New Balance: record sales of $6.5bn in 2023 (+23%), EMEA market growing strongly (+35%)

New Balance posted record sales of $6.5bn (€5.9bn) for the 2023 financial year (ending 31/12/2023), up 23% compared with 2022 ($5.3 bn/€4.9 bn), according to Joe Preston, CEO, in a statement to the American business and financial news media Bloomberg on 24/02/2024.

The American equipment manufacturer experienced "double-digit growth" in all of its regional markets.
• The EMEA region posted the biggest increase (+35%), while the brand saw its sales rise by more than 20% in the United States for the "third consecutive year," according to Joe Preston.
• New Balance's revenues also "almost doubled" in all geographic markets compared with 2020, which was heavily impacted by the Covid-19 pandemic.

In terms of segments, while footwear remains New Balance's main revenue stream, in 2023 it generated "more than $1bn (€907m)" in profits from the apparel segment for the first time in its history. The apparel segment will be "a strategic priority" for the manufacturer in 2024.

In addition, 63% of customers who made a purchase from the company's online shop in 2023 were new, "younger" customers…