Footwear brand to enter two new geographic regionsFinalizes agreements that cover the Gulf Countries and Southeast Asia SAN FRANCISCO, March 20, 2024 (GLOBE NEWSWIRE) -- Allbirds Inc (NASDAQ:BIRD), a global lifestyle brand that innovates with naturally derived materials to make better footwear and apparel products in a better way, has signed definitive agreements with distributors in the Gulf Countries and Southeast Asia. With these agreements, Allbirds has now completed deals with six international distrib ...

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Allbirds, Inc. (BIRD) came out with a quarterly loss of $0.22 per share, in line with the Zacks Consensus Estimate. This compares to loss of $0.15 per share a year ago. These figures are adjusted for non-recurring items.Over the last four quarters, the company has surpassed consensus EPS estimates two times.Allbirds, Inc., which belongs to the Zacks Retail - Apparel and Shoes industry, posted revenues of $71.99 million for the quarter ended December 2023, surpassing the Zacks Consensus Estimate by 4.52%. Th ...

Allbirds, Inc. (NASDAQ:BIRD) Q4 2023 Earnings Conference Call March 12, 2024 5:00 PM ET Company Participants Christine Greany - The Blueshirt Group Joseph Zwillinger - Chief Executive Officer Joe Vernachio - Chief Operating Officer Annie Mitchell - Chief Financial Officer Conference Call Participants Katherine Delahunt - Morgan Stanley Janine Stitcher - BTIG Dylan Carden - William Blair Abbie Zvejnieks - Piper Sandler Tom Nikic - Wedbush Dana Telsey - Telsey Advisory Group Operator Good day and thank you fo ...

Allbirds, Inc. (BIRD) reported $71.99 million in revenue for the quarter ended December 2023, representing a year-over-year decline of 14.5%. EPS of -$0.25 for the same period compares to -$0.15 a year ago.The reported revenue represents a surprise of +4.52% over the Zacks Consensus Estimate of $68.88 million. With the consensus EPS estimate being -$0.22, the EPS surprise was -13.64%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to W ...

Allbirds, Inc. (BIRD) came out with a quarterly loss of $0.25 per share versus the Zacks Consensus Estimate of a loss of $0.22. This compares to loss of $0.15 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -13.64%. A quarter ago, it was expected that this company would post a loss of $0.21 per share when it actually produced a loss of $0.21, delivering no surprise.Over the last four quarters, the company has surpassed consens ...

Not long after touting its brick-and-mortar expansion, footwear brand Allbirds is becoming the latest merchant to shutter stores — a move that comes as consumers’ budgeting behavior amid financial challenges takes a hit on retailers.The brand, which began in direct-to-consumer (D2C) and expanded into wholesale, reported in its fourth quarter and full year 2023 financial results Tuesday (March 12) that, in the three-month period, the company the company experienced a 14.5% drop in net revenue year over year. ...

Allbirds COO Joe Vernachio Appointed CEO as Company Accelerates Strategic Transformation Plan Company Provides 2024 Outlook SAN FRANCISCO, March 12, 2024 (GLOBE NEWSWIRE) -- Allbirds, Inc. (NASDAQ:BIRD), a global lifestyle brand that innovates with naturally derived materials to make better footwear and apparel products in a better way, today reported financial results for the fourth quarter ended December 31, 2023. Separately, the Company also announced today that COO Joe Vernachio has been appointed as CE ...

SAN FRANCISCO, March 12, 2024 (GLOBE NEWSWIRE) -- Allbirds, Inc. (NASDAQ:BIRD), a global lifestyle brand that innovates with sustainable materials to make better footwear and apparel products in a better way, today announced the appointment of Chief Operating Officer Joe Vernachio as Chief Executive Officer and a member of the Board of Directors, effective March 15, 2024. He succeeds Joey Zwillinger, Allbirds's co-founder and CEO, who will continue as a member of the Board of Directors and serve as a specia ...

