Delivers Third Quarter Results in Line and Above Guidance Ranges
Updates Full Year 2025 Revenue Outlook and Reiterates Midpoint of Adjusted EBITDA Guidance
SAN FRANCISCO, Calif., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Allbirds, Inc. (NASDAQ: BIRD), a global lifestyle brand that innovates with sustainable materials to make better products in a better way, today reported financial results for the quarter ended September 30, 2025.
Third Quarter 2025 Overview
-- Third quarter net revenue of $33.0 million, within the Company's guidance
range, a decrease of 23.3% versus a year ago.
-- Third quarter gross margin declined 120 basis points to 43.2% versus a
year ago.
-- Third quarter net loss of $20.3 million, or $2.49 per basic and diluted
share.
-- Third quarter adjusted EBITDA1 loss of $15.7 million, slightly above the
Company's guidance range.
-- Inventory at quarter end of $43.1 million, representing a decrease of
25.0% versus a year ago, in line with expectations.
-- As of September 30, 2025, the Company had $23.7 million of cash and cash
equivalents and $12.3 million of outstanding borrowings under its
asset-backed $50.0 million revolving credit facility.
"We're pleased to deliver third quarter results in line with our expectations, highlighted by a robust flow of new product introductions - many of which met with strong customer response," said Joe Vernachio, CEO. "Entering the final months of the year, we will continue to support our product engine with compelling marketing content to capture consumer mindshare and reignite growth. Throughout the holiday season, we will be spotlighting gifting ideas and emphasizing Allbirds' core principles of Comfort, Style and Sustainability."
"Our teams are focused on accelerating progress under our turnaround in the quarters ahead," added Vernachio. "At the same time, we are taking definitive steps to further reduce costs, enhance liquidity, and pursue value-creating opportunities."
__________________________
(1 For a reconciliation of each non-GAAP financial measure to its most directly comparable GAAP financial measure, please refer to the reconciliation tables in the section titled "Non-GAAP Financial Measures" below.)
Third Quarter Operating Results
In the third quarter of 2025, net revenue decreased 23.3% to $33.0 million compared to $43.0 million in the third quarter of 2024. The year-over-year decrease is primarily attributable to structural changes, including impacts from international distributor transitions and planned retail store closures.
Gross profit totaled $14.2 million compared to $19.1 million in the third quarter of 2024, and gross margin declined 120 basis points to 43.2% compared to 44.4% in the third quarter of 2024. The decline in gross margin primarily reflects a higher mix of digital and international distributor sales, as well as increased duties in our U.S. business, which offset higher average selling price.
Selling, general, and administrative expense (SG&A) was $21.7 million, or 65.7% of net revenue, compared to $31.0 million, or 72.0% of net revenue in the third quarter of 2024. The decrease is primarily attributable to lower personnel expenses, occupancy costs, stock-based compensation expenses, and depreciation and amortization expenses.
Marketing expense totaled $11.7 million, or 35.5% of net revenue, compared to $9.9 million, or 22.9% of net revenue in the third quarter of 2024. The year-over-year increase was primarily driven by increased digital advertising spend in support of new product launches.
Net loss for the third quarter of 2025 was $20.3 million compared to $21.2 million for the third quarter of 2024, and net loss margin was 61.6% compared to 49.3% in the third quarter of 2024.
Adjusted EBITDA(1) loss for the third quarter of 2025 improved to $15.7 million compared to a loss of $16.2 million in the third quarter of 2024, and adjusted EBITDA margin1 declined to (47.7)% compared to (37.8)% in the third quarter of 2024.
Nine Month Operating Results
Net revenue in the first nine months of 2025 decreased 21.7% to $104.8 million compared to $133.9 million in the first nine months of 2024. The year-over-year decrease is primarily attributable to structural changes, including impacts from planned retail store closures and international distributor transitions.
Gross profit in the first nine months of 2025 totaled $44.8 million compared to $63.6 million in the first nine months of 2025, while gross margin declined to 42.7% in the first nine months of 2025 versus 47.5% in the same period a year ago. The decline in gross margin is primarily due to channel mix, with a lower percentage of sales coming from our retail business and a higher percentage coming from our digital and distributor channels, as well as increased promotional activity and higher inventory adjustments.
