An Allbirds store is seen in Georgetown, Washington, D.C. on Tuesday, February 16th 2021.
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AllbirdsTuesday’s announcement stated that the company’s third quarter revenues rose by 33% over last year. However, its losses increased as the price of opening more stores and listing its stock made a significant impact on its performance.
Allbirds stock fell by 4% during extended trading following the release, its first public report.
The net loss for the 3 months ending Sept. 30 was $13.8 million or 25 cents per shares, an increase from $7 million or 13 cents per shared a year ago.
The sales increased 33% from $47.2million to $62.7million last year. It reported that its revenues increased by 40% over the past two years.
Joey Zwillinger, co-founder and CEO of the company, said that the company experienced significant strength in American stores. Product launches were also well received by shoppers, a recently debuted performance apparel line.
Sales, general and administration expenses accounted for 52.6%, or $33.0million. This compares to 42.5% revenue in the same period of 2020, at 42.5%. The increase in revenue was also due to costs associated with opening four stores and the hiring of more workers, according to it.
Shares in Allbirds are slightly down since the company went public on Nov. 3. Closed Tuesday at $19.24. This is 9% lower than its original trade price, $21.21.
This is a developing story. Keep checking back for more updates.