Special Note Regarding Forward-Looking Statements This section highlights forward-looking statements in the 10-K, noting substantial risks and uncertainties, and clarifies company communication channels - All statements in the report, other than historical facts, are forward-looking and involve substantial risks and uncertainties, primarily based on current expectations and projections[14](index=14&type=chunk)[15](index=15&type=chunk) - The company communicates material information through SEC filings, press releases, its website (allbirds.com, ir.allbirds.com), and social media accounts[20](index=20&type=chunk) Risk Factors Summary This section summarizes key risks for Class A common stock, covering strategic execution, customer retention, economic, brand, and operational challenges - Key risks include potential failure to execute the strategic transformation plan, inability to attract/retain customers, adverse impact from economic uncertainty, and challenges in maintaining brand value[1](index=1&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) - Operational risks involve manufacturer concentration, impairment of long-lived assets, retail store operations, and intense market competition[5](index=5&type=chunk)[6](index=6&type=chunk) - The company anticipates continued net losses for the foreseeable future and faces risks related to its public benefit corporation status and potential delisting from Nasdaq[2](index=2&type=chunk)[38](index=38&type=chunk) Part I [Item 1. Business](index=7&type=section&id=Item%201.%20Business) This section provides a comprehensive overview of the company's business, including its mission, products, marketing, operations, competition, and ESG principles [Overview](index=7&type=section&id=Overview) Allbirds, a global lifestyle brand founded in **2015**, innovates with sustainable footwear and apparel as a Public Benefit Corporation and B Corp certified - Allbirds was incorporated in Delaware on **May 6, 2015**, and became a Public Benefit Corporation (PBC) in **February 2016**, earning B Corporation (B Corp) certification in the same year[53](index=53&type=chunk)[511](index=511&type=chunk) - The company's mission is to innovate with sustainable materials to create better footwear and apparel, while treading lighter on the planet, driven by consumer demand for sustainable products[53](index=53&type=chunk)[73](index=73&type=chunk) [Our Products](index=7&type=section&id=Our%20Products) The company's product portfolio primarily consists of footwear, accounting for most revenue, alongside apparel, designed for 'Super Natural Comfort' using sustainable 'Hero' materials - Footwear constitutes the vast majority of revenue and is the brand's foundation, including lifestyle and performance shoes like the Dasher and the Runner[43](index=43&type=chunk) - Product innovation is built on 'Hero' materials platforms, including superfine ZQ certified merino wool, tree fibers, and sugarcane[44](index=44&type=chunk) - The product development engine integrates strategy, sustainability, design, sourcing, development, and production to deliver comfort and sustainable design[42](index=42&type=chunk) [Marketing Strategy and Brand](index=7&type=section&id=Marketing%20Strategy%20and%20Brand) Allbirds employs a purpose-driven marketing strategy to build customer loyalty through organic and performance marketing across digital, social, and physical channels, emphasizing sustainability - The company's purpose-driven lifestyle brand aims to inspire consumers to live in better balance, associating the brand with sustainability and high-quality product experiences[75](index=75&type=chunk) - Marketing initiatives focus on extending reach through digital and performance marketing, social media, TV, physical stores, and word-of-mouth campaigns[76](index=76&type=chunk) - Target customers are typically younger, active, health-conscious, willing to pay for premium products, frequent online shoppers, and appreciate socially conscious brands[77](index=77&type=chunk) [Direct Business Strategy](index=8&type=section&id=Direct%20Business%20Strategy) The company's primary sales channel is its direct business, combining digital platforms with **60** physical retail stores, with plans to optimize the fleet by closing **10 to 15 stores** in **2024** - As of **December 31, 2023**, the company operated **60 company-operated stores** across **seven countries**, predominantly in the United States[57](index=57&type=chunk) - Plans for **2024** include optimizing the store fleet by closing **10 to 15 stores** based on profitability metrics, aiming to efficiently drive customer acquisition and brand communication[57](index=57&type=chunk) - Digital channels, including the website and mobile app, offer a seamless shopping experience, early access to products, and virtual try-ons[56](index=56&type=chunk) [Third-Party Distribution Strategy](index=8&type=section&id=Third-Party%20Distribution%20Strategy) Allbirds supplements its direct business with select third-party retail and distributor partnerships in the U.S. and internationally to increase brand awareness and customer reach - The company partners with select retailers in the United States for wholesale distribution through their e-commerce sites and retail stores[59](index=59&type=chunk) - Exclusive distributors are appointed in