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.
June 2, 2023
Lululemon Powers On, Topping Estimates and Raising Its Outlook
The economic realities of the moment — with worried consumers, high inflation and high interest rates — don’t seem to apply to Lululemon Athletica Inc. Shares of the buzzy active company shot up 13.7 percent on Thursday to $373.37 after it continued to grow rapidly, topping first-quarter profit and sales projections and raising its...
June 1, 2023
Quality closes its Colorado mechanic school
Quality Bicycle Products has closed its bicycle mechanics school, U of Q, which was previously known as Barnett Bicycle Institute. The Minneapolis-based distributor said its projections pointed toward a decline in enrollment. The closure caused QBP to lay off three employees while registered students were refunded. The school was located...
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,...
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...
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...
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...
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...
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...
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...
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...