- Allbirds announced a new executive team and strategic shift to revive sales after experiencing its first quarterly decline. The company's shares plummeted 30% on Friday, leaving its market value at roughly $240 million. The company's revenue decreased by 13% to $84.18 million, with a net loss for the year of $24.87 million
- Despite a 7% increase in full-year net revenue to $297.77 million, the company's net loss for its first year of public trading was $101.35 million, more than double the losses reported in 2021 at $45.37 million. Allbirds admitted that its poor performance was due to mistakes such as introducing products not aligned with its core customer base.
Why it matters
The retailer, which had been ramping up their physical presence, is now scaling back after being transparent about their missteps. With their new plan, they hope to reignite their growth, boost capital efficiency, and reap rewards in the years to come.