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 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...
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...
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...
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,...
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...
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...
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 –...
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
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...
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...