New Balance Touts Impressive 2023 Sales Report

Every sports fan has seen the New Balance "We Got Now" ad campaign during televised events. Judging by the Boston-based brand's 2023 sales report, the moment does belong to New Balance and its rapidly growing fanbase.

New Balance sent out a press release highlighting its impressive financial achievement of $6.5 billion in annual sales in 2023, a remarkable 23% increase from 2022.

This milestone year, reporting double-digit record growth in every global market is largely driven by attracting a large percentage of new online customers, the brand’s roster of athletes that sits at the intersection of sport and culture and authentic activations that speak to the brand’s core values.

Joe Preston, President and CEO of New Balance Athletics, touted the brand's progress in 2023. New Balance achieved $6.5 billion in annual sales, up 23% from 2022, with double-digit growth and market share gains across every global market driven by its OneNB culture of innovation and teamwork. Its global apparel business topped $1 billion and remains a priority focus in 2024.

New Balance drove sales with global key accounts and independent specialty retailers along with its direct-to-consumer business. This combination allowed it to get closer to its consumer’s shopping needs, a big driver of success. New Balance plans to expand its global retail footprint in 2024 with 90 new stores and 50 remodels based on the great results of its new community-focused design concept.

In 2023, New Balance continued with record investments in its digital capabilities, brand campaigns, and commitment to domestic manufacturing. The company kicked off the expansion of its Skowhegan, Maine factory and began construction on a new U.S. factory in Londonderry, New Hampshire.

Additionally, New Balance opened a state-of-the-art distribution center near Nashville, Tennessee, to ensure world-class customer service. It cheered on its winning roster of talented and exciting brand athletes on pitches, fields, courts, tracks, and race courses around the world.

Responsible leadership remained at the forefront as New Balance published its first Sustainability & Impact Report. In 2024, New Balance will increase its focus on renewable energy sources and has already launched New Balance Reconsidered, a new resale platform.

Since 1981, the New Balance Foundation has been dedicated to bringing about positive change in its global communities, and its efforts in 2023 included more than $10 million in grants distributed to 79 organizations.

As the brand moves forward, it pledges to stay true to who we are as it connects sport and culture and drives its product innovation and brand investments. New Balance says it will continue to build best-in-class global operations and leverage its independent and entrepreneurial spirit towards another strong year.

Related: New Balance Announces MADE in USA Spring/Summer Collection