international markets, such as Canada and South Korea, to sell products across various channels[59](index=59&type=chunk) [Technology](index=8&type=section&id=Technology) Allbirds leverages modern technology, including Shopify, to scale operations and enhance digital customer experience, supported by a sophisticated data infrastructure and robust security measures - The company utilizes Shopify and a common core set of APIs and tools for its digital customer experience, enabling localization and speed-to-market[60](index=60&type=chunk) - A sophisticated data infrastructure supports informed decisions in marketing, customer relationship management, inventory planning, and logistics[60](index=60&type=chunk) - Security measures include multi-factor authentication, security tools, system monitoring, and audit logs to protect sensitive customer data[60](index=60&type=chunk) [Supply Chain and Operations](index=8&type=section&id=Supply%20Chain%20and%20Operations) Allbirds' supply chain focuses on responsible sourcing, with footwear primarily manufactured in Vietnam and apparel in multiple countries, supported by a global distribution network - Footwear products are manufactured in Vietnam, and apparel/non-footwear products are primarily manufactured in Vietnam and Peru, with support from China, the U.S., and Guatemala[63](index=63&type=chunk) - The distribution network includes **seven** primary distribution centers across **eight countries** (U.S., U.K., Netherlands, China, Japan, New Zealand), enabling reach to over **35 countries**[80](index=80&type=chunk)[81](index=81&type=chunk) - All partners are required to sign a Supplier Code of Conduct, ensuring compliance with applicable laws and International Labour Organization Core Labor Standards[83](index=83&type=chunk) [Competition](index=9&type=section&id=Competition) The company operates in a highly competitive and fragmented footwear and apparel market, facing larger competitors with greater resources, intensified by low barriers to entry for new digital companies - The market is highly competitive, with competitors including athletic and leisure footwear and apparel companies, many of which are larger with stronger worldwide brand recognition and greater resources[64](index=64&type=chunk) - Access to offshore manufacturing and digital growth have lowered barriers to entry, increasing competition in the industry[64](index=64&type=chunk) [Public Benefit Corporation Status](index=9&type=section&id=Public%20Benefit%20Corporation%20Status) Allbirds became a Public Benefit Corporation (PBC) in **2016**, legally committing directors to balance stockholder and stakeholder interests with environmental conservation, requiring biennial public benefit reporting - The company amended its certificate of incorporation in **February 2016** to become a PBC under Delaware law, identifying environmental conservation as its public benefit[65](index=65&type=chunk)[87](index=87&type=chunk) - PBC directors have a duty to balance stockholder pecuniary interests, the best interests of materially affected stakeholders, and the specific public benefit[65](index=65&type=chunk) - A biennial report detailing success in meeting public benefit objectives must be disclosed to stockholders[66](index=66&type=chunk) [Certified B Corporation](index=10&type=section&id=Certified%20B%20Corporation) Allbirds achieved B Corp certification in **2016**, demonstrating commitment to social and environmental performance, with its latest **2023** recertification score of **96.5** showing continuous improvement - Allbirds was first designated as a B Corp in **2016**, based on a comprehensive assessment of its positive impact on society and the environment[88](index=88&type=chunk) - The company's latest recertification score in **2023** was **96.5**, an increase from **89.4** in **2020** and **81.9** in **2016**, significantly higher than the median score of **50.9** for evaluated companies[67](index=67&type=chunk)[93](index=93&type=chunk) [Environmental, Social, and Governance (ESG)](index=10&type=section&id=Environmental%2C%20Social%2C%20and%20Governance%20%28ESG%29) Allbirds is committed to reversing climate change through a 'measure, reduce, and remove' emissions approach, with targets for carbon footprint reduction, employee well-being, diversity, and robust ESG governance [Environmental](index=10&type=section&id=Environmental) Allbirds uses LCA to measure product emissions, targeting a **50%** carbon footprint reduction by **2025** and **95%** by **2030**, focusing on Regenerative Agriculture, Renewable Materials, and Responsible Energy - The company uses a Life Cycle Assessment (LCA) methodology, third-party verified to ISO 14067 standards, to measure emissions across product lifecycles[68](index=68&type=chunk)[95](index=95&type=chunk) - Allbirds aims to achieve a **50% reduction** in per-unit carbon footprint by the end of **2025** and a **95% reduction** by **2030**, relative to a **2025** baseline without further action[70](index=70&type=chunk)[98](index=98&type=chunk) - Products are labeled with their carbon footprint to hold the company accountable and empower customers with objective information[91](index=91&type=chunk)[96](index=96&type=chunk) [Social (Our Flock & Community)](index=12&type=section&id=Social%20%28Our%20Flock%20%26%20Community%29