Peloton will soon sell its exercise bikes and other exercise equipment at Dix Sporting Goods, companies announced Thursday morning, the at-home fitness firm’s first agreement to sell its equipment at a different physical retailer as the company that rose to prominence in the early days of the pandemic improves its dismal bottom line.
More than 100 Dick’s locations will sell Peloton’s original bikes, its high-end Bike+ and treadmills later this year, the companies said, and Dick’s will also sell the equipment on its website.
The partnership comes after Peloton announced last month that it plans to close a significant amount of its own brick-and-mortar stores and list its bikes on Amazon, marking the first time Peloton equipment is available to purchase from another retailer. was.
Shares of Peloton rose about 2% in pre-market trading, well short of a 17% increase shortly after Amazon’s announcement, but later fell more than 14% to $7.05 and briefly hit $7.05 for the first time. traded below 7.
Jen Parker, Peloton’s senior vice president of global direct sales, said in a statement that “retail remains an important touchpoint” and teaming up with Dick was a “natural fit.”
Dick’s shares fell .3% to $116.31 early Thursday, after a 5.6% gain on Wednesday after the market fell slightly after Wednesday’s gain.
Peloton sales exploded in 2020 as consumers turned to at-home fitness offerings in the early days of the COVID-19 pandemic. The company's shares skyrocketed, and Peloton's stock touched an all-time high of nearly $170 in January 2021, before falling more than 90% as investors soured on the company's prospects as people returned to the gym. The company underwent a dramatic restructuring in 2022, with the ouster of its cofounder and longtime CEO John Foley and several other top executives and the firing of about 20% of its corporate workforce.
$295.6 million. How much Peloton reported in equipment sales last quarter is down 55% from the same period last year.
Other smaller players in the home fitness industry have struggled similarly: Shares of Bowflex's parent company Nautilus are down 94% from their February 2021 peak and Nordic Track's parent company. called An initial public offering is planned in April.
Peloton launches sale on Amazon - shares rise 17%Forbes,
Peloton reveals price hikes, store closures and layoffs (Forbes,
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