Rebounding from Challenges, New Balance Experiences Growth in all Regions
Despite adapting well to the COVID-19 (coronavirus) pandemic in 2020, New Balance Athletics Inc. (New Balance) sales declined 15.0% to $3.4 billion in 2020, a year after generating $4.0 billion in 2019. In November of 2021 however, Chief Executive Officer (CEO) and President, Joe Preston expressed his optimism for the company’s performance for the year as the economy continues to reopen. Preston revealed that in every region across the world, New Balance has experienced growth by 25.0% and went on to project that overall, company sales are expected to jump 30.0% in 2021, recovering from previous lows the year before.
COVID|Balance Sheet|Labor|New ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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