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Thursday, June 13, 2024

Allbirds Sales and Losses On The Rise

Allbirds/Design: Alex Brooks

In Allbirds’ first public earnings report, the sustainable apparel and shoe manufacturer posted $62.7 million in third-quarter revenue, a 33% jump from the same period last year.

Co-founder and co-CEO Joey Zwillinger attributed some of the bump to new footwear and its activewear line, Perform Apparel, which was announced in August.

The company’s gross profit for the quarter reached $33.9 million, a significant increase compared to the $25 million it recorded last year.

  • U.S. revenue rose 42% year-over-year to $47.7 million.
  • International revenue increased 10% to $15 million.
  • Year-to-date, Allbirds’ net revenue has outshined last year’s by 29%, increasing from $140 million in the first nine months of 2020 to $180.3 million in 2021.

Despite the revenue growth, net losses widened to $13.8 million compared to a loss of $7 million last year, largely due to selling, general, and administrative expenses.

At the end of the third quarter, Allbirds had an inventory totaling $99 million, up 55% from last year. The brand has 35 brick-and-mortar stores.

Allbirds went public via IPO in November, bringing in proceeds of roughly $252.8 million minus offering costs and underwriting discounts. The company raised its full-year outlook from $270 million in revenue to $272 million.

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