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Allbirds tops revenue estimates on robust demand -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Allbirds sign at Manhattan’s flagship store, New York City (USA), September 7, 2021. REUTERS/Shannon Stapleton

(Reuters) – Allbirds Inc surpassed market estimates Wednesday for quarter-end revenue due to strong demand from young shoppers for eco-friendly footwear.

Shoes manufacturers are seeing a rise in sales as consumers return to normal routines following months away from home.

Allbirds, a favorite of Silicon Valley workers, has also benefited from a shift towards environmentally-friendly brands among Gen Z and millennial shoppers. This shoemaker makes its own products using wool or other plant-based materials.

According to Refinitiv IBES data, sales increased 23% to $97.2M in the fourth-quarter, surpassing analysts’ predictions of $91.76M.

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