SG&A in the first nine months of 2025 was $71.0 million, or 67.8% of net revenue, compared to $104.2 million, or 77.8% of net revenue in the first nine months of 2024. The decline is primarily attributable to decreases in personnel expenses, occupancy costs, depreciation and amortization, and stock-based compensation.
Marketing expense in the first nine months of 2025 totaled $32.3 million, or 30.8% of net revenue, compared to $29.4 million, or 21.9% of net revenue, in the first nine months of 2024, with the increase primarily driven by planned investments in the Company's new brand marketing campaign in the first quarter.
Net loss in the first nine months of 2025 was $57.7 million compared to $67.6 million in the first nine months of 2024, and net loss margin was 55.1% compared to 50.5% in the first nine months of 2024.
Adjusted EBITDA loss(1) in the first nine months of 2025 was $46.9 million compared to a loss of $50.9 million in the first nine months of 2024, and adjusted EBITDA margin((1) declined to (44.8)% compared to (38.0)% for the first nine months of 2024.
Balance Sheet Highlights
As of September 30, 2025, Allbirds had $23.7 million of cash and cash equivalents and $12.3 million of outstanding borrowings under its $50.0 million asset-backed revolving credit facility. Inventories totaled $43.1 million, a decrease of 25.0% versus a year ago, which is in line with expectations.
2025 Financial Guidance
Allbirds is providing the following financial guidance for 2025, which includes approximately $23 million to $25 million of impact to revenue associated with the transition from a direct selling model to a distributor model in certain international markets and the closure of certain Allbirds stores in the U.S.
Full Year 2025
-- Net revenue of $161 million to $166 million compared to previous guidance
of $165 million to $180 million
-- U.S. net revenue of $127 million to $131 million
-- International net revenue of $34 million to $35 million
-- Adjusted EBITDA2 loss of $63 million to $57 million, compared to prior
guidance of $65 million to $55 million
Fourth Quarter 2025
-- Net revenue of $56 million to $61 million
-- U.S. net revenue of $47 million to $51 million
-- International net revenue of $9 million to $10 million
-- Adjusted EBITDA2 loss of $16 million to $10 million
__________________________
(2 A reconciliation of these non-GAAP financial measures to corresponding GAAP financial measures is not available on a forward-looking basis without unreasonable effort as we are currently unable to predict with a reasonable degree of certainty certain expense items that are excluded in calculating adjusted EBITDA, although it is important to note that these factors could be material to our results computed in accordance with GAAP. We have provided a reconciliation of GAAP to non-GAAP financial measures in the section titled "Reconciliation of GAAP to Non-GAAP Financial Measures" for our third quarter 2025 and 2024 results included in this press release.)
Conference Call Information
Allbirds will host a conference call to discuss the results, followed by Q&A, at 5:00 p.m. Eastern Time today, November 6, 2025. A live webcast and replay of the conference call will be available on the investor relations section of the Allbirds website at https://ir.allbirds.com. Information on the Company's website is not, and will not be deemed to be, a part of this press release or incorporated into any other filings the Company may make with the Securities and Exchange Commission. A replay of the webcast will also be archived on the Allbirds website for 12 months.
About Allbirds, Inc.
Allbirds is a global modern lifestyle footwear brand, founded in 2015 with a commitment to make better things in a better way. That commitment inspired the company's third product, the now iconic Wool Runner; and today, inspires a growing assortment of products known for superior comfort. Allbirds designs its products to be materially different by turning away from convention toward nature's inspiration with materials like Merino wool, tree fiber and sugarcane. For more information, please visit www.allbirds.com.
