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8/11/2022 |  Life Time Sees Revenue Rebound to $461.3M (Front Office Sports)

Life Time reported second-quarter revenue of $461.3 million, a 42.7% year-over-year increase.

The company posted a 10.2% increase in center memberships to 724,778 on June 30, 2022 — up from 657,737 in 2021 — and recorded a $2.3 million net loss. In Q2FY2021, Life Time posted a $76.4 million net loss.

Life Time is looking to rebound from losses sustained during the height of the pandemic.

8/4/2022 |  Adidas’ Operating Profit Plummets 28%, Faces Legal Battles (Front Office Sports)

Adidas reported a 28% decline in second-quarter operating profit to $398.4 million due to suspending its business in Russia, pandemic-related lockdowns in China and Vietnam, and higher supply chain costs.

The company was able to lock in a 4% increase in currency-neutral revenue. Net income fell to roughly $368.9 million from around $396.5 million during the same period last year.

On July 26, Adidas cut its 2022 financial forecast due to a slower recovery in Greater China. It now expects currency-neutral revenues to grow at a rate in the mid-to-high single digits. Previously, it projected growth between 11% to 13%.

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