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.
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May 30, 2023
Nike launches ‘first’ hydrogen-powered inland container ship
Global clothing brand Nike has launched the ‘first’ hydrogen-powered inland container ship in Rotterdam, the Netherlands. Developed by Future Proof Shipping (FPS), the retrofitted 110m x 11.45m containership, dubbed H2 Barge 1, has been chartered by BCTN Network on Inland Terminals for Nike EMEA. Now fitted with hydrogen fuel cells,...
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May 26, 2023
Hoka Added $521 Million In New Revenue In Fiscal 2023; DTC Remains Focus
Global Hoka brand revenue for fiscal year 2023 increased 58.5 percent, or $521 million, versus the prior fiscal year to $1.41 billion, the fourth consecutive year Hoka has delivered revenue growth above 50 percent. Let that sink in; $521 million in additional annual revenue—for a running brand. Hoka brand net...
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May 25, 2023
Lululemon To Expand Vancouver HQ, Add 2,600 New Jobs Over Five Years
Lululemon announced today that it will create over 2,600 new jobs in Vancouver over the next five years. The expansion of lululemon’s global headquarters in its hometown promises to significantly boost British Columbia’s prosperity. With its British Columbia origins, Lululemon has employed and continues to employ thousands of Canadians, while...
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May 25, 2023
Full Circle Events purchases rights to produce Carmel Marathon
The name Full Circle Events seemed appropriate for Jay Druba’s new race management company. Druba was an intern in 2011 for the Carmel Marathon. Now Druba and his wife, Kati, have purchased the rights to Carmel Marathon from the Carmel Road Racing Group. This will be the only event Full...
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May 23, 2023
Dick’s SG Posts 5.3 Percent Comp Sales Growth In Q1; EPS Up 38 Percent
Dick’s Sporting Goods reported net sales for the fiscal first quarter* rose 5.3 percent to $2.84 billion from $2.70 billion in the prior-year Q1 period. Comparable store sales grew 3.4 percent, partially reversing the 8.4 percent comp store sales decline in the year-ago period. Net income increased 17 percent to...
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May 22, 2023
G.O.A.T. Fuel closes funding round, eyes nationwide distribution
The Jerry Rice-backed energy drink company G.O.A.T. Fuel has closed a $5 million seed funding round co-led by venture firms Stage 1 Fund and Morrison Seger Venture Capital Partners. The company has now raised a total of $12 million since launching in 2020, and intends to use its newly acquired...
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May 19, 2023
Giant Group reports 9.6% drop in sales for Q1
The Giant Group has reported a 9.6% drop in sales for Q1, citing inventory levels in the European and North American markets as well as the higher year-on-year comparison base as the reason. The Taiwanese company’s sales in Europe and North America were impacted by higher inventories of entry-level and...
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May 18, 2023
Lululemon Makes Minority Investment in Samsara Eco
Announced Thursday, the athleticwear brand made a minority investment in Australian start-up Samsara Eco, a company that has a patented enzymatic process which breaks down high-performance nylon and polyester polymer blends for use as new fibers. Details were not disclosed but Lululemon is the first equity apparel partner in Samsara...
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May 17, 2023
Wahoo Fitness Founder Buys Company Back from Banks
Wahoo’s business was doing well pre-pandemic, and then as the pandemic set in, their business exploded with sales. Like most indoor training companies, they couldn’t make stuff fast enough. Though, prices didn’t rise – they stayed as-is. Enter Rhone Equity in June 2021, with an agreement to take a majority...
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May 16, 2023
Brompton secures £19 million investment and will use money to ‘be more ambitious’
Brompton, the iconic British folding bike company, has secured £19 million in investment from BGF. The bike manufacturer's accounts, published on Companies House earlier this year, show that turnover increased 40% to £106.9m ($128.7m) in the year up to 31 March 2022, up from £76.1m ($91.6m) Yahoo Sports
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May 16, 2023
On’s First Quarter Profits Surge With 78 Percent Revenue Gain
On Holding AG’s profits tripled in the first quarter on strong margin improvement and 78 percent sales growth. The Swiss running brand’s results easily topped analyst targets. Strength was seen across regions, channels and product groups. Sales of CHF 420.2 million ($470mm) topped Wall Street’s consensus target of CHF 382.3...
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May 15, 2023
New Suit Comes for Nike’s ‘Misleading’ Sustainability Marketing
In a complaint filed Wednesday in a District Court in Missouri, plaintiff Maria Guadalupe Ellis claimed that Nike uses “deceptive and misleading” statements when marketing its sustainability collection. Specifically, the suit claims that Nike “deceives consumers into believing that they are receiving products that are ‘sustainable,’ ‘made with recycled fibers,”...
