Brooks Running’s global revenue grew 5 percent in the first nine months of 2023, with North America revenue increasing 7 percent. The Seattle, WA-based running brand, owned by Berkshire Hathaway, reported it remains the leading running footwear brand across U.S. retail and forecasted a return to double-digit growth in 2024.
In a statement, Brooks said that to date in 2023, it had “reached new runners, recovered from COVID-19-related supply chain disruptions, and normalized inventory levels amidst global economic headwinds. The return of Brooks’ full product and innovation pipeline, coupled with the record-breaking launch of Brooks’ new Ghost Max shoe in late September, drove the brand’s gains and bolstered confidence for double-digit growth in 2024.”
Brooks also reported that it holds the No. 1 spot in the adult performance running footwear market at U.S. retail for the seventh consecutive quarter, with a 21.4 percent market share year to date, according to Circana’s POS data from January 2022 to September 2023.
“Brooks is winning with runners in an incredibly competitive marketplace,” said Jim Weber, CEO at Brooks Running. “They are more discerning than ever and need their gear to deliver mile after mile. At the same time, we’re extending our reach to active people walking, hiking, or in the gym – because everyone can benefit from the fit, comfort, and performance Brooks’ products provide.”
In the U.S., the gains Brooks reported in the year-to-date period were led by e-commerce, which saw sales increase 25 percent. Internationally, the company’s revenue increased in France and the UK by 22 percent combined in U.S. dollars year-to-date, with additional market gains in China in the third quarter as the company focused on regional and omnichannel growth.
In August, Brooks launched a pop-up store in Los Angeles to engage the community with weekly community and fitness programming. New and expanded distribution centers in the U.S. and the UK tripled Brooks’ distribution facility footprint to allow scaling of operations to meet increased demand across channels.
Brooks called its product launches during the quarter “a key factor in the brand’s momentum heading into 2024.”
In late September, the expansion of the Ghost franchise with a Ghost Max, featuring high-stack cushioning, represented the “best retail adoption of a new style in Brooks’ history,” said the company. With the addition of the Ghost Max, Brooks holds five of the Top 10 selling running footwear franchises in the U.S. specialty run channel, according to Upper Quadrant Specialty Run Market Data.
Upcoming launches include the Glycerin 21 in January 2024 and the Hyperion Elite 4 distance racing shoe to arrive ahead of the 2024 U.S. Olympic Marathon Team Trials in February.
At HP Imagine in October, Brooks announced the Exhilarate-BL, featuring a 3D-printed 3DNA midsole technology. The Exhilarate-BL will be available in limited quantities to members of the brand’s loyalty program, Brooks Run Club, in early 2024.
Photo courtesy Brooks