Forward-Looking Statements
This press release and related conference call contain "forward-looking" statements, as the term is defined under federal securities laws, that are based on management's beliefs and assumptions and on information currently available to management. All statements other than statements of historical facts, including statements regarding our future financial performance, including our financial outlook on financial results and guidance targets, planned transition to a distributors model in certain international markets, anticipated profitability of distributor model, future profitability, focus on improving efficiencies and driving profitability, estimated and/or targeted cost savings, medium-term financial targets, market position, future results of operations, financial condition, business strategy and plans, efforts related to liquidity (including use of existing debt and equity facilities, supplemental debt and equity financing opportunities, and strategic transactions we may pursue), marketing strategy and investment, materials innovation, retail store updates, new product launches, and objectives of management for future operations are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "designed," "objective," "anticipate, " "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or the negative of these words or other similar terms or expressions. Forward-looking statements are subject to numerous assumptions, risks and uncertainties which could cause actual results or facts to differ materially from those statements expressed or implied in the forward-looking statements, including, but not limited to: unfavorable economic conditions; our ability to execute our long-term growth strategy; fluctuations in our operating results; our ability to achieve the financial outlook and guidance targets; our ability to obtain additional capital; our ability to achieve our cost savings targets by 2025; deteriorating economic conditions, including economic recession, inflation, tax rates, foreign currency exchange rates, or the availability of capital; impairment of long-lived assets; the strength of our brand; our introduction of new products; our net losses since inception; the competitive marketplace; our reliance on technical and materials innovation; our use of sustainable high-quality materials and environmentally friendly manufacturing processes and supply chain practices; our ability to attract new customers and increase sales to existing customers; the impact of climate change and government and investor focus on sustainability issues; our ability to anticipate product trends and consumer preferences, including with respect to the product launches we have planned for 2025; breaches of security or privacy of business information; and our ability to forecast consumer demand. Moreover, we operate in a very competitive and rapidly changing environment in which new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause our actual results or performance to differ materially from those contained in any forward-looking statements we may make.
A further discussion of these and other factors that could cause our financial results, performance, and achievements to differ materially from any results, performance, or achievements anticipated, expressed, or implied by these forward-looking statements is included in the filings we make with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, and other reports we may file with the SEC from time to time. The forward-looking statements contained in this press release and related conference call relate only to events as of the date stated or, if no date is stated, as of the date of this press release and related conference call. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in or expressed by, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.
Use of Non-GAAP Financial Measures
This press release and accompanying financial tables include references to adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP financial measures. We believe that providing these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, and not in isolation or as substitutes for analysis of our results of operations under GAAP, are useful to investors as they are widely used measures of performance, and the adjustments we make to these non-GAAP financial measures may provide investors further insight into our profitability and additional perspectives in comparing our performance to other companies and in comparing our performance over time on a consistent basis. These non-GAAP financial measures should not be considered as alternatives to net loss or net loss margin as calculated and presented in accordance with GAAP.
Adjusted EBITDA is defined as net loss before stock-based compensation expense, depreciation and amortization expense, impairment expense, restructuring expense (consisting of professional fees, personnel and related expenses, and other related charges resulting from our strategic initiatives), non-cash gains or losses on the sales of businesses relating to our strategic initiatives, other income or expense (consisting of non-cash gains or losses on foreign currency, non-cash gains or losses on sales of property and equipment, and non-cash gains or losses on modifications or terminations of leases), interest income or expense, and income tax provision or benefit.
Adjusted EBITDA margin is defined as adjusted EBITDA divided by net revenue.
Other companies, including companies in our industry, may calculate these adjusted financial measures differently, which reduces their usefulness as comparative measures. Because of these limitations, we consider, and investors should consider, these adjusted financial measures together with other operating and financial performance measures presented in accordance with GAAP.
