Peloton’s UK subsidiary posts £81m loss despite booming lockdown sales News comes in a month in which brand’s CEO backtracked from comments that business had six months to save itself cycling
The UK subsidiary of at-home fitness brand Peloton has posted a £81 million operating loss for the year to 30 June 2021 despite seeing sales here nearly treble during the 12-month period as a result of lockdown.
The company’s operating loss, which had stood at £50.0 million in 2019/20, was 63 per cent higher in its latest accounting period, coming in at £81.4 million, which the company said was “due to increased marketing costs incurred as we built brand awareness.” In 2020 and for much of 2021, Peloton saw sales boom in its key markets – the United States, Canada, United Kingdom and Germany – as lockdown and the consequent closure of gyms meant people looked for ways in which they could exercise at home.
Earlier this month, the company cut a further 500 jobs worldwide, leaving it with 3,800 staff around the globe, less than half the level it had at the height of its boom caused by the pandemic., Barry McCarthy – who replaced founder John Foley as CEO and President in February – said that the company needed to prove within the next six months that it had achieved a strong enough turnaround in its fortunes to be able to survive as an independent company.
Danmark Seneste Nyt, Danmark Overskrifter
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