$BIRD reports Q4 2022 results and strategic transformation plan for growth
Mar 9th 2023, 9:35 pm
Analyst Summary: Allbirds, Inc. (NASDAQ: BIRD), reported financial results for Q4 2022 and the full year 2022 ended December 31, 2022. Although the year marked the first full year as a public company, the results fell below expectations, with a net revenue decrease of 13.8% in Q4 2022 compared to Q4 2021. Gross margin also declined primarily due to the previously announced discontinuation of certain first-generation apparel, an increase in promotions, and unfavorable FX rates. The company is announcing a strategic transformation plan to reignite growth, optimize U.S. stores, and drive traffic and conversion. Additionally, they will evaluate potential distributor partners and improve costs and capital efficiency to promote profitability. Allbirds aims to reduce their carbon footprint and use sustainable materials and environmentally friendly manufacturing processes. It serves customers across more than 35 countries and operates over 50 Allbirds stores along with its e-commerce website. Investors should note that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, and should review the filings made with the SEC.