Allbirds stock on Thursday plummeted within an hour of a disappointing earnings report that included a $101 million annual loss and a 13% drop in quarterly sales.Sales increased 7% for the year to $298 million.
On a call with analysts, Zwillinger said the company's foray into performance sneakers came up short,"It's a great product," he said."We just found out that the customers that are really in our sweet spot aren't resonating with core technical performance messaging." Nikic wrote that the company, known for its sustainable wool sneakers,"has a long potential runway for growth," but its underperforming relative to peers picking up market share, such as On, Hoka, and HeyDude. He expects Allbirds sales to increase 10% this year, down from 13%.
$110 crappy sneakers. Pass