Allbirds shares fall as sneaker retailer reports widening losses, despite 23% jump in sales
Allbirds shares tumbled in after-hours trading Wednesday, despite the sneaker retailer reporting sales that outpaced analysts’ estimates and offering an upbeat full-year outlook.
Shares were last falling around 4%. Allbirds’ stock has tumbled 60% since its first trade of $21.21 when it debuted on the Nasdaq last November. Shares hit an all-time intraday low of $7.98 on Wednesday.
Here’s how the company did in its fourth quarter compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:
Loss per share: 9 cents vs. a loss of 9 cents expectedRevenue: $97.2 million vs. $91.8 million expected
Its net loss for the three-month period ended Dec. 31 widened to $10.7 million, or 9 cents a share, from a loss of $9.4 million, or 18 cents per share, a year earlier. That was in line with estimates from analysts polled by Refinitiv.
Revenue grew 23% to $97.2 million from $79.3 million a year earlier, topping estimates for $91.8 million.
Allbirds said it was able to take advantage of strong consumer demand during the holidays in the United States, thanks in part to its inventory position entering the quarter.
Co-CEO and co-founder Joey Zwillinger said that over the holidays Allbirds had the two biggest sales days in its history, “highlighting the power of our omni-channel model.”
For 2022, Allbirds said it sees revenue ranging between $355 million and $365 million. Analysts were looking for $353 million.
Read the full financial press release from Allbirds here.
This story is developing. Please check back for updates.