A couple of weeks after laying off 8% of its global corporate workforce, Allbirds reported a second quarter net loss of $29.4 million, up 287% over the prior year. The company’s net loss for the first six months of the year is more than double that of the same period last year and has already exceeded its loss for the full year in 2021 by more than $5 million.
Revenue increased by 15% and reached $78.2 million, while U.S. revenue grew 21%, according to a company press release. Stores surged by almost 120% as the brand opened new locations.
The company is “simplifying” its apparel strategy to focus on basics and will sunset its leggings category, co-founder and co-CEO Tim Brown said on a call with analysts Monday.Retail Dive