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Reporting earnings for the first time since going public earlier this month, Allbirds Inc. said Tuesday that a new product line and strong demand, especially in the U.S., gave a boost to its third-quarter sales.
“Revenue was strong across channels and geographies, growing 33% year over year, with notable strength in U.S. physical retail,” said Joey Zwillinger, Allbirds
BIRD,
co-founder and co-chief executive, in a statement. “Importantly, we saw strong consumer response in the quarter to our new product innovation, including our new Perform Apparel line.”
But the company’s net loss more than doubled in the quarter, which it attributed to higher administrative and selling costs as it opened new stores, increased its headcount and went public.
Allbirds shares were trading about 6% lower after hours as of 5 p.m. Eastern, after rising more than 2.2% in the regular session to close at $19.24.
The seller of eco-friendly shoes that are popular with techies said third-quarter revenue rose to $62.7 million from $47.2 million in the year-ago quarter, and increased 40% from the third quarter of 2019.
The company reported a net loss of $13.8 million, or 25 cents a share, compared with $7 million, or 13 cents a share, in the year-ago period. Taking stock-based compensation and other costs into account, adjusted Ebitda loss was $6.3 million, compared with an adjusted Ebitda loss of $3.8 million in the same period last year.
Analysts surveyed by FactSet had forecast a net loss of $16.6 million, or 11 cents a share, on revenue of $62 million.
Allbirds expects full-year revenue of $270 million to $272 million, while analysts had expected $271.6 million. The company expects adjusted Ebitda loss of $17 million to $15 million, ahead of analysts’ expectation of $20.2 million.
San Francisco-based Allbirds’ stock has fallen more than 30% since it closed at $28.64 on Nov. 3, the day of the company’s initial public offering on the Nasdaq.
See: Allbirds has big growth potential but competitors like Nike could be a speed bump, analysts say
