2023-03-09 16:46:20 ET
Allbirds ( NASDAQ: BIRD ) traded lower in the postmarket session on Thursday after Q4 results fell short of expectations. The retailer reported revenue fell 13% during the quarter to $84M. The decrease was attributed primarily to a lower number of orders and an estimated $3.2M negative impact from foreign exchange.
Gross profit fell to $36.3M vs. $48.8M a year ago or 43.1% of sales compared to 50.2% a year ago. The decrease in gross margin is primarily due to the previously announced discontinuation of certain first generation apparel, an increase in promotions, and the impact of unfavorable FX rates.
Adjusted EBITDA was -$12.5M vs. +$0.4M a year ago and the consensus mark of -$6M. The company ended the quarter with a cash position of $167M and $40M available under its revolving credit agreement.
Looking ahead, Allbirds ( BIRD ) sees Q1 revenue of $45M to $50M vs. $67M consensus and adjusted EBITDA of -$29M to -$26M. The retailer also plans to slow the pace if store openings in the U.S. and evaluate potential distributor partners in certain international markets to grow internationally in a cost- and capital-efficient manner.
In a C-suite development, Allbirds ( BIRD ) discloseed that CFO Mike Buffalo is stepping down to be replaved by Annie Mitchell.
Shares of BIRD fell down 17.37% in after-hours trading to $1.95 after shedding 7.81% during the regular session. The new trading level is a post-IPO low.
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Allbirds sinks to post-IPO low after earnings miss, soft guidance rattles investors