By Katherine Hamilton
Allbirds posted a narrower-than-expected loss in the first quarter and reiterated its full-year outlook despite macroeconomic uncertainty in the shoe industry.
The footwear company on Thursday posted a loss of $21.9 million, or $2.73 a share, in the quarter ended March 31, compared with a loss of $27.3 million, or $3.52 a share, a year earlier.
Analysts polled by FactSet were expecting a loss of $30.8 million.
Revenue fell 18% to $32.1 million. Analysts surveyed by FactSet forecast revenue of $29.9 million. The decline in revenue was mainly related to planned retail store closures and international distributor transitions, Allbirds said.
Allbirds reiterated its full-year outlook.
"Despite the macro backdrop, positive indicators from our initial product and marketing initiatives, combined with strong execution, make us confident in our long-term trajectory," Chief Executive Joe Vernachio said.
Allbirds makes at least some of its shoes in China, as well as Vietnam and Peru, according to its last annual report. The company said in that report it shifted some manufacturing from China to Vietnam and tariffs on Chinese imports currently affect a small portion of its existing production volume.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
May 08, 2025 16:34 ET (20:34 GMT)
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