Why Allbirds stock is down over 40% in the wake of a bruising earnings report
stock on Friday plummeted more than 47% after a disappointing earnings report that included a $101 million annual loss and a 13% drop in quarterly sales.
The"year came to a challenging close, with results below our expectations due to both execution and macro challenges," cofounder and co-CEO Joey Zwillinger said in a press release. On a call with analysts on Thursday, 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."
On the call, Allbirds executives announced a sweeping four-part plan to restart profitability, including slowing the pace of store openings,The company also announced former Nike Chief Operating Officer Eric Sprunk joined the company as a board advisor and the appointment of Annie Mitchell as chief financial officer. She succeeds Mike Bufano, who will leave the company in mid-May. Mitchell previously worked as vice president of finance at Gymshark.
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