Allbirds Inc. reported revenue for the first time since its listing earlier this month, saying new products and strong demand, especially in the United States, boosted third-quarter sales.
Joey Zwillinger of Allbirds said:
In the statement, co-founder and co-chief executive officer. “Importantly, there was a strong consumer response to new product innovations, including the new perform apparel line, this quarter.”
However, the company’s net loss more than doubled this quarter. This is due to new store openings, increased staffing, and increased administrative and SG & A costs associated with opening. The company’s executives said in a statement that they opened four stores in the third quarter and two more in the fourth quarter.
Allbirds shares rose more than 2.2% in regular sessions and closed at $ 19.24, then fell about 6% after business hours at 6 pm EST.
Technician-friendly eco-friendly shoe sellers said third-quarter revenues increased from $ 47.2 million in the year-ago quarter to $ 62.7 million, up 40% from the third quarter of 2019.
The company reported a net loss of $ 13.8 million (25 cents per share) compared to $ 7 million (13 cents per share) in the year-ago quarter. Adjusted Ebitda loss was $ 6.3 million, compared to $ 3.8 million adjusted Ebitda loss in the year-ago quarter, taking into account stock-based compensation and other costs.
Analysts surveyed by FactSet predicted revenue of $ 62 million and a net loss of $ 16.6 million, or 11 cents per share.
Allbirds expects to continue to grow by adding apparel to its products, opening new stores and expanding internationally, Chief Financial Officer Mike Bufano said on the phone. He didn’t provide specific fourth-quarter guidance, but he was optimistic about the holiday season.
Analysts expected $ 271.6 million, while the company expects full-year revenues from $ 270 million to $ 272 million. The company expects adjusted Ebitda losses to go from $ 17 million to $ 15 million, surpassing analysts’ expectations of $ 20.2 million.
San Francisco-based Allbirds shares have fallen by more than 30% since closing at $ 28.64 on November 3, the day of the initial public offering on Nasdaq.
Allbirds exceeded expectations and advertised an increase in sales, but inventories declined after a few hours
http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-77AC-ED0FBA7095AE%7D&siteid=rss&rss=1 Allbirds exceeded expectations and advertised an increase in sales, but inventories declined after a few hours