Investor Relations:
ir@allbirds.com
Media Contact:
press@allbirds.com
Condensed Consolidated Statements of Operations and
Comprehensive Loss
(in thousands, except share, per share amounts, and
percentages)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2025 2024 2025 2024
--------- ---------
Net revenue $ 32,989 $ 42,996 $ 104,787 $ 133,905
Cost of revenue 18,748 23,921 59,992 70,319
Gross profit 14,241 19,075 44,795 63,586
Operating
expense:
Selling, general,
and
administrative
expense 21,678 30,967 71,046 104,226
Marketing expense 11,719 9,855 32,262 29,354
Impairment
expense 729 - 729 -
Restructuring
expense - 35 - 1,788
Total operating
expense 34,126 40,857 104,037 135,368
--------- --------- --------- ---------
Loss from
operations (19,885) (21,782) (59,242) (71,782)
Net loss from the
sales of
businesses - (236) - (430)
Interest
(expense)
income (370) 744 9 2,992
Other income 3 183 1,752 2,457
Loss before
provision for
income taxes (20,252) (21,091) (57,481) (66,763)
Income tax
provision (72) (86) (219) (877)
Net loss $ (20,324) $ (21,177) $ (57,700) $ (67,640)
========= ========= ========= =========
Net loss per
share data:
Net loss per
share
attributable to
common
stockholders,
basic and
diluted $ (2.49) $ (2.68) $ (7.13) $ (8.64)
Weighted-average
shares used in
computing net
loss per share
attributable to
common
stockholders,
basic and
diluted 8,167,465 7,900,246 8,092,579 7,831,158
========= ========= ========= =========
Other
comprehensive
income (loss):
Foreign currency
translation
(loss) gain (662) 1,880 1,922 355
Total
comprehensive
loss $ (20,986) $ (19,297) $ (55,778) $ (67,285)
========= ========= ========= =========
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------ -----------------------
2025 2024 2025 2024
------ ------
Statements of
Operations Data, as a
Percentage of Net
Revenue:
Net revenue 100.0% 100.0% 100.0% 100.0%
Cost of revenue 56.8% 55.6% 57.3% 52.5%
Gross profit 43.2% 44.4% 42.7% 47.5%
Operating expense:
Selling, general, and
administrative
expense 65.7% 72.0% 67.8% 77.8%
Marketing expense 35.5% 22.9% 30.8% 21.9%
Impairment expense 2.2% -% 0.7% -%
Restructuring expense -% 0.1% -% 1.3%
------- ------ ------- ------
Total operating
expense 103.4% 95.0% 99.3% 101.1%
------- ------ ------- ------
Loss from operations (60.3)% (50.7)% (56.5)% (53.6)%
Net loss from the
sale of business -% (0.5)% -% (0.3)%
Interest (expense)
income (1.1)% 1.7% 0.0% 2.2%
Other income -% 0.4% 1.7% 1.8%
------- ------ ------- ------
Loss before provision
for income taxes (61.4)% (49.1)% (54.9)% (49.9)%
Income tax provision (0.2)% (0.2)% (0.2)% (0.7)%
------- ------ ------- ------
Net loss (61.6)% (49.3)% (55.1)% (50.5)%
======= ====== ======= ======
Other comprehensive
income (loss):
Foreign currency
translation gain
(loss) (2.0)% 4.4% 1.8% 0.3%
------- ------ ------- ------
Total comprehensive
loss (63.6)% (44.9)% (53.2)% (50.2)%
======= ====== ======= ======
Condensed Consolidated Balance Sheets
(in thousands, except share amounts)
(unaudited)
September 30, December 31,
2025 2024
---------- ---------
Assets
Current assets:
Cash and cash equivalents $ 23,704 $ 66,732
Accounts receivable 4,860 6,168
Inventory 43,127 44,121
Prepaid expenses and other current
assets 9,026 13,536
---------- ---------
Total current assets 80,717 130,558
---------- ---------
Property and equipment - net 13,842 17,825
Operating lease right-of-use assets 20,927 38,082
Other assets 4,428 2,414
---------- ---------
Total assets $ 119,914 $ 188,879
========== =========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable 11,743 10,773
Accrued expenses and other current
liabilities 11,480 18,821
Current lease liabilities 9,357 10,879
Deferred revenue 1,511 3,896
---------- ---------
Total current liabilities 34,091 44,369
---------- ---------
Non-current liabilities:
Non-current lease liability 21,578 42,796
Long-term debt 12,313 -
Other long-term liabilities - 29
---------- ---------
Total non-current liabilities 33,891 42,825
---------- ---------
Total liabilities $ 67,982 $ 87,194
---------- ---------
Commitments and contingencies (Note 11)
Stockholders' equity:
Class A Common Stock, $0.0001 par
