(BRK.A), (BRK.B)
Berkshire Hathaway’s Brooks Running is continuing its success from 2022 into the first quarter of 2023 with an impressive 20% year-over-year global revenue growth, highlighted by a record 32% increase in the Europe, Middle East, and Africa (EMEA) region.
Despite pandemic-related supply chain and inventory issues, Brooks overcame these challenges and brought innovation to the market through new products and experiences. The brand demand was strong across all retail channels. Brooks maintained its position as the top brand at U.S. retail in adult performance running footwear, with a market share of 23%. The Ghost and Adrenaline GTS were the two franchise lines that had the highest sales, with a combined share of over 13% in adult performance run.
Brooks also showed strong momentum in the U.S. specialty run channel, with a year-over-year revenue increase of 42% in the first quarter. The direct e-commerce sales for Brooks grew by an impressive 33% year over year in Q1.
Jim Weber, the CEO, expressed optimism about the future of the premium running category, even in the face of global consumer market uncertainty. “Every runner and walker deserves performance product,” Weber said. “With participation rates healthy and the demand for quality, premium product as strong as ever, Brooks is executing uniquely and earning the trust of retailers and runners.”
Overall, Brooks Running is continuing to thrive in the performance running industry, with strong brand demand, innovative products, and a loyal customer base.
© 2023 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 the 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.