Following a record Q1, Brooks Running continued its winning streak in its most recent quarter.
In the second quarter of 2024, the Seattle-based performance running brand reported a 15 percent year-over-year increase in revenue, marking the company’s highest quarterly results in its history. The strong performance was driven by North America, where every channel saw double-digit growth and revenues grew 19 percent in Q2 over the prior year.
“When you look at core markets and core products, we’re exceeding expectations and hitting record growth for us,” said Brooks’ chief executive officer Dan Sheridan in an interview with FN.
Sheridan, who assumed the CEO role in April, called out three product lines — the Ghost 16, the Glycerin 21 and the Ghost Max — that drove sales.
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In June, Brooks rolled out the Hyperion Max 2, an update to the Hyperion franchise that has already garnered a positive reaction from consumers in specialty retail and e-commerce, where sales are up almost three times those of the prior version in the same period. Brooks expects demand for this style to persist through the fall marathon season. Brooks also updated its Ghost 16 shoe with an enhanced upper and improved cushioning.
“Innovation is key,” Sheridan said. “And that’s what’s driving growth for us, whether it’s our franchise styles of Adrenaline or Ghost, or new midsole compounds that we’ve delivered in the Glycerin 21 or the innovation around the Ghost Max, which is driving volume too. Innovation is key to our growth, not only right now, but in the future.”
According to data from Circana cited by Brooks, the brand grabbed the most market share in the adult performance running footwear market at U.S. national retail for the 10th quarter in a row. And in the first half of 2024, Brooks occupied the top spot in U.S. specialty footwear retail.
In the Europe, Middle East, and Africa (EMEA) region, Brooks returned to growth with sales up 4 percent. In the Asia Pacific and Latin America (APLA) region, Brooks launched its first-ever store in mainland China in Shanghai earlier this month and plans to open a second store there later this year, in addition to stores in Beijing and Guangzhou.
Sheridan also called out Brooks’ recently launched “Let’s Run There” campaign, a refreshed brand expression designed to deepen its connection with runners and broaden its reach to any active person as running participation continues to grow.
“It gives us a platform to speak to every every person that’s engaging in this activity, whether it’s walk, run or the gym,” Sheridan said.
Brooks is also knee-deep in the Olympics, with eight athletes currently in Paris for The Games. Sheridan says he believes the Olympic Games has the potential to give Brooks a bump in business for the next ten or so years, depending on how they shake out.
“When track and field and the marathon are on the world stage and millions of people are watching it, it only benefits a brand like Brooks, because it inspires the next generation of people to run. I also think it’s an inspiration to the old people like myself that want to still get back to your highest performance. It’s a moment for us and it’s going to be fun to see these athletes compete.”
Looking ahead, Brooks is predicting double-digit growth for 2024. The brand is also planning to launch 10 new or updated styles between August and December.
On the management side, Brooks announced new additions to its leadership team that will become effective on Aug. 1. Former vice president and managing director of Brooks International Matt Dodge has been named president and chief operating officer and VF Corporation’s Josh Vaughan has been tapped as Brooks’ managing director for EMEA.
“The back half of this year is going to be super busy,” Sheridan said. “But we are still projecting great growth.”
