Sustainable footwear and apparel company Allbirds reported $62.8 million in first-quarter revenue, a 26% year-over-year increase from $49.6 million and a 49% increase from Q1 FY2020.
Gross profit also increased 26% year-over-year from $25.8 million to $32.6 million.
The company saw successful results across the board, opening four stores during the three months ending March 31, 2022.
- Physical retail sales jumped 129% year-over-year.
- Revenue in the U.S. increased 35% from Q1 FY2021 to $48.9 million, attributed to growth in digital and physical retail channels, new product launches and refreshes, and improved pricing.
- Allbirds has opened 17 stores since Q1 FY2021, totaling 39 global stores.
The company’s international business grew 3% year-over-year to $13.8 million but was negatively affected by global events, including Russia’s invasion of Ukraine, China’s COVID-19 restrictions, and a strengthening U.S. dollar. Allbirds ended the quarter with $240 million in cash and cash equivalents.
Taking Flight
Allbirds expects between $75 million and $79 million in second-quarter revenue.
“While we are adopting a more conservative near-term outlook in the light of the transitory external headwinds affecting our international business, we expect to deliver strong full year revenue growth of 21% to 24% in 2022,” Allbirds co-founder and co-CEO Joey Zwillinger said.
Zwillinger added that 2022 will see “the most exciting new product roadmap in the history of the company.”
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