value; 2,000,000,000 shares authorized
as of September 30, 2025 and December
31, 2024; 5,670,752 and 5,456,072
shares issued and outstanding as of
September 30, 2025 and December 31,
2024, respectively 1 1
Class B Common Stock, $0.0001 par
value; 200,000,000 shares authorized as
of September 30, 2025 and December 31,
2024; 2,542,340 and 2,542,365 shares
issued and outstanding as of September
30, 2025 and December 31, 2024,
respectively - -
Additional paid-in capital 597,907 591,882
Accumulated other comprehensive loss (3,759) (5,681)
Accumulated deficit (542,217) (484,517)
---------- ---------
Total stockholders' equity 51,932 101,685
---------- ---------
Total liabilities and stockholders'
equity $ 119,914 $ 188,879
---------- ---------
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended September 30,
---------------------------------------
2025 2024
------------
Cash flows from operating
activities:
Net loss $ (57,700) $ (67,640)
Adjustments to reconcile net loss
to net cash used in operating
activities:
Depreciation and amortization 5,718 10,226
Amortization of debt issuance
costs 241 8
Stock-based compensation 5,955 8,893
Inventory write-down 2,433 1,248
Impairment expense 729 -
Provision for bad debt - 253
Loss from sale of business - 468
Deferred taxes - 393
Gift card breakage (1,993) -
Changes in assets and
liabilities:
Accounts receivable 1,340 2,247
Inventory (963) (4,494)
Prepaid expenses and other
current assets 4,786 3,526
Operating lease right-of-use
assets and current and
noncurrent lease
liabilities (5,624) (10,572)
Accounts payable, accrued
expenses and other current
liabilities (6,306) 3,188
Other long-term liabilities (29) -
Deferred revenue (396) (763)
------------- ------------
Net cash used in operating
activities (51,809) (53,019)
------------- ------------
Cash flows from investing
activities:
Purchase of property and
equipment (2,275) (3,083)
Changes in security deposits 453 2,156
Proceeds from sale of
businesses 388 2,459
------------- ------------
Net cash (used in) provided
by investing activities (1,434) 1,532
------------- ------------
Cash flows from financing
activities:
Proceeds from line of credit 12,313 -
Proceeds from the exercise of
stock options 8 34
Taxes withheld and paid on
employee stock awards (4) (1)
Proceeds from issuance of
common stock under employee
stock purchase plan 67 150
Payment of deferred financing
costs (3,118) -
------------- ------------
Net cash provided by
financing activities 9,266 183
------------- ------------
Effect of foreign exchange rate
changes on cash, cash
equivalents, and restricted
cash 957 105
Net decrease in cash, cash
equivalents, and restricted
cash (43,020) (51,199)
Cash, cash equivalents, and
restricted cash - beginning of
period 67,584 130,673
------------- ------------
Cash, cash equivalents, and
restricted cash - end of period $ 24,564 $ 79,474
============= ============
Supplemental disclosures of cash
flow information:
Cash paid for interest $ 58 $ 99
Cash paid for taxes $ 149 $ 1,307
Noncash investing and financing
activities:
Purchase of property and
equipment included in accounts
payable $ 48 $ 8
Stock-based compensation
included in capitalized
internal-use software $ 92 $ 228
Reconciliation of cash, cash
equivalents, and restricted
cash:
Cash and cash equivalents $ 23,704 78627
Restricted cash included in
prepaid expenses and other
current assets 860 848
------------- ------------
Total cash, cash equivalents, and
restricted cash $ 24,564 $ 79,474
============= ============
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except share, per share amounts, and percentages)
(unaudited)
The following tables present a reconciliation of adjusted EBITDA to its most comparable GAAP measure, net loss, and presentation of net loss margin and adjusted EBITDA margin for the periods indicated:
Three Months Ended Nine Months Ended September
September 30, 30,
--------------------------- ---------------------------
2025 2024 2025 2024
------- --- ------- ---
(in thousands)
Net loss $(20,324) $(21,177) $(57,700) $(67,640)
Add (deduct):
Stock-based
compensation
expense 1,533 2,620 5,865 8,893
Depreciation
and
amortization
expense 1,893 2,886 5,701 10,240
