Brooks Running has maintained its growth momentum into the first quarter of 2024, following a historic 2023. The Seattle-rooted performance running brand revealed a 9% year-on-year revenue increase in Q1, marking the highest quarterly results in its history, according to a company statement.
Brooks' newly appointed CEO, Dan Sheridan, stated in an interview that North America primarily contributed to the Q1 growth. He noted a robust 13% growth in US sales, and even a double-digit expansion in the region's wholesale.
Sheridan credited the firm's consistent multichannel strategy for the 22% increase in global e-commerce business in the first quarter, compared to Q1 2023, with a remarkable 38% year-on-year growth in March alone.
During the same period, Brooks also experienced substantial revenue increase in vital global markets, particularly in Australia and China where it surged by 38% and 180% respectively. Even in a climate of retail uncertainty in Europe, Middle East, and Africa, the brand still managed to grow e-commerce by 10%.
Sheridan also emphasized the significant role of the company's accelerated product-innovation in achieving these record results. Alongside maintaining healthy inventory levels, the running category experienced global growth.
"In the first quarter of 2024, we introduced six new styles to the global run market, conducing to a 10% growth in footwear sales compared to the previous year".
- Sheridan
Their key product, the Glycerin 21, experienced a 39% year-on-year increase in Q1 2023 compared to the sales of the Glycerin 20.
Brooks maintained its number one position in the US adult performance running footwear market for the ninth successive quarter during Q1. Notably, Brooks products continue to hold their ground in the cushion category, claiming five of the top ten spots among US specialty footwear styles.
The trail running footwear category also witnessed a 11% year-on-year revenue growth for Brooks, propelled by the refreshes of core styles like Catamount and Caldera, and the introduction of the Catamount Agil, a new racing shoe for under 50k with vertical climb.
Sheridan spoke confidently about the brand's strength and the importance of continuous investments for driving brand recognition that translates to sell-through. Looking ahead to Q2, Sheridan noted that Brooks would focus on expanding its market base.
"We aim to attract more people to our brand, and those in need of a great pair of running shoes to take a step forward. And we plan to execute this on a global scale".
- Sheridan
The announcement follows a day after Brooks launched its latest "Let's Run There" campaign alongside a rejuvenated brand expression. Aimed at fortifying its rapport with runners and engaging further with the active community, the new campaign is part of the brand's refreshed outreach, the company shared.
Just last week, Brooks endorsed a shift in its top leadership. In March, Jim Weber, the seasoned CEO of the running brand, expressed his decision to retire after serving for 23 years. Subsequently, Weber passed on his executive duties to Brooks' president and chief operating officer, Dan Sheridan, on April 26.
