Allbirds admits missteps, unveils new strategy after brutal holiday quarter
Publishing timestamp: 2023-03-09 17:50:50
Summary
Allbirds missed Wall Street's expectations on top and bottom lines, leading to a broad overhaul of its strategy and executive shakeup. The company plans to realign its focus on its core consumer group and slow down the pace of store openings in the US while partnering with wholesalers to enhance brand awareness and boost sales. Allbirds also reported a net loss for the three-month period that ended on December 31, 2021, and its gross margins decreased while selling, general, and administrative expenses jumped. The company attributed its poor performance to missteps, including introducing products that deviated from its core consumer and a "very promotional" holiday season.
Sentiment: NEGATIVE
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Source: https://www.cnbc.com/2023/03/09/allbirds-bird-q4-earnings-2022.html