Net income declined 56% in the second quarter to $10,902,000 from $24,713,000, hit by promotions and rising costs, as revenues dipped 5% to $374,877,000 from $392,805,000 including a -7.3% comp.

Net income plunged 92% for the fiscal year ended June 30 to A$1,559,000 ($1.0 mm) from A$18,641,000 prior, on revenues that declined 15% to A$234,341,000 ($156.6 mm) from A$274,463,000, -17% constant currency.

The complaint was filed in the Northern District of CA by Barbara Wolfson on behalf of shareholders, accusing BIRD of making poor marketing decisions that led to a loss of over $100 million in FY22 and missed financial guidance.