May 09, 2023
In her first earnings call with analysts since joining the company in Feb., Under Dog’s new CEO, Stephanie Linnartz called for a focus on building global brand heat in the coming year, centered around key priorities in Sportstyle, footwear, and women’s.
The bottom line tumbled 71% to $25.0 million in Q1 from $86.7 million prior, as combined products and services revenue increased 12% to $1,167.4 million from $1,040.2 million, with both Topgolf and the legacy softgoods businesses improving, though equipment sales faltered.
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.
The bottom line came in at a $29.9 loss compared to the prior year’s $5.7 million gain on revenues down 19% to $174.7 million compared to $216.7 million.
First quarter net income dropped 91% to BRL 1,512,000 ($0.3 mm) from BRL 17,278,000 though revenues increased 10% to BRL 1,472,122,000 ($283.4 mm) from BRL 1,344,627,000 after backing out inter-group eliminations and returns.
The bottom line swung to a loss of $952,000 from last year’s profit of $6,654,000 as sales fell 21% to $56,931,000 in the first quarter from $72,380,000, blamed on softening consumer demand, poor weather conditions in the spring selling season, and destocking efforts from retailers.
The Finnish smart ring maker has acquired tech startup Proxy Inc., which makes digital identification tools, in an all-equity deal.
Yeti is suing two individuals, Tucker Nebel and Natalie Cornwell, in FL district court, accusing them of infringing on its trademarks by selling stolen Yeti products.