(BRK.A), (BRK.B)
Brooks Running, a subsidiary of Berkshire Hathaway, has set a new global quarterly revenue record in Q2 2024, marking a 15% year-over-year increase. This growth was driven by robust performance in both wholesale and direct-to-consumer channels.
In North America, Brooks saw a 19% year-over-year revenue increase, fueled by the success of the Glycerin 21 super franchise, Ghost Max, and the launch of Ghost 16. The brand has maintained its No. 1 market share in the adult performance running footwear market at U.S. national retail for the 10th consecutive quarter and held the top spot in the U.S. specialty footwear retail segment through the first half of 2024.
The Europe, Middle East, and Africa (EMEA) region also returned to growth, with a 4% revenue increase as the retail landscape improved. In France and Germany, Brooks’ market share in the adult performance running footwear category grew nearly a full point year over year, with sales up 12% in France and 10% in Germany in Q1 2024 compared to Q1 2023.
In the Asia Pacific and Latin America (APLA) region, Brooks recently opened its first retail store in Shanghai, with a second location planned for later this year, along with new storefronts in Beijing and Guangzhou.
“Brooks’ record results this quarter demonstrate the strength of our brand, business, and product,” said CEO Dan Sheridan. “We believe sharp focus on the performance category creates mass appeal as we continue to deliver innovative, premium products and experiences that runners and active people value.”
Following Sheridan’s appointment as CEO in April, former Vice President, Managing Director of Brooks International Matt Dodge will become President and Chief Operating Officer on August 1. Dodge returns to Seattle after six years of growing Brooks’ business in the EMEA and APLA regions. Josh Vaughan will take over as Managing Director in EMEA, bringing over 15 years of experience in the outdoor performance industry, including roles at icebreaker and Smartwool.
© 2024 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.