Allbirds Enters the Next Phase of Transformation After Reporting a Solid Q2

Allbirds said it is entering the next phase of its transformation journey after it reported results in line with expectations for the second quarter. The San Francisco-based footwear company reported that Q2 revenues dropped 26.8 percent to $51.6 million, in line with its guidance. Net loss was $19.1 million, or 12 cents per basic and diluted share, which was also in line with guidance. The results beat the expectations of analysts surveyed by Yahoo Finance, who were looking for a loss of 17 cents per share and $50.51 million in revenues. Allbirds said the sales decline was driven by lower unit sales, which was partially offset by higher average selling prices, international distributor changes and retail store closures. “We are pleased to report another quarter of operational and financial progress,” said Allbirds chief executive officer Joe Vernachio, who assumed the CEO role in March after co-founder and former CEO Joey Zwillinger stepped down. “After 18 months of strong execution against our strategic transformation plan, we are entering the next phase of our journey.” After several quarters of falling sales, Allbirds announced a business turnaround plan in March 2023 centered on revamping product, optimizing U.S. distribution and store profitability, re-evaluating its international strategy and improving cost savings. The brand,

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