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 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
May 4, 2022
CycleBar Opens 250th Studio, Rides Past 500 Signed Agreements
CycleBar, the world’s largest indoor cycling brand, announced today it has opened its 250th studio and secured more than 500 franchise agreements, vastly increasing its reach amidst a global pandemic. Since being acquired by Xponential Fitness in 2017, CycleBar’s trajectory has been tremendous, further heightened by the boom in the...
May 2, 2022
Endur Apparel rebrands to Outway following 3.2 million dollar investment
Canadian performance sock brand Endur Apparel has rebranded to Outway following a 3.2 million dollar investment. The investment was led by Andrew Wilkinson, the co-founder of Canadian holding company Tiny. Fashion United
May 2, 2022
Former Tour de France winner Stephen Roche guilty of fraud
Roche has been ordered to repay $1.1 million after a Spanish court proved that he negligently bankrupted his Majorca firm, using its assets to pay for his own extravagant lifestyle. The civil court ruling determined that Roche used funds from his cycling tour company to pay for his own bills, as...
April 27, 2022
Workout Anytime Signs 20-Unit Deal to Bring New Clubs to 4 States
Workout Anytime, the 180-plus-unit leader in the fitness industry, has signed an agreement to bring 20 new locations to markets in Virginia, Pennsylvania, Georgia and Florida. This multi-unit development deal — which was signed in partnership with Phenomenal Gyms, LLC — comes as the fast-growing fitness franchise is outpacing its...
April 27, 2022
Garmin sees ‘normalization’ of cycling product sales
Garmin Ltd. reported record first-quarter revenue despite a 28% decrease in sales in its fitness division, which includes Garmin's cycling products. Consolidated revenue was $1.17 billion, a 9% increase year-over-year. Three other segments posted double-digit growth led by the outdoor segment ($385 million), which grew 50% year-over-year, and was boosted...
April 26, 2022
Brooks Projects Double-Digit Growth in 2022 After Crossing $1 Billion Mark Last Year
Brooks, which ended 2021 as a billion-dollar brand for the first time, is already seeing momentum bleed into 2022. The running company is projecting double-digit year-over-year growth in 2022, on top of last year’s $1.11 billion in global revenue, which represented a 31% surge over 2020. Footwear News
April 26, 2022
Wahoo acquires RGT Cycling, putting the hardware brand in competition with Zwift
Wahoo announced Tuesday the acquisition of RGT cycling, the virtual racing platform that hosted the 2022 USA Cycling national esports cycling championships. With the addition of a virtual racing platform to existing indoor cycling training software and hardware products, Wahoo looks to be taking on Zwift for indoor cycling. VeloNews
April 26, 2022
Shimano’s Sales Climb 14 Percent In First Quarter
Shimano, Inc. reported sales grew 13.9 percent in the first quarter. Sales grew 13.9 percent in the Bicycle Components segment and 14.1 percent in the Fishing Tackle segment. Operating income in the quarter rose 16.8 percent in the quarter ended March 31 to ¥38,033 million ($298 mm). Sales improved 13.9 percent...