BIRD - Allbirds reports better-than-expected results for the second quarter

2023-08-08 16:48:51 ET

Allbirds ( NASDAQ: BIRD ) rose 0.8% after the close on Tuesday as quarterly results came in better than expected.

The shoemaker reported EPS of -$0.19 compared to the average analyst estimate of -$0.22. Revenue of $70.5M compared to the estimate of $67.45M.

For the third quarter, Allbirds forecast net revenue of $56M to $61M, a decrease of 23% to 16% versus the third quarter of fiscal 2022. BIRD expects an adjusted EBITDA loss of $23M to $20M.

“We are pleased to report another quarter of solid progress against our strategic transformation plan,” Chief Executive Officer Joey Zwillinger said in a statement.

“We gained traction across key benchmarks, including reducing inventory levels, lowering operating cash use and exercising cost control. Our teams are laser focused on the four key pillars under our plan, which has us on track to reignite growth, and improve capital efficiency with the goal of driving improved profitability.”

For the second quarter, the company reported an adjusted EBITDA loss of $18.3M. The quarter ended with inventory of $92.8M, representing a decrease of 24% versus a year ago and the lowest level since Q2 2021.

The stock has 1 Strong Buy rating from Wall Street analysts and 11 Holds.

BIRD is down 43% so far this year and down 77% in the past 12 months.

More on Allbirds:

• Allbirds: Not The Right Time, Despite Ongoing Initiatives
• Allbirds looks for disruption with the first net zero carbon shoe
• Allbirds, Inc. ( BIRD ) Q1 2023 Earnings Call Transcript

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