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May 15, 2023
Giant and Stages end investment negotiations
Giant had filed a notice in January saying its board had agreed to invest a total of about $20 million in Stages, which has manufactured stationary bikes for Stages in the past. The January statement said the board approved the purchase of 32.5% of Stages Cycling Inc. common stock for $6.5...
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May 10, 2023
Asics Corp. Posts 35 Percent Jump In Q1 FX Neutral Sales; Profits Surge 87 Percent
Asics Corporation reported that net sales jumped 44.6 percent year-over-year to ¥152.2 billion ($1.15 bn) in the first quarter ended March 31, and increased 35.0 percent year-over-year excluding foreign exchange effects. Profit attributable to owners of the parent company increased 86.9 percent to ¥16,310 million ($122.8 mm) mainly due to...
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May 9, 2023
Under Armour Swings To Fiscal Q4 Profit On Footwear Growth; Inventory Up 44 Percent
Under Armour reported that revenue for the fiscal fourth quarter was up 7.5 percent to $1.40 billion (+10 percent currency-neutral) in the period ended March 31. Gross margin declined 310 basis points to 43.4 percent of sales in the period, driven primarily by higher promotions, mix impacts related to higher...
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May 9, 2023
Orbea’s annual report shows $438M in sales, 1,000-plus employees
Orbea has doubled its workforce in the last three years and now has more than 1,000 employees, with 80% of the in Spain's Basque Country. The brand, which is organized as a cooperative, reports 2022 sales of 400 million euros ($438 million), with 85% coming from export markets. After taxes,...
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May 5, 2023
Adidas Beats Revenue Expectations Despite Costly Yeezy Struggles
Adidas’ Yeezy crisis has hit the company hard — but its first-quarter financials were not as bad as expected. The sportswear giant reported $5.82 billion in Q1 2023 revenue — a 1% dip from $5.85 billion a year prior. Those numbers actually outperformed projections from financial analysts, who expected a...
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May 4, 2023
Peloton Touts Subscriber Growth Amid Heavy Losses
Peloton CEO Barry McCarthy described its fiscal quarter as the best he has seen with the company, but investors were left cold. The connected fitness giant booked $748.9 million in the fiscal third quarter ending March 31, missing analyst expectations and causing the company’s stock to tumble 13.5%. Peloton lost an...
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May 3, 2023
Shimano reports 16.8% fall in bike-related sales for Q1 of 2023
Shimano has released its financial results from Q1 of 2023, showing a 16.8% fall in sales in its bike division. The company also reported it was down 31.8% in operating income in the same sector. In its bike segment, net sales were 98,298 million yen – around £580 million –...
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May 3, 2023
Brooks Running Continues Growth in Q1 With Record Sales in EMEA Region
Brooks Running is continuing its growth in the first quarter, after a record 2022. In the first quarter of 2023, the Seattle-based performance running brand reported 20 percent year-over-year global revenue growth, including a record 32 percent increase in the Europe, Middle East, and Africa (EMEA) region. FN
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May 1, 2023
Rad Power Bikes has a 4th round of layoffs
Rad Power Bikes has been one of the fastest-growing e-bike brands in the U.S. In October 2021, after it announced the latest $154 million financing round that brought the total of investments to $329 million since its inception, the company claimed it was the world's best-funded e-bike brand in the...
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April 28, 2023
Declining bike-product demand contributes to Thule’s Q1 net sales decrease
Thule Group's first-quarter net sales were down 26.6% year-over-year, largely due to declining bike-product demand from retailers lowering inventory levels. Net sales for the quarter ending in March were SEK 2,226 million ($215.2 million), compared with SEK 3,034 million at the same time last year. Thule's inventory decreased in the...
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April 25, 2023
Life Time Group Holdings Reports Impressive Q1 Earnings
Life Time Group Holdings (NYSE:LTH) has reported its Q1 earnings on April 25, 2023, and the results are impressive. The company has surpassed the analyst consensus estimate for both earnings per share and sales. Life Time Group Holdings reported earnings of $0.14 per share, which is 133.33 percent higher than...
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April 24, 2023
Brooks Sues Skechers Over ‘Beast’ Trademark
Brooks Sports, Inc. filed a lawsuit against Skechers U.S.A., Inc., alleging the company infringed on its ‘BEAST’ trademark used on Brooks running shoes since 1992. Brooks said Skechers’ use of the SPEED BEAST mark “on similar products, marketed and sold through similar channels, is highly likely to cause consumer confusion...
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April 21, 2023
Under Armour Founder Kevin Plank Reveals How the Brand Is Finding Its Identity in Footwear
There’s plenty of newness at Under Armour nowadays. For instance, the Baltimore, Md.-based company announced last December that it hired Marriott International executive Stephanie Linnartz as its next president and CEO. Also, construction is underway on the athletic giant’s new campus in the city. However, one of the more compelling...