New Balance sales jump 20% in 2024, reach record $7.8 billion

New Balance posted another record-setting year in 2024, with global annual sales reaching $7.8 billion, a 20% increase from the prior year, the company exclusively shared with Yahoo Finance.

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The business update offers a rare glimpse into the Boston-based company’s financial performance. New Balance has long remained private — unlike many of its publicly traded competitors, such as Nike (NKE), Hoka parent Deckers (DECK), and Under Armour (UAA) — and selectively releases its sales figures.

CEO Joe Preston anticipates the company reaching $10 billion in sales in the next few years. For comparison, Nike reported annual sales of $51 billion in fiscal year 2023, Adidas (ADS.DE) brought in $23 billion, and Deckers saw sales of $4.3 billion in fiscal year 2024.

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Shifts in market share have yielded room for New Balance to attract new and younger customers.

“We’ve seen Nike’s market share drop double digits, … and [it’s] still a very large, still a strong brand on our platform, but really, that’s opened up the doors for incumbent brands,” Greg Schwartz, the co-founder and new CEO of online marketplace StockX, told Yahoo Finance. “Puma, Asics, New Balance, [and] Adidas have been taking more and more share and becoming more and more prevalent on the platform.”

New Balance has also leveraged digital engagement to reach new records. According to Google Trends data, the company’s search traffic hit its strongest point in five years during the 2024 holiday shopping season.

Meanwhile, New Balance’s roster of retail partners has been critical to its growth.

During Foot Locker’s (FL) third quarter earnings call, CEO Mary Dillon noted an expansion in the number of locations carrying increased New Balance inventory, which directly contributed to a “strong” double-digit sales increase.

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“In lifestyle running, New Balance continues to deliver strong momentum through a combination of door expansions as well as like-for-like gains,” Dillon said during the call. “Franchises like the 9060 have quickly become new icons with our younger multicultural consumers across men’s, women’s, and kids. Looking ahead, we continue to see room for growth with this important partner across all of our banners and geographies.”

Athletic partnerships have also played a major role in its growth.

International baseball superstar Shohei Ohtani wore the brand en route to a 2024 World Series Championship, and tennis phenom Coco Gauff has maintained a years-long relationship with the brand, sporting the “N” logo on her way to multiple singles titles over her six-year career.

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