Having already revealed plans to slow the pace of U.S. store openings and a movement to a distributor model in key international markets, Allbirds reported a Q1 net loss of $35,166,000 against a loss of $21,878,000 for the period ended Mar. 31. First quarter revenues fell by 13% to $54,352,000 from $62,763,000, but sales outside the U.S. rose by 7% in constant currency and were bolstered by strong momentum in Asia.

Operating expenses, which included more than $3.2 million in restructuring costs, rose by 9% to more than $57.4 million. Gross margin, hurt by lower average selling prices due to higher ... Log in to view full article.