US response to clothing line boosts Allbirds’ third quarter
02/12/2021
Footwear brand Allbirds has reported a 33% rise in revenue to $62.7 million compared to the third quarter of 2020 and an increase of 40% versus the third quarter of 2019.
It opened four stores, ending the quarter with 31 locations, but reported losses of $13.8 million.Headquartered in San Francisco, the company has recently expanded into activewear, and makes its sustainability-focused footwear from materials including wool, eucalyptus fibre and castor bean oil.
In November, it floated on the stock market, hoping to raise money for a bricks-and-mortar expansion – its business model had initially focused on ecommerce. It received offering proceeds from its IPO of approximately $252.8 million, before deducting underwriting discounts and offering costs.
Co-founder Joey Zwillinger said: “Revenue was strong across channels and geographies, with notable strength in US physical retail. Importantly, we saw strong consumer response in the quarter to our new product innovation, including our new Perform Apparel line.
“We’re at the forefront of a generational change in consumer values and purchase behaviours. We’re aligning our purpose of reversing climate change with our product quality and financial outcomes. Looking ahead, we believe Allbirds is uniquely positioned in an exceptionally large and growing market. As we continue to execute our strategic plan, we are focused on accelerating growth, creating value for our shareholders and building for a multi-decade journey.”
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