Impairment
expense 729 - 729 -
Restructuring
expense - 35 - 1,788
Net loss from
sale of
business - 236 - 430
Other income (3) (183) (1,752) (2,457)
Interest
expense
(income) 370 (744) (9) (2,992)
Income tax
provision 72 86 219 877
------- ------- --- ------- ------- ---
Adjusted EBITDA $(15,730) $(16,241) $(46,947) $(50,861)
======= ======= ======= =======
Three Months Ended Nine Months Ended September
September 30, 30,
--------------------------- ---------------------------
2025 2024 2025 2024
------- ------- --- ------- ------- ---
(in thousands)
Net revenue $ 32,989 $ 42,996 $104,787 $133,905
Net loss $(20,324) $(21,177) $(57,700) $(67,640)
Net loss margin (61.6)% (49.3)% (55.1)% (50.5)%
======= ======= ======= =======
Adjusted EBITDA $(15,730) $(16,241) $(46,947) $(50,861)
======= ======= ======= =======
Adjusted EBITDA
margin (47.7)% (37.8)% (44.8)% (38.0)%
Three Months Ended Nine Months Ended September
September 30, 30,
--------------------------- ---------------------------
2025 2024 2025 2024
------- --- ------- ---
(in thousands)
Net loss $(20,324) $(21,177) $(57,700) $(67,640)
Add (deduct):
Stock-based
compensation
expense 1,533 2,620 5,865 8,893
Depreciation
and
amortization
expense 1,893 2,886 5,701 10,240
Impairment
expense 729 - 729 -
Restructuring
expense - 35 - 1,788
Net loss from
sale of
business - 236 - 430
Other income (3) (183) (1,752) (2,457)
Interest
income 370 (744) (9) (2,992)
Income tax
provision 72 86 219 877
------- ------- --- ------- ------- ---
Adjusted EBITDA $(15,730) $(16,241) $(46,947) $(50,861)
======= ======= ======= =======
Three Months Ended Nine Months Ended September
September 30, 30,
--------------------------- ---------------------------
2025 2024 2025 2024
------- ------- --- ------- ------- ---
(in thousands)
Net revenue $ 32,989 $ 42,996 $104,787 $133,905
Net loss $(20,324) $(21,177) $(57,700) $(67,640)
Net loss margin (61.6)% (49.3)% (55.1)% (50.5)%
======= ======= ======= =======
Adjusted EBITDA $(15,730) $(16,241) $(46,947) $(50,861)
======= ======= ======= =======
Adjusted EBITDA
margin (47.7)% (37.8)% (44.8)% (38.0)%
Net Revenue and Store Count by Primary Geographical
Market
(in thousands, except for store count)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------- ---------------------
(in thousands) 2025 2024 2025 2024
------- -------
United States $ 25,586 $ 32,041 $ 79,860 $ 97,901
International 7,403 10,955 24,927 36,004
-------- ------- ------- -------
Total net revenue $ 32,989 $ 42,996 $ 104,787 $133,905
======== ======= ======= =======
Store Count by Primary Geographical Market
December March June December March June
September 31, 31, 30, September 30, 31, 30, September
30, 2023 2023 2024 2024 30, 2024 2024 2025 2025 30, 2025
--------- -------- ----- ---- --------- -------- ----- ---- ---------
United States(3) 45 45 42 32 31 30 25 21 21
International(4) 15 15 15 11 3 3 3 3 2
--------- -------- ----- ---- --------- -------- ----- ---- ---------
Total stores 60 60 57 43 34 33 28 24 23
========= ======== ===== ==== ========= ======== ===== ==== =========
(3 In the first quarter of 2024, we closed the operations of three stores in the U.S. In the second quarter of 2024, we closed the operations of ten stores in the U.S. In the third quarter of 2024, we closed the operations of one store in the U.S. In the fourth quarter of 2024, we closed the operations of one store in the U.S. In the first quarter of 2025, we closed the operations of five stores in the U.S. In the second quarter of 2025, we closed the operations of four stores in the U.S.)
(4 In the third quarter of 2023, we transitioned the operations of three international stores to distributors. In the second quarter of 2024, we transitioned the operations of two stores in Japan and one store in New Zealand to unrelated third-party distributors and closed one store in Europe. In the third quarter of 2024, we transitioned the operations of six stores in China to an unrelated third-party distributor and closed two stores in Europe. In the third quarter of 2025, we closed the operations of one store in the U.K.)
(END) Dow Jones Newswires
November 06, 2025 16:05 ET (21:05 GMT)