Business
Allbirds Reports Third Quarter 2021 Financial Results
Third Quarter Net Revenue of $63 Million, Up 33% Year Over YearProvides Full Year 2021 Outlook SAN FRANCISCO, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Allbirds, Inc.
About this update from Allbirds, Inc.
[{"type":"text","content":"Third Quarter Net Revenue of $63 Million, Up 33% Year Over YearProvides Full Year 2021 Outlook SAN FRANCISCO, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Allbirds, Inc. (NASDAQ: BIRD), a global lifestyle brand that innovates with naturally derived materials to make better footwear and apparel products in a better way, today reported financial results for the third quarter of 2021 ended September 30, 2021. Third Quarter Highlights Net revenue rose 33% to $62.7 million compared to the third quarter of 2020 and increased 40% versus the third quarter of 2019Gross profit increased 36% to $33.9 million compared to the third quarter of 2020; gross margin expanded 120 basis points from the third quarter of 2020 to 54.1%GAAP net loss of $13.8 million, or $0.25 per basic and diluted share; net loss margin of (22.0)%Adjusted EBITDA loss of $6.3 million; Adjusted EBITDA margin of (10.1)%Opened four stores, ending the third quarter with 31 locations \"We are pleased to deliver strong third quarter performance, which reflects solid execution by our teams and robust global demand for the Allbirds brand,” said Joey Zwillinger, Co-Founder and Co-CEO. “Revenue was strong across channels and geographies, growing 33% year over year, with notable strength in U.S. physical retail. Importantly, we saw strong consumer response in the quarter to our new product innovation, including our new Perform Apparel line.” “We’re at the forefront of a generational change in consumer values and purchase behaviors, led by our mission to make better things in a better way—which means we’re aligning our purpose of reversing climate change with our product quality and financial outcomes. Looking ahead, we believe Allbirds is uniquely positioned in an exceptionally large and growing market. As we continue to execute our strategic plan, we are focused on accelerating growth, creating value for our shareholders and building for a multi-decade journey.” Third Quarter Operating Results Net revenue in the third quarter of 2021 increased 33% to $62.7 million compared to $47.2 million in the third quarter of 2020 and increased 40% compared to the third quarter of 2019. The increase is primarily attributable to robust consumer demand in the United States and a strong response to new footwear and performance apparel product launches. Net revenue in the United States increased 42% to $47....