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 6, 2022
Adidas, Pummeled by China Lockdowns, Offers Weak Guidance
Adidas is the latest global retailer to report headwinds to its business due to lockdowns in China. The German athletic-wear brand on Friday reported that currency-adjusted sales in Q1 dropped by 3% to 5.3 billion euros ($5.58 billion). Net income dropped 38%, to 310 million euros ($327.8 million). Footwear News
May 6, 2022
Fox Factory adds 34.4% revenue in Q1, raw materials stocked up
Fox Factory has continued to add significant gains to its revenues, posting a Q1 growth of 34.4%, worth $378 million, versus $281.1 million in the same period last year. The results again represent record takings for the suspension giant, which recorded a 22.8% gross profit of $120.3 million despite a...
May 6, 2022
Nike to Close Offices Again For a Week in August, Offer Summer Fridays, As It Brings Employees Back Into the Office
Nike is continuing its efforts to emphasize employee well-being as it starts the process of bringing employees back into the office. The sportswear giant will once again close all of its offices worldwide for a week in August to give its employees additional time off to recover and rest, according...
May 6, 2022
Under Armour Shares Plummet as It Reports Steep Net Loss
Under Armour reported a net loss of $60 million in the quarter, with an adjusted loss of $3 million. But revenue was up 3% year-over-year to $1.3 billion. Wholesale was up 4% to $829 million, driven primarily by increases in its distributor and off-price business. Direct-to-consumer business was up 1%,...
May 5, 2022
Peloton Reportedly Eyes Sale of Minority Stake to Bolster Finances: WSJ
Peloton is falling in afterhours trading Thursday as the connected fitness equipment maker is reportedly exploring the sale of a 15% to 20% stake to boost its finances, The Wall Street Journal reported, citing unnamed sources. Investing
May 4, 2022
CycleBar Opens 250th Studio, Rides Past 500 Signed Agreements
CycleBar, the world’s largest indoor cycling brand, announced today it has opened its 250th studio and secured more than 500 franchise agreements, vastly increasing its reach amidst a global pandemic. Since being acquired by Xponential Fitness in 2017, CycleBar’s trajectory has been tremendous, further heightened by the boom in the...
May 2, 2022
Endur Apparel rebrands to Outway following 3.2 million dollar investment
Canadian performance sock brand Endur Apparel has rebranded to Outway following a 3.2 million dollar investment. The investment was led by Andrew Wilkinson, the co-founder of Canadian holding company Tiny. Fashion United
May 2, 2022
Former Tour de France winner Stephen Roche guilty of fraud
Roche has been ordered to repay $1.1 million after a Spanish court proved that he negligently bankrupted his Majorca firm, using its assets to pay for his own extravagant lifestyle. The civil court ruling determined that Roche used funds from his cycling tour company to pay for his own bills, as...
April 27, 2022
Workout Anytime Signs 20-Unit Deal to Bring New Clubs to 4 States
Workout Anytime, the 180-plus-unit leader in the fitness industry, has signed an agreement to bring 20 new locations to markets in Virginia, Pennsylvania, Georgia and Florida. This multi-unit development deal — which was signed in partnership with Phenomenal Gyms, LLC — comes as the fast-growing fitness franchise is outpacing its...
April 27, 2022
Garmin sees ‘normalization’ of cycling product sales
Garmin Ltd. reported record first-quarter revenue despite a 28% decrease in sales in its fitness division, which includes Garmin's cycling products. Consolidated revenue was $1.17 billion, a 9% increase year-over-year. Three other segments posted double-digit growth led by the outdoor segment ($385 million), which grew 50% year-over-year, and was boosted...