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.
May 12, 2022
Zwift to ‘pause’ launch of smart bike alongside staff lay-offs
Zwift has announced a round of staff layoffs as well as the “pausing” of its smart bike hardware plans, that were announced just a few months ago. While the numbers of employees affected haven’t been released, the current economic climate is stated as the primary reason behind the online training...
May 10, 2022
Mt. Hood Skibowl bans summer mountain biking after paying $10.5M in crash that paralyzed Oregon man
Mt. Hood Skibowl will keep cyclists off its forested trails this summer after losing a lawsuit from a man who said he slammed into a signpost in the recreational area and was paralyzed from the waist down. Oregon Live
May 10, 2022
Peloton Borrows $750M As Downward Cycle Spins
Peloton reported third-quarter revenue of $964.3 million, a 24% year-over-year drop from the $1.26 billion it posted the year prior, and a net loss of $757.1 million, a significant difference from last year’s third-quarter net loss of $8.6 million. The fitness company is running out of cash. Peloton ended the quarter...
May 10, 2022
Planet Fitness Stock Climbs After Earnings Top Wall Street Estimates
Shares of Planet Fitness climbed Tuesday after the operator of fitness centers reported first-quarter earnings that beat Wall Street expectations and reiterated its 2022 outlook. Planet Fitness reported first-quarter adjusted earnings of 32 cents a share, above Wall Street estimates of 27 cents. Revenue for the quarter was $186.7 million,...
May 9, 2022
Orbea sets lofty 2022 target on the back of investments
Orbea has issued an operational update on its progress, within which the company revealed a sixth consecutive year of growth and a sales revenue of €282 million. Driven largely by exports, worth some 80% of the Basque firm’s trade, Orbea recorded a €40.7 million post-tax profit, which has bolstered the...
May 6, 2022
Adidas, Pummeled by China Lockdowns, Offers Weak Guidance
Adidas is the latest global retailer to report headwinds to its business due to lockdowns in China. The German athletic-wear brand on Friday reported that currency-adjusted sales in Q1 dropped by 3% to 5.3 billion euros ($5.58 billion). Net income dropped 38%, to 310 million euros ($327.8 million). Footwear News
May 6, 2022
Fox Factory adds 34.4% revenue in Q1, raw materials stocked up
Fox Factory has continued to add significant gains to its revenues, posting a Q1 growth of 34.4%, worth $378 million, versus $281.1 million in the same period last year. The results again represent record takings for the suspension giant, which recorded a 22.8% gross profit of $120.3 million despite a...
May 6, 2022
Nike to Close Offices Again For a Week in August, Offer Summer Fridays, As It Brings Employees Back Into the Office
Nike is continuing its efforts to emphasize employee well-being as it starts the process of bringing employees back into the office. The sportswear giant will once again close all of its offices worldwide for a week in August to give its employees additional time off to recover and rest, according...
May 6, 2022
Under Armour Shares Plummet as It Reports Steep Net Loss
Under Armour reported a net loss of $60 million in the quarter, with an adjusted loss of $3 million. But revenue was up 3% year-over-year to $1.3 billion. Wholesale was up 4% to $829 million, driven primarily by increases in its distributor and off-price business. Direct-to-consumer business was up 1%,...
May 5, 2022
Peloton Reportedly Eyes Sale of Minority Stake to Bolster Finances: WSJ
Peloton is falling in afterhours trading Thursday as the connected fitness equipment maker is reportedly exploring the sale of a 15% to 20% stake to boost its finances, The Wall Street Journal reported, citing unnamed sources. Investing