Allbirds posts Q3 loss, revises full-year outlook
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American footwear company Allbirds has reported a loss in the third quarter of 2024, while sales fell 24.9 percent to 43.0 million dollars, compared to 57.2 million dollars in the same quarter last year. CEO Joe Vernachio emphasised the company's progress in achieving its strategic goals, despite financial challenges.
The company is reducing its operating costs, mainly due to lower staff and marketing costs. Marketing expenses are down from 10.2 million dollars to $9.9 million dollars on account of less online advertising.
Allbirds is raising its full-year outlook. Net sales are now expected to be between 187 million dollars and 193 million dollars, down from the previous forecast of 190 million dollars to 210 million dollars. Adjusted EBITDA loss forecast is between 71 million dollars and 75 million dollars.
CEO Vernachio underscores that Allbirds is focused on making its product offering more sustainable, and is expanding its international distribution channels, with new agreements in Europe, Latin America and China.
This article originally appeared on FashionUnited.NL. It was translated to English using an AI tool called Genesis and edited by Rachel Douglass..
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