BUSINESS NEWS
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July 26, 2022
Adidas Slashes Outlook for Q2, Citing Slow Recovery in Greater China
The German sportswear brand on Tuesday said its recovery in Greater China has been slower than it expected since Q3 began, due to persisting Covid-19 restrictions. As such, Adidas said it expects revenues in Greater China to decline at a double-digit rate through 2022. Footwear News
July 26, 2022
Skechers Credits Wholesale Growth for Record Q2 Sales
The Los Angeles-based footwear brand reported on Tuesday that it reached $1.87 billion in sales in Q2, a 12.4% increase from the same time last year. According to Skechers COO David Weinberg, the growth was the result of a 15.4% increase in domestic sales and a 10.0% increase in international...
July 26, 2022
Shimano’s Sales Expand 15 Percent In First Half
Shimano Inc. reported net income increased 22.4 percent in the first half ended June 30 as sales grew 14.7 percent. Sales reached ¥303,686 million, up against ¥264,694 million. Operating income increased 15.7 percent to ¥80,909 million and ordinary income advanced 24.7 percent to ¥92,123 million. Net income increased 22.4 percent...
July 22, 2022
Thule Group’s Q2 Sales Expand 2.6 Percent
Thule Group reported earnings slipped 6.8 percent in the second quarter ended June 30 as sales grew 2.6 percent. In the second quarter of 2022, net sales amounted to SEK 3,314m (3,229), representing an increase of 2.6 percent. Adjusted for exchange rate fluctuations, net sales for the Group decreased 3.4...
July 22, 2022
Lululemon Workers Look to Unionize D.C. Store, the First Location to Do So
A Lululemon store has started the process of organizing a union. A store in Washington, D.C. on Wednesday filed a request with the National Labor Relations Board to hold a union election. The group is looking for the company to voluntarily recognize their union, which is called the “Association of...
July 21, 2022
Fitness Company WHOOP Slashes Workforce By 15%
Wearable technology company WHOOP launched a round of layoffs Thursday that led to the elimination of 15% of its workforce. The company’s high-tech fitness tracker has been embraced by world-class athletes like LeBron James, Tiger Woods and Michael Phelps, and partnerships with the PGA Tour and CrossFit. WHOOP had a...
July 19, 2022
Fox sues SRAM over bleed valves on 2023 Rockshox suspension forks
In a complaint filed in the Central District of California courts on July 13, 2022, Fox Factory, Inc., is seeking damages from SRAM, LLC, for patent infringement relating to SRAM’s use of bleed ports on their latest Rockshox suspension forks. Bike Rumor
July 18, 2022
Inside the ‘crazy’ plan to boost track and field’s popularity before the 2028 Olympics
The series is part of a strategic plan formed by USATF and backed by World Athletics to take advantage of what it has called a critical six-year window in hopes of making track and field the country’s fifth-most-followed sport by the 2028 Summer Olympics in Los Angeles. AOL.com
July 13, 2022
Peloton competitor Tonal cuts 35% of workforce as it prepares for possible recession, IPO
Tonal, the connected fitness equipment maker that counts tennis superstar Serena Williams and Amazon’s Alexa fund as backers, is cutting 35% of its workforce, affecting all levels of its business, CNBC has learned. CNBC
July 12, 2022
Peloton to stop making bike, tread products in-house, cut about 570 jobs
Exercise equipment maker Peloton Interactive (PTON.O) said on Tuesday it will cease all in-house production of its bikes and treadmills and move manufacturing to partners in an effort to simplify its operations and reduce costs. Reuters