Garmin Q2.2020 Fitness Revenues UP
FTC: Affiliate Disclosure: All links pay a commissionReading time: 2 minutes Garmin's official revenue figures for the quarter have been released and show static revenue, but the FITNESS segment of Garmin's business has shown strong growth in the second quarter despite CV19. Interestingly, FENIX sales are reported in the OUTDOOR segment and have not performed […]

FTC: Affiliate Disclosure: All links pay a commissionReading time: 2 minutes

Garmin's official revenue figures for the quarter have been released and show static revenue, but the FITNESS segment of Garmin's business has shown strong growth in the second quarter despite CV19. Interestingly, FENIX sales are reported in the OUTDOOR segment and have not performed so well, but these numbers will show virtually no positive impact from the release of the Fenix ​​SOLAR models. In the commentary published with the figures, Garmin also notes the acquisition of Firstbeat and the release of the Edge 1030 Plus/ Edge 130 Plus.

Other than an interesting 3% spike in the stock price today, there isn't much interest in looking at the stock price. When I looked at the market moves and Garmin stock movements a few days ago they seemed to be in line with each other for the past 5 days, below the Garmin stock price has slightly underperformed the NASDAQ (comparison not shown).

Takeaway: Like most businesses, Garmin is hit with CV19. However, its sector-diversified portfolio allowed it to offset losses elsewhere with big gains in Fitness. I wouldn't bet there is any material fallout (financial or otherwise) from the recent hacking-debacle and would describe it better as'annoying storm in a cup of tea". A new thought has come to mind regarding the acquisition of Firstbeat, which should boost the profitability of Garmin devices that use this feature, perhaps offsetting some of the negative pressures on margins resulting from the inclusion of TACX earnings. (lower margin).

It will be interesting to see the impact of SOLAR on the numbers for the next quarter and also interesting to see what new Forerunner / Fitness products await us to continue growing the larger segment of Garmin.

Elsewhere, Spotify's figures were released very recently and also showed growth to the top of that company's expectations.

Source: Garmin, Spotify

Minor fix: Guidance was removed last quarter

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Most people think of course as a solo venture. And while runners appreciate ( read : need ) quality “me time, ” there’s something quite powerful about running in a pack.

“Most of the time people join groups for the social experience, but the cool thing about a running group is that you can be a part of it without saying a word, ” says Scott Miller, founder of the Boulder Trail Running Breakfast Club. “It’s a great opportunity to connect. ”

Here, Miller plus five other course club founders, share tips for building—and sustaining—your own course club.

Jessamy Little, who founded the Cass Runners Club, a 100-plus person course group in London comprised of her business school classmates, suggests asking potential members what days, times, and locations work best with their schedules. Some groups may favor an early morning sweat sesh, while others may prefer meeting after work. “A recommendation for a newer club is to have two set course days, ” Little says. “One during the week that is more focused on ‘getting it done’ and one on weekends that can have a more ‘fun and footloose’ vibe. ” For Little’s group, the weekend runs were geared toward exploring new areas of the city.

“Don’t get discouraged if not a lot of people show up at first, ” says Marnie Kunz, founder of Runstreet, an NYC-based company that leads art runs—urban runs that pass by street art in cities across the U. S. When Kunz held her first art run in 2015, just one person came : a man on a bike. Kunz was disappointed, embarrassed, and considered canceling the whole thing. But the next week a few more people showed up, and then a few more. Soon, word got out. Runstreet has since hosted more than 200 runs in cities around the country “Realizing that everyone starts from scratch really helps, ” Kunz says.

Kunz stresses the importance of having your own website that houses all information about your runs along with photos. “Social media platforms can change—and not everyone is on every platform—so it helps to have everything in one place. ” Keep your communication consistent across platforms to help create a streamlined brand.

Let people know what they are getting themselves into, Miller says. His Boulder, Colorado-based group of 100-plus members meets every Saturday for a long trail run ( anywhere between two to six hours ) followed by a group breakfast. Because the group’s runs cover a wide range of terrain, he wrote several articles explaining the general variétés of conditions runners can expect and the group’s approximate pace along with safety tips.

The articles are published on the group’s MeetUp page, and when a new person signs up, Miller sends them the reading material. “If your group is not a beginner group, you need to make that clear, ” Miller says. “You don’t want people to show up and have a bad time. I try to be really descriptive about the time, en ligne, and elevation of our runs so people know what they are in for. ”

Many members of Miller’s group take photos during the runs and post them to the group’s page. He says it helps draw new members. “When people are looking for a course group and they see pictures of runs in amazing areas, people smiling—both men and women—they see that it’s a mixed group that likes to be social and have fun. ”

Frankie Ruiz, cofounder of the Miami Marathon and founder of the Baptist Health South Florida Brickell Run Club, a free, once-a-week, Miami-based group of about 400 runners, can count on one hand the number of times he’s cancelled runs throughout the program’s nine-year tenure.

“Our main message is that we don’t cancel, ” he says. “If it’s really rough out, we’ll go to a stationnement garage or go indoors and do a core session. ” He says this has helped build the club’s reputation as a consistent amenity offered by the city. “Even if a runner doesn’t show up, I think there’s a comfort knowing that there is something in your city that doesn’t stop. ”

“If you have new people coming in, you can’t assume that they know the rules and guidelines, ” Ruiz says. “Communication needs to be all the time. ” Even though the group’s “weather-proof policy” may be well understood among current members, every time the skies get gloomy, the club blasts their social channels with reminders that the runs are still on. It also helps to communicate the planned route, en ligne, and pace in advance so that new members can plan their mazout and attire accordingly.

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