lululemon has laid off about 100 employees as the company restructures its Studio business, a company spokesperson confirmed to FN. The cuts stemmed from Lululemon’s decision to “fully integrate” the recently launched fitness platform within Lululemon, the spokesperson said in a statement, adding that a majority of impacted employees were...
