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.
February 12, 2020
‘McDreamy’ to be honorary captain of US Olympic cycling team
Patrick Dempsey will serve as the honorary captain for the U.S. cycling team at the Tokyo Olympics this summer, part of a unique working relationship between USA Cycling and the actor best known for his role on the TV show “Grey's Anatomy.” Read more about why USA Cycling reached out to...
February 11, 2020
Under Armour misses Q4 targets and delivers weak outlook
Under Armour Inc. reported an unexpected fourth-quarter loss and missed Wall Street estimates for its revenues. The company also warned of soft 2020 results and said it’s considering another massive restructuring initiative to rebalance its cost base. Click on SGBMedia to see the numbers.
February 11, 2020
Berkshire’s Brooks running unit sues Brooks Brothers over trademark
Brooks, the running shoe and apparel unit of billionaire Warren Buffett’s Berkshire Hathaway Inc, filed a trademark infringement lawsuit against Brooks Brothers, pitting two companies whose roots date back more than a century against each other. Read more on Reuters.
February 6, 2020
Skechers stock soars after Q4 sales beat forecasts, brand warns of coronavirus impact
Shares for Skechers USA Inc. surged in after-hours trading on Thursday after the shoemaker posted fourth-quarter sales that blew past expectations. In its financial report for the period ended Dec. 31, Skechers logged revenues that rose 23.1% to $1.33 billion, compared with analysts’ predictions of $1.25 billion. Earnings per share were in line...
February 5, 2020
Nike, Adidas say coronavirus will hurt business in China
Nike Inc. closed about half of its company-owned stores in China as a result of the coronavirus outbreak, which it expects to have a material impact on operations in the country. Rival brand Adidas AG followed suit Wednesday, saying it has closed a significant number of stores in China and franchisees are doing likewise. Read more...
February 5, 2020
Pioneer sells cycle sports business to Shimano
Cycling power meter specialist Pioneer has signed an agreement to transfer its cycle sports business to Shimano. Shimano plans to develop products, web services and applications using the Pioneer Cycle Sports assets and make Shimano services available to customers who currently use Pioneer’s Cyclo-Sphere web services, PC tool, and smartphone applications. Read more...
February 5, 2020
Peloton Raises Guidance After Cruising To Q2 Beat
In just its second quarterly earnings report since going public, Peloton Interactive Inc. notched impressive earnings and revenue beat as the company grew its number of connected fitness subscribers 96 percent to 712,005 and its total members to more than 2 million. Read what the earnings look like on SGBMedia.
February 4, 2020
Peloton and Flywheel Sports settle litigation cases
Indoor cycling business Peloton has settled its patent infringement case against Flywheel Sports, with Flywheel simultaneously dropping a separate counter proceeding at the U.S. Patent and Trademark office. Within the court documents, Flywheel made the admission that Peloton’s patents were indeed valid and enforceable. The patents relate to Peloton’s “at home”, “remote streaming” and...
January 30, 2020
Asics Ventures invests in smart shoe technology
Asics Corporation announced that its investment subsidiary Asics Ventures Corporation invested in a Japanese startup, No New Folk Studio Inc., the developer of sensing solution Orphe Track which measures and analyses foot movement. Asics, in conjunction with No New Folk Studio, developed a smart running shoe that gives runners real-time...
January 30, 2020
Hoka One One drives parent Deckers Brands to Q3 earnings, sales beat
For the period ended Dec. 31, the company posted Q3 earnings of $7.41 per share, surpassing consensus bets of $6.55 a share. Sales also jumped 7.4% to $938.74 million, compared with Wall Street estimates of $900.43 million. Hoka One One — which outshone sister labels Ugg, Teva and Sanuk — reported sales...