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 18, 2022
Consumer spend in U.S. bike market flattens, but remains strong
Data released by the Bureau of Economic Analysis has revealed the U.S. bike market to be experiencing a post spike lull in spending on bicycle goods, though interest remains above pre-pandemic levels. The inflation-adjusted data put American expenditure on bicycles and accessories in 2020 at $7 billion, up by a...
May 17, 2022
On Hikes Guidance On Robust First Quarter
On, the Swiss running brand, raised its outlook for sales and earnings for the current year after reporting first-quarter results that easily topped Wall Street estimates. Net sales vaulted 67.9 percent in Q1 2022 and sales are now expected to grow at least 44 percent in 2022. SGBMedia
May 16, 2022
Peloton, NordicTrack maker iFit settle all litigation
Peloton Interactive Inc (PTON.O) and NordicTrack maker iFit said they have settled all pending litigation between them, where the fitness equipment makers accused each other of infringing their respective patents. Reuters
May 14, 2022
Adidas & Other Companies Accused of $109 Million Worth of Wage Theft in Cambodia
Adidas is refuting claims that it stole millions of dollars worth of wages from garment workers. The Clean Clothes Campaign, an activist group that advocates for workers, said in a recent blog post that Adidas and other brands had collectively failed to pay Cambodian garment workers an estimated $109 million in wages...
May 12, 2022
Giant Group’s first-quarter revenue up 8%
Giant Group revenues in the first quarter was NT$22.26 billion ($746 million), up 8% from the same quarter last year. However, the company said rising material costs, labor and logistics squeezed the company’s gross margin and operating profit. A higher mix of OEM work also contributed to a lower margin of...
May 12, 2022
Zwift to ‘pause’ launch of smart bike alongside staff lay-offs
Zwift has announced a round of staff layoffs as well as the “pausing” of its smart bike hardware plans, that were announced just a few months ago. While the numbers of employees affected haven’t been released, the current economic climate is stated as the primary reason behind the online training...
May 10, 2022
Mt. Hood Skibowl bans summer mountain biking after paying $10.5M in crash that paralyzed Oregon man
Mt. Hood Skibowl will keep cyclists off its forested trails this summer after losing a lawsuit from a man who said he slammed into a signpost in the recreational area and was paralyzed from the waist down. Oregon Live
May 10, 2022
Peloton Borrows $750M As Downward Cycle Spins
Peloton reported third-quarter revenue of $964.3 million, a 24% year-over-year drop from the $1.26 billion it posted the year prior, and a net loss of $757.1 million, a significant difference from last year’s third-quarter net loss of $8.6 million. The fitness company is running out of cash. Peloton ended the quarter...
May 10, 2022
Planet Fitness Stock Climbs After Earnings Top Wall Street Estimates
Shares of Planet Fitness climbed Tuesday after the operator of fitness centers reported first-quarter earnings that beat Wall Street expectations and reiterated its 2022 outlook. Planet Fitness reported first-quarter adjusted earnings of 32 cents a share, above Wall Street estimates of 27 cents. Revenue for the quarter was $186.7 million,...
May 9, 2022
Orbea sets lofty 2022 target on the back of investments
Orbea has issued an operational update on its progress, within which the company revealed a sixth consecutive year of growth and a sales revenue of €282 million. Driven largely by exports, worth some 80% of the Basque firm’s trade, Orbea recorded a €40.7 million post-tax profit, which